The global beef and veal market size is predicted to witness significant growth owing to the increasing demand for high protein meat. This information is published by Fortune Business Insights™ in an upcoming study, titled, “Beef and Veal Market, 2021-2028.” Beef and veal are among the most consumed types of meat across the world. For instance, according to the North American Meat Institute approximately 26.3 billion pounds of beef and 80.2 million pounds of veal were consumed by the U.S.
The COVID-19 pandemic has been alarming for meat eaters globally. Looking at the nature of the virus, the demand for animal-derived meat witnessed a nosedive in the first quarter of the pandemic. In addition, the resultant lockdowns and travel bans along with restaurants shut down on a global scale had resulted in further reduction in the demand for animal-derived meat including beef and veal. Prominent players in the meat industry are opting for new strategies to overcome the crisis. At Fortune Business Insights, we offer a comprehensive market report to help you understand the pulse of the market.
We have categorized the market on the basis of type, distribution channel, and geography. In terms of type, the market is divided into beef and veal. Based on distribution channels, it is fragmented into supermarkets/hypermarkets, convenient stores, specialty stores, and online retail. Lastly, on the basis of geography, it is segmented into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.
Highlights of the Report:
The report incorporates the segmentation of the market on the basis of product, type, consumption, distribution channel, and region. Based on the segmentation, we made a list of companies and conducted a detailed analysis of their financial positions, product portfolios, and growth strategies. Our next step included the study of core competencies of key players and their market share to anticipate the degree of competition. The bottom-up procedure was conducted to arrive at the overall size of the market.
Drivers & Restraints-
Rapidly Increasing Demand for Protein-enriched Meat to Drive Growth
The rapidly increasing demand for high protein meat is projected to drive the growth of the global beef and veal market. For instance, According to a report by The National Center for Biotechnology Information on future protein supply and demand, the demand for animal-derived protein worldwide is predicted to double by 2050. In addition, the inclination toward processed and ready-to-cook food among the urban population is estimated to further strengthen the demand for beef and veal. However, the rapidly expanding trend of veganism may hinder growth.
Substantial Customer Base in the Region to Help North America Lead
North America is anticipated to dominate the global beef and veal market during the forecast period. The substantial consumer base for beef and veal products is predicted to boost their demand in the region. In addition, the increasing demand for processed meat, such as sausages and pastrami, from consumers in the U.S. is expected to further strengthen growth. The improved supply chain of beef and veal is also expected to drive the market.
The market in Asia Pacific is estimated to flourish in the projected timeline. Countries including India and China are the two most populated countries in the world and account for the highest production of beef and veal. This is predicted to propel the demand in the region.
Acquiring Local players to Aid Key Players Establish their Business Internationally
Key manufacturers operating in the global beef and veal market are focusing on expansion strategies. They are embarking on acquisitions and mergers with the local players from the key regions. This will help them expand their business on a global scale. For instance, in June 2019, Délimax-Montpak announced the acquisition of Terrebonne-based Viandes Forget. This will help both the companies expand their product sales across North America.
- In September 2019,Délimax-Montpak a meat production company from North America, launched Fontaine Family, a new consumer brand that will provide superior quality of beef and veal. This type of meat is GMO-free milk fed and grain-fed, making it of a better quality then the other meats manufactured by them.
A List of Key Manufacturers Operating In the Beef and Veal Market Report:
- Tyson Foods, Inc.
- Danish Crown AmbA
- Cargill, Incorporated
- Marfrig Global Foods S.A.
- St Helen’s Meat Packers Ltd.
- National Beef Packing Company, LLC.
- Hormel Foods Corporation
- JBS USA Food Company
- Vion Food Group
- OSI Group LLC.
- Australian Agricultural Company Ltd.