According to FMI reports, the global processed beef market can soar at a rate CAGR of 9% from 2023-2033. The market share of the processed beef industry is predicted from US$ 133.4 Bn in 2023 to over US$ 314.5 Bn by 2033.
Globalization and the popularity of different cuisines have led to an increase in beef consumption globally due to shifting consumer habits and lifestyles over the past few decades.
In addition to the increasing consumption of packaged foods, the manufacturing sector is expected to grow rapidly. Over the next ten years, increasing demand for halal and kosher beef products is predicted to create an opportunistic environment for both established and incoming processed meat companies.
Several processed beef manufacturers are also launching brand-new products, including ham cold cuts, dry-aged beef, salami cold cuts, and deli meats. To increase sales potential, processed beef manufacturers have been introducing various flavors to increase their sales. Since processed beef is healthy, natural, and sustainable, it is becoming increasingly popular.
The demand for ready-to-eat food products has grown due to the busy lifestyles of the millennial generation. The population of individuals living far from home for education and employment is on the rise globally.
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Key Takeaways from the Processed Beef Market Study
- The global processed beef market expanded at 7.9% CAGR from 2016-2022.
- Sales of chilled processed beef are anticipated to grow at a CAGR of 8.4%.
- The consumption of processed beef in India is expected to showcase a higher rate of growth at a CAGR of 12.7% over the forecast period.
- The demand for processed beef in South Korea is expected to grow at a CAGR of 11.9%
Competitive Landscape for the Processed beef Market
To expand their product manufacturing capabilities, portfolios, and global presence, companies operating in the processed beef market seek to diversify and form strategic partnerships with other manufacturers. In the processed beef market, top competitors are investing in new technologies to improve shelf life, texture, and flavor. In addition, some firms are expanding into emerging nations to gain a competitive advantage.
JBS SA, Hormel food , Harim Co Ltd, Tyson Foods Inc., Danish Crown A/S, Cargill Meat Solution Corp., WH Group, BRF SA, Smithfield Foods, Inc., SYSCO Corp, and others, the market is growing and establishing a strong global presence.
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Recent Developments in the Processed Beef Market
- In August 2022, Tyson Foods announced it would expand its Caseyville Prepared Foods Facility. As a result of the US$180 million investment, the Hillshire Farm® and Jimmy Dean® brands will be able to meet growing demand. Production is expected to begin in the fall, followed by expansion in the summer of 2023. It will allow more grab-and-go snacking and breakfast items to be produced at the Caseyville plant, where Hillshire Farm® and Jimmy Dean® products are produced. The 170,000 square feet expansion will allow this production to grow.
- As an exclusive product for beef enthusiasts, Makro Food Service Sukhumvit 22 Branch, Thailand, introduced dry-aged Australian beef in March 2022.
- In July 2022, BRF Sadia inaugurated its new plant in Dammam, Saudi Arabia, Al Joody, by which it increased its production capacity to 1,200 tons per month. This will play a crucial role in the growth and development of the poultry industry locally.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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