Research predicts steady growth through 2025 for the global beef market

While headlines continue to wave U.S. consumers away from meat, and beef in particular, Grand View Research predicts steady growth through 2025 for the global beef market. In a new report, the research firm predicted the value of the global beef market would reach $383.5 billion by 2025, exhibiting a 3.1 percent compound annual growth rate. “Growing awareness regarding beef as a major source of protein is expected to drive the market,” the report stated, naming these key finding: The “other cuts” segment dominated the global market with a revenue share of 54.7 percent in 2017, mainly due to increasing demand for ribs, round, chuck, plate and flank. The loin cut is expected to be the fastest growing segment, with a predicted 3.5 percent annual growth rate from 2017 to 2025. In terms of volume, the halal slaughter method is projected to expand at a annual rate of 2.7 percent over the forecast period In terms of volume, North America is projected to witness a steady growth rate of 2.5 percent over the forecast period, with awareness associated with grass-fed beef anticipated to contribute to market growth. The China factor High demand from China, supported by increasing disposable income, is also anticipated to drive beef consumption over the forecast period, the report predicted. Favorable 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. Grass-fed, halal seen as growth areas The report noted an increase over the past six years in U.S. imports of chilled grass-fed beef have increased. Demand from restaurant chains such as Burger King and McDonald's is also expected to contribute to the growth of the U.S. market. A rising Islamic population is also expected to trigger demand for halal beef over the forecast period. A warning The research firm did warn, however, “health hazards associated with consumption of meat and higher prices of beef compared to other forms of meat can critically impact market growth.”