Global beef market expected to reach $421.6 bln in 2028 - report

Global beef was valued at US$ 332.28 billion in 2022
calendar icon 24 February 2023
clock icon 3 minute read

According to a recent report, expects the global beef market to reach $421.6 billion in 2028. Increased demand is driven by rising populations and income levels, particularly in developing countries, according to the report.

The report found that the industry is also faced with challenges, such as concerns over animal welfare, environmental impact, and health risks. Trade disputes, food safety regulations, and supply chain disruptions continue to significantly impact the industry. The beef industry invests in marketing and advertising to promote beef consumption. The global beef industry was valued at US$ 332.28 billion in 2022.

USA was the largest consumer of beef worldwide

According to the report, the United States was historically one of the largest consumers of beef meat globally. Americans have a long history of consuming beef, and it remains a staple of the country’s diet. The United States was the largest beef consumer in the world, followed by Brazil, China, the European Union, India, Argentina, Mexico, Russia, Japan, the United Kingdom, Canada, and Others.

Brazil and US beef industries will increase in upcoming years

Beef production is a major part of the global agriculture industry and occurs in many countries worldwide. Some of the largest beef-producing countries include the US. It is the largest beef producer in the world. East Asia is the most important regional market for US beef exports. Brazil is the second largest producer, with a significant portion of its production dedicated to export markets. China is a large and growing producer, with a rapidly expanding middle-class driving increased demand for beef.

India is the largest producer of buffalo meat, an essential beef source in many countries. Australia, Argentina, is a significant producer and exporter of beef, known for its high-quality grass-fed products. Other major beef-producing countries include Mexico, Canada, Russia, South Africa, and the European Union. The same production levels can vary from year to year due to factors such as weather conditions, disease outbreaks, and government policies.

China was the largest importer of beef in the world

Beef is a highly traded commodity, and many countries import significant amounts of beef to meet the demands of their populations. The factors influencing the beef import market include a supply of beef from exporting countries and the need for beef in importing countries are important drivers of the beef import market. Beef imports are forecast to increase for the most prominent importers: China/Hong Kong, the US, Japan, and South Korea.

China/Hong Kong continues to grow as the largest beef importer in the world. United States is also one of the largest beef-importing countries. Beef imports into Japan have remained largely stable in recent years, but they were down somewhat from a record in 2019. In recent years, South Korea has become another large beef importer. For 2023, the largest importers, including China/Hong Kong, the US, Japan, and South Korea, are forecast to gain beef imports. Other significant beef-importing countries include Chile, the UK, EU, Egypt, the Philippines, and Malaysia.

United States was the world’s biggest beef exporter

Global beef exports have seen significant growth in recent years, with major exporting countries including Brazil, Australia, and the United States. These countries export a range of beef products, including fresh and frozen cuts and processed beef products. Some of the largest importers of beef are countries in the Asian region, such as China, Japan, and South Korea, as well as countries in the Middle East and Europe. The demand for beef has increased due to population growth and rising incomes, leading to increased imports and exports of beef products worldwide.

According to the report, the rise in global beef exports can be attributed to several factors, including increasing demand, improved production methods, and advancements in transportation and logistics. Growing populations, particularly in developing countries, and rising incomes have increased the demand for beef and other protein-rich food products. 

Additionally, improvements in breeding and feeding techniques have resulted in a more efficient and cost-effective beef production system, making it possible to meet growing demand. The development of new trade agreements and the liberalization of international trade have also played a role in the rise of beef exports.

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