The U.S. beef market was valued at USD 102.00 billion in 2023 and is expected to grow from USD 108.14 billion in 2024 to USD 157.36 billion by 2032, with a compound annual growth rate (CAGR) of 4.80% during this period.
Market expansion is primarily driven by increased per capita spending on beef products. Contributing factors include shifting demographics, higher disposable income, changing lifestyles, and new research highlighting the health benefits of beef, all fueling the demand.
This information is detailed in the report titled “U.S. Beef Market, 2024-2032” by Fortune Business Insights™.
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Segmentation:
Ground Segment Dominates Due to the Rising Consumer Interest in Meatloaf
In terms of cut type, the market is classified into steak, roast, ground, and others. The ground segment accounts for the largest U.S. beef market share. This can be credited to the surging interest of consumers in food products, including burgers, meatloaf, and others.
Surging Number of Burger Outlets to Foster the HoReCa Segment Expansion
With respect to distribution channel, the market is segregated into HoReCa, butcher shops, and retail. The HoReCa segment witnessed the largest share in 2023. The rise in the number of QSR chains, burger outlets, and steak houses is augmenting the HoReCa segment growth.
Report Coverage
The research report provides an in-depth analysis of the factors influencing market growth, covering both drivers and constraints. It highlights key companies and offers detailed insights into various market segments, including cut types and distribution channels. The report also examines significant industry developments, top-performing segments, and the effects of the COVID-19 pandemic on market dynamics. Furthermore, it includes a comprehensive review of the strategic actions taken by leading players to gain a competitive edge.
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Drivers and Restraints:
Rising Involvement of Consumers in E-commerce to Escalate the Market Growth
A key driver of growth in the U.S. beef market is the rising consumer engagement with e-commerce. The increasing popularity of online shopping is expected to fuel demand for innovative beef products, leveraging the extensive reach and targeted advertising of diverse product lines and promotions. E-commerce platforms also enhance safety and quality by featuring fresh cuts that are typically displayed only after certification from recognized U.S. food safety organizations. According to the Cattlemen’s Beef Board, online beef purchases jumped from 15% in 2020 to 26% in 2021, with a significant rise in grocery orders.
Despite this growth potential, the market faces challenges from the rising shift toward plant-based proteins. A growing number of U.S. consumers are adopting vegan and vegetarian diets due to environmental concerns, health issues, and increasing rates of dairy allergies, which may hinder the market’s expansion.
Competitive Landscape:
Key Companies Adopt Partnership Strategies to Develop Enhanced Products
The U.S. beef market is moderately fragmented, with both large and small companies competing for market share. Major players include Tyson Foods Inc., Cargill Incorporated, National Beef Packing Company LLC, and JBS SA. To strengthen their market presence, these companies are adopting various strategies, such as forming partnerships to develop enhanced products and improve their competitive positioning.
Key Industry Development:
- July 2023: Cargill joined forces with TREES Consulting to create a Gold Standard-approved beef methodology that provides a framework for the measurement of methane emission reduction by deploying feed supplements in the industry. A set of parameters that can be adopted by producers to quantify these reductions will be introduced by this methodology.
List of Key Players Mentioned in the Report:
- American Foods Group, LLC (U.S.)
- AgriBeef Co. (U.S.)
- Cargill, Incorporated (U.S.)
- National Beef Packing Company, LLC. (U.S.)
- JBS SA (Brazil)
- OSI Group LLC (U.S.)
- Greater Omaha Packing Co.(U.S.)
- Harris Ranch Beef Company (U.S.)
- Certified Angus Beef (U.S.)
- Tyson Foods Inc. (U.S.)
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