Beef Market Size Projected to Reach USD 845.97 Bn By 2034

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According to Towards FnB, the global beef market size is valued at USD 579.16 billion in 2025 and is projected to hit around USD 845.97 billion by 2034, expanding at a CAGR of 4.30% during the forecast period from 2025 to 2034.
Ottawa, July 01, 2025 (GLOBE NEWSWIRE) -- The global beef market size was calculated at USD 555.28 billion in 2024 and is expected to rise from USD 579.16 billion in 2025 to nearly USD 845.97 billion by 2034, growing at a CAGR of 4.30% over the forecast period from 2025 to 2034, according to study published by Towards FnB, a sister firm of Precedence Research.
The market has been expanding in recent times due to the increasing disposable income of the people leading to a hike in demand for premium meat types and high-quality protein sources. Hence, health-conscious people who prefer protein compulsorily in their diet form the largest consumer base for the market.
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Market Overview
Growing demand for animal protein, convenient protein sources, and the rising Muslim community have led to the growth of the beef market globally. The different parts of the animal are high in protein leading to high demand for it by health-conscious, millennials, and Generation X people. The younger generation drawn towards fast food options also forms a strong consumer base for quick service restaurants serving beef burgers and steaks. The market is divided into various segments with the brisket segment being the highest-sold one due to its high nutrition content in low prices.
The hectic lifestyle of millennials and Generation X people leads to a surge of demand for nutritious beef products such as beef jerky and protein bars. They allow one to gorge on protein-loaded options conveniently without the hassle of cooking a meal.
Hence, health-conscious people with hectic schedules prefer to consume such animal protein options as they as pocket-friendly too. One can also look for ready-to-eat beef meal options providing a convenient protein source.
Rising disposable incomes, changing lifestyles and standards of living, and rapid urbanization are also some of the major sources of growth of the beef market. The growing demand for beef has also led restaurants, cafes, and food joints to offer beef meat dishes leading to further growth of the market.
Key Highlights of Beef Market
By region, Asia Pacific dominated the market with the highest market share of 49% in 2024 and is expected to continue it in the foreseen period. High beef meat demand from China will surge the beef market in Asia Pacific in the forecast period.
By region, North America is observed to be growing at the fastest rate due to the high demand for meat by the millennials and Generation X.
By cut, the loin segment captured the maximum market share of 37% in 2024. The loin part is the juiciest, tender, and flavorful and hence it is highly demanded leading to a spike in market growth.
By cut, the brisket segment is expected to grow in the forecast period. The part is taken from the breast or lower chest area and is highly nutritious and affordable. Hence, it is highly consumed by people, leading to a surge in demand.
By slaughter method, the halal segment dominated the beef market in 2024.
Sustainable Beef Extraction Methods: Market's Largest Potential
Beef meat production is a high greenhouse gas emission procedure. It involves the release of methane 8 times more compared to chicken and other meat production. Hence, the unsustainable practices followed lowers the beef market. Managing manure and keeping it safe in manure tanks helps in lowering greenhouse gas emissions. Improving feed quality also helps in managing manure production. Hence, following such methods helps the industry to maintain sustainability and allow market growth as well.
What are Major Trends in Beef Market?
High Demand for Sustainable Practices- Consumer awareness today demands practicing sustainable activities for a healthier environment. Hence, high demand for beef meat from grass-fed, organic, and antibiotic-free sources is observed. Brands and food joints offering such kinds of meat prove to be tough competition for the ones offering traditional beef meat.
Growth of E-Commerce Platforms- The convenience provided by brands to order beef meat online through their application or a retailer's website also helps the beef market boost. It allows customers to place an order easily at their convenience and get it on their doorstep within minutes.
Technological Advancements- The use of barcodes and RFID tags helps customers track the quality of their beef meat from the supply chain till the moment it is delivered to the customer. It helps in maintaining transparency between the brand and the customer allowing the customer to retain their customer's trust.
Increasing Premiumization- Rising disposable income, improving standard of living, and many other factors are giving rise to premium quality beef meat. The customers are willing to pay a higher amount for sustainably- sourced beef meats that require higher amounts for performing the eco-friendly procedure. Health-conscious people and people who ensure to maintain their protein intake of the day form a huge consumer base for the beef market.
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What is the Major Driver of Beef Market?
There are multiple factors helping in the growth of the beef market. The most vital growth factors of the market involve high protein intake factors. Health-conscious people who ensure to complete their protein intake goals form a huge consumer base for the beef market. Health-conscious people also ensure sustainable methods are used to derive beef meat. Increasing the standard of living and shifting food choices of people has also fueled the growth of the market. Convenient beef food options in the form of fast food offer huge convenience to people to complete their protein intake goals easily without the hassle of preparing meals at home. The convenience of ordering food online through websites or applications has also made it easy for people to contribute to the growth of the market.
What Hinders the Growth of Beef Market?
