The global beef market is projected to reach $2.1 trillion by 2020. That number is in a new study just released by Grand View Research of San Francisco. Beef is the third-most consumed meat around the globe. More and more consumers around the globe are turning to meat as a major source of protein, and that will drive increasing demand for beef over the next several years. Increasing disposable incomes in expanding markets around the globe are also driving demand for more beef, especially compared to pork and poultry. Ground beef is the most in-demand product, with demand exceeding 29.5 million tons in 2013. The fastest growing segment of beef demand is expected to be for beef steaks, as markets like North America are demanding more high-quality beef products. Global beef demand was 67.4 million tons in 2012 and is predicted to reach 72.9 million tons in 2020.
The Asian-Pacific region is expected to be the largest regional market for beef. Growing disposable incomes in China and increasing demand for beef should be a key driver in that market during the next several years.
Source: NAFB News Service