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.
Furthermore, the manufacturing sector is expected to grow rapidly in addition to the growth of packaged foods. The growing demand for halal and kosher beef products in the next ten years is expected to create an opportune environment for both established and incoming processed meat companies.
To increase their sales potential, processed beef manufacturers have introduced different flavours to improve their sales. Among the new products are cold cuts of ham, dry-aged beef, salami cold cuts, and deli meats. The popularity of processed beef is increasing because it is healthy, natural, and sustainable.
In response to shifting dietary habits, consumers are increasingly looking for low-calorie and fat-containing foods with high protein value and high protein content based on the necessity for animal-based protein.
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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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