Global market beef overview - beef market size worth U$383.5 billion by 2025
USA - Leading global beef exporters increased supply by 11 % in the second quarter of 2019. The leading global exporters to the world have never exported as much volume as they did in the last quarter of this year. Through this period, Mercosur, Australia and the United States exported 2.26 million tonnes of fresh beef, this being 225,000 tonnes more than the same period in 2018.
The global beef market size is expected to reach US$383.5 billion by 2025, according to a new report by Grand View Research Inc., exhibiting a 3.1% CAGR during the forecast period. Growing awareness regarding beef as a major source of protein is expected to drive the market.
Beef and veal have higher protein content compared to chicken, pork, turkey, and lamb. Surging awareness associated with the consumption of protein through high nutritional food is gaining importance among people. Meat-eaters in the US prefer beef to other meats owing to various diseases associated with poultry and pork. These factors have been aiding market growth.
High demand from China, supported by increasing disposable income, is also anticipated to drive beef consumption over the forecast period. Favourable government initiatives pertaining to the food industry will remain an important growth factor. Recently, the government of China lifted the ban on Australian chilled and frozen food. It is expected that the government will also lift the Brazilian imports ban over the coming years. However, health hazards associated with consumption of meat and higher prices of beef compared to other forms of meat can critically impact market growth.
The US is 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 US market.
The rise in Islamic population will trigger demand for halal beef over the forecast period. A limited supply of cattle in certain countries can lead to an increase in product prices, creating an imbalance in the value chain. Safety and quality benefits associated with kosher beef will trigger demand in the North American region. Enhancement in slaughtering techniques and improvement in animal feed technology are projected to create opportunities for various market participants in the value chain.
Frequently Asked Questions from the China Market in Namibia
Following the first consignment of 21 tonnes of Namibian beef to China, when is the next batch scheduled to be sent to China? We are very proud to report to you that to date, 83 containers have been produced at the factory to date. All these containers produced for the People’s Republic of China, with most containers having an average weight of 24 tonnes. In total, approximately 1,965 tonnes were produced.
How much meat will be sent to China on the next consignment? Consignments will vary depending on customers’ orders and is ongoing. At this stage, we don’t want to pre-empt, but the orders are coming in on a daily basis. And there is obviously an increase in the orders.
How many consignments are scheduled annually for export to China? Remember this is still a new market. Once we’ve maybe stayed in for more than 12-months then we will start to estimate as to how much will be going in moving forward.
What feedback, if any, have you received from Chinese consumers regarding Namibian beef? Namibian beef is exceptional, they like it. Customers are queuing for Namibian beef
2019-10-15 07:08:16 | 3 months ago