Industrialization of Food Industry to Drive Market
Beef consumption across developing regions including Asia Pacific, Latin America, and Middle East & Africa has witnessed consistent growth over the past few decades. The global beef supply chain has a large influence on the overall pricing of beef and beef-related products. Beef consumption has increased at a consistent pace over the past few decades despite concerns raised by scientists and researchers pertaining to the consumption of red meat. Entry of various cold storage alternatives, exponential rise in the number of local butchers, and increasing demand for protein-rich food products are some of the major factors expected to fuel the growth of the global beef market during the forecast period.
Moreover, as market players operating in the current beef market continue to address preservation challenges associated with beef storage, the demand for both, non-cured as well as cured beef products has witnessed a sizeable growth. The industrialization of the food industry in several regions around the world has shifted gears in recent years due to which, the production of beef saw considerable growth worldwide. While the demand for beef continues to remain steady, the increasing popularity of plant-based and vegan products could pose as a major threat to the beef market during the assessment period.
Beef Consumption Highest in U.S.
The U.S. is expected to remain one of the most prominent markets for the players operating in the current beef market followed by China and Brazil. The volume of beef consumption in these countries is expected to witness considerable growth in the upcoming years despite the increasing number of consumers who are gradually leaning toward the consumption of non-meat products. Furthermore, due to increasing awareness pertaining to the negative impact of the beef industry on the environment, players operating in the current beef market landscape are expected to seek novel ways to minimize their footprint on the environment. The significant rise in disposable incomes, particularly in developing nations such as Brazil and China is playing an imperative role in boosting the demand for beef in recent years.
The middle-income nations are expected to drive the demand for beef during the assessment period. While the consumption of beef is projected to rise in the U.S., Australia, and Canada, the demand is likely to slow down from the European nations, owing to the tectonic shift toward non-meat and plant-based products, increasing consumer consciousness, and growing awareness pertaining to the negative impact of beef on human health.
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Slowdown in Meat Processing Due to COVID-19 to Influence Market Growth
The onset of the COVID-19 pandemic is anticipated to have a strong impact on the global beef market, especially in the first half of 2020. The COVID-19-related temporary shutdown and slowdown of the meat processing industry are expected to have a strong impact on the supply-demand curve for beef in 2020. The closure of restaurants in the second and third quarter of 2020 in many regions of the world had a negative impact on the overall demand for beef from the commercial sector. However, the demand from eCommerce and online retail stores amid the ongoing COVID-19 pandemic is projected to boost the sales of beef and beef products in 2020. However, due to the fluctuating economy and the growing uncertainty related to inflation, the global beef market is on the course to witness a sluggish growth period in the upcoming months.