Beef
is a culinary name for meat which is obtained from animals such as
buffalos and cows. Beef is one of the world most consumed meat after
pork in terms of volume consumption. Beef can be harvested from
bulls, cows, steers or heifers. Acceptability of beef as a food
source varies in different parts of the world. Beef can be cooked in
several ways such as grilling, roasting, broiling, griddle and
barbeque.
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The
major driving factor that is fuelling the demand for the global beef
market is the rise in the disposable income of the consumers across
the world. Rise in urbanization is another major factor that is
driving the beef market across the world. Moreover, beef is high in
protein, thus the increase in awareness of high protein consumption
is met by beef. In addition, the food safety issues such as pathogen
detection problems and chemical residue in meat products such as
poultry and pork has increased the demand for the beef market across
the world. The notable gap between demand and supply of beef due to
its limited production because of several environmental and political
factors is one of the major factors that is restraining the demand
for the beef market globally. In addition, price rise of beef in the
developed markets due to limited supply of beef from North America is
another restraining factor of the beef market.
Rise
in the availability of cattle in regions such as Argentina, Paraguay,
Uruguay and other countries is expected to serve as an opportunity to
the global beef market. In addition, international demand for beef,
sustained cattle prices and strong pasture conditions are also
expected to serve as opportunities to the global beef market. By
product, the global beef market can be segmented into ground beef,
cubed beef and steaks. Ground beef holds the largest market share
among the product types of the global beef market. Steaks are most
popularly consumed in North America. Steaks are famous due to their
fat content and taste. Steak has high quantity of vitamins, fats and
protein.
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By
product grade, the global beef market is segmented into Kosher and
Halal. Kosher beef has been certified to have been processed
according to the Jewish dietary laws. The consumers residing in North
America consume Kosher beef due to several advantages such as
gastronomy, food safety and quality. Halal beef is consumed by the
Islamic community across the world. Since, any other form of meat is
banned; beef is the preferred form of meat among the Islamic
population.
Asia
Pacific is dominating the global beef market due to the increasing
consumption of beef in countries such as India, China, and Japan.
China is the world’s largest market for beef. Improving lifestyle
of the consumers residing in China due to a significant rise in the
disposable income of the consumers is the major factor fuelling the
growth of the beef market in China. Middle East and Africa also
accounts for a major part of the market share for the global beef
market. In addition, countries such as Brazil and Argentina are also
expected to show strong growth rate during the forecast period.
Tyson
Foods Inc, Danish Crown, Marfrig Global Foods S.A., Nipponham Group
and Danish Crown are some of the major players operating in the
global beef market at present.
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