(PharmaNewsWire.Com, May 23, 2020 ) Over the years, rising demand for meat protein has led to a steady increase in beef consumption worldwide. The beef industry has shown tremendous development in the last few decades. China's appetite for beef is growing year-on-year and has replaced the United States as the world's largest beef importer in 2018. The rapid growth in Chinese beef consumption has quietly changed the global beef order, with many countries exporting a significant share of total exports to China. According to the Renub Research report, Global Beef Market will be US$ 412.2 Billion by 2026.
COVID-19 impact on Global Beef Industry
For the first few months of the year 2020, the global beef industry has been severely impacted by the coronavirus. The sharp fall in demand for beef was because of rumors that the virus