(PRNewswire) According to a new report from Grand View Research, the global beef market is forecast to reach $383.5 billion by 2025, exhibiting a 3.1 percent compounded annual growth rate during this time.
Factors aiding in this market growth, per the report, include:
- Beef and veal have higher protein content compared to chicken, pork, turkey, and lamb.
- Surging awareness associated with consumption of protein through high nutritional food is gaining importance among consumers.
- Meat eaters in the U.S. prefer beef over other meats owing to various diseases associated with poultry and pork.
- High demand from China, supported by increasing disposable income, is anticipated to drive beef consumption over the forecast period.
- Favorable government initiatives pertaining to the food industry will remain an important growth factor.
The U.S. remains one of the largest producers of beef in the global market. In the last six years, the country has seen significant imports of chilled grass beef. Demand from restaurant chains such as Burger King and McDonald's is also expected to contribute to the growth of the U.S. market.
Finally, a rise in Islamic population could trigger demand for halal beef over the forecast period. Limited supply of cattle in certain countries can lead to increases in product prices. Safety and quality benefits associated with kosher beef will trigger demand in North America, while enhanced slaughtering techniques and improvements in animal feed technology are projected to create opportunities for various market participants.