According to the latest report by Renub Research, titled “Global Beef Market By Production, Consumption, Import, Export, Company” The demand for meat has increased in China, especially beef, and it has replaced the United States from the first place for beef consumption. This growth is due to the rise in disposable income of China and the United States. Most of the non-vegetarians in the United States prefer beef over other meat products like pork, chicken, mutton, turkey, etc. This growth in consumption throughout the world, for beef, has increased with better supply chain and growing demand for protein in multiple counties.
The major driving factor that’s fuelling the demand for the worldwide beef market is the rise in the income of the consumers across the world. The rise in urbanization is another major factor that’s driving the beef market across the globe. Moreover, beef is high in protein, thus the increase in awareness of high protein consumption is met by beef. additionally, the food questions of safety like pathogen detection problems and chemical residue in meat products like poultry and pork have increased the demand for the beef market across the world. The notable gap between demand and provision of beef thanks to its limited production due to several environmental and political factors is one of the main factors that’s restraining the demand for the meat market globally. additionally, the price rise of beef within the developed markets thanks to the limited supply of beef from North America is another restraining factor of the meat market.
Beef is also used in fast food products in the United States and western countries. The consumption of beef in other countries like Russia, Chile, Japan, South Korea, Hong Kong, Egypt, Malaysia has grown during the past few years; this growth will propel beef meat market in the forecasted years as well. According to Renub Research analysis, Global Beef Market is forecasted to be US$ 412.2 Billion by the end of the year 2026.
The impact of COVID-19 on Global Beef Industry
The global beef industry is disturbed by the breakdown of Coronavirus, due to which market for beef will decline in the year 2020, as the global supply chain has broken due to restrictions imposed by government authorities. Moreover, globally countries have imposed temporary lockdown to stop the spread of COVID, and rumours of a virus transmitted from livestock to human have also restricted the growth of the beef market during that period. According to Renub Research findings, the beef market will have a decline in the first half of the year 2020, but it will have a quick recovery in the second half of the year 2020.
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By Producing Countries: This research report provides the market and volume analysis of the United States, Canada, European Union, Argentina, Russia, Brazil, China, Australia, India, Pakistan and Rest of the World.
By Consuming Countries: Beef consumption of the following countries: United States, European Union, Argentina, Mexico, Russia, Brazil, China, Japan, India and Pakistan are provided in this research report.
By Importing Countries: The import of beef meat of the following countries: United States, European Union, Russia, Chile, China, Japan, South Korea, Hong Kong, Egypt and Malaysia are covered in this research report.
By Exporting Countries: The beef export market of the following countries: United States, Canada, European Union, Mexico, Uruguay, Argentina, Brazil, Australia, New Zealand, and India are covered in this research report.
By Company: The company Overview, Recent Developments and Sales Analysis of Danish Crown, Tyson Foods Inc, Vion Food Group, and WH Group Limited are provided in this research report.
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