Environmentally Damaging Practices Hampering Sustainability
One of the major restrictions in the growth of the beef market is non-sustainable practices followed to obtain beef meat. The procedure involves enteric fermentation that releases methane, a major greenhouse gas. Methane traps more heat than carbon dioxide resulting in environmental imbalance. Cattle feeding grounds resulting in higher deforestation is another unsustainable practice done to derive beef meat. Hence, the unsustainable practices followed for beef meat extraction are one of the major barriers to the growth of the beef market. Hence, brands practicing sustainable methods to extract beef meat are highly preferred compared to the ones practicing traditional methods.
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Beef Market Regional Analysis:
Which Region Dominated the Beef Market in 2024?
Asia Pacific held the largest revenue share of the beef market in 2024. Rapid urbanization and increasing disposable income led to changes in the standard of living of people in the region. Hence, it directly impacted the beef meat demand leading people to focus on high-protein sources. Health-conscious people ensure their protein intake forms the largest market for beef meat sales. The market involves millennials and Generation X at a higher rate concerned about their health and protein intake of the day without the worries of the expense involved in buying premium meat.
Advancements in beef supply chains also help in the growth of the market and lead to the growth of the market in the foreseen period as well. China has a huge contribution to the growth of the market in the Asia Pacific. It is the world's largest beef producer and exporter globally.
Which Region is Observed to Grow at the Fastest Rate in the Beef Market?
North America Beef Market is expected to spike at the fastest rate in the forecast period. Countries like the U.S. and Canada hold a major share in contributing to the growth of the beef market in North America. Various feasts and occasions call for celebration leading to demand for beef meat. Hence, huge meat supplies lead to the growth of the market in the region. The high demand for meat for its rich protein source at affordable prices is also a major reason for the growth of the market in the foreseen period.
Companies launching innovative beef meat cuts with nutritional value at pocket-friendly processes are also a major reason for the growth of the market in the region. Meat-based fast food options such as burgers, shakes, hot dogs, and many other options demanded by people of all age groups are also a major reason for the growth of the market.
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Market Report Scope
Report Attribute
Key Statistics
Base Year
2024
Forecast Period
2025 to 2034
Growth Rate from 2025 to 2034
CAGR of 4.30%
Market Size in 2024
USD 555.28 Billion
Market Size in 2025
USD 579.16 Billion
Market Size by 2034
USD 845.97 Billion
Dominated Region
Asia Pacific
Beef Market Segment Analysis
Cut Type Analysis
The loin cut segment dominated the beef market in 2024. The loin cut is among the highest demand cuts leading to the growth of the beef market. The loin cut is the juiciest, tender, and flavorful part of the meat and hence is highly demanded. Hence, the cut segment dominated the market in 2024. The cut is highly used on occasions such as parties, get-togethers, or other similar occasions. Hence, the meat cut is also highly demanded by the restaurant industry to fulfill the demands of premium dining customers.
The brisket segment is seen to grow at a notable pace in the forecast period. The brisket cut is taken from the lower chest or breast of beef. The part is highly nutritious and less in price. Hence, the segment is highly growing in the forecast period and is highly preferred by people of different age groups. The cut involves high collagen which is nutritional for hair and skin. Hence, it is also one of the major reasons for the growth of the market in the region.
Slaughter Method Analysis
The halal beef segment held the largest market revenue in 2024 with the growth of the Muslim community, the demand for halal beef is increasing as well. The method is focused on humane animal slaughtering practices along with following the spiritual faith belief practices of the community. Hence, restaurants, cafes, and food joints today offer halal meat to respect the community's faith and spiritual beliefs. Such practices help in the growth of the market in the observed time frame. This has also led to improved accessibility of halal meat in different supermarkets and stores.
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Beef Market Top Companies
JBS SA
National Beef Packing Company, LLC
American Foods Group, LLC.
Agri Beef Co.
Perdue Farms Inc.
Tyson Foods, Inc.
Strauss Brands LLC
Cargill, Incorporated
Central Valley Meat
Danish Crown A/S
Recent Developments of the Beef Market
In February 2025, Tyson Foods, a US-based meatpacker company reported of hike in their sales due to strong demand for beef and chicken products lately. It has also helped the brand in improving the restaurant traffic.
(Source- https://www.reuters.com/business/retail-consumer/tyson-foods-raises-annual-sales-forecast-beef-chicken-demand-2025-02-03/)
In October 2024, McDonald's sued multiple beef suppliers accusing them of raising the prices of beef over the years. The lawsuit was filed against big names such as Cargill, JBS, National Beef Packing Company, and Tyson Foods.
(Source- https://www.restaurantbusinessonline.com/financing/mcdonalds-accuses-beef-suppliers-price-fixing)
In April 2025, Americans broke the record for highest meat consumption in 2024 as per the research held by the Meat Institute and trade group FMI – The Food Industry Association.
(Source- https://www.greenqueen.com.hk/us-meat-sales-beef-rfk-trump-climate-culture/)
Segments Covered in the Report
By Cut
Brisket
Shank
Loin
Others
By Slaughter Method
Kosher
Halal
Others
By Region
North America
U.S.
Canada
Asia Pacific
China
Japan
India
South Korea
Thailand
Europe
Germany
UK
France
Italy
Spain
Sweden
Denmark
Norway
Latin America
Brazil
Mexico
Argentina
Middle East and Africa (MEA)
South Africa
UAE
Saudi Arabia
Kuwait
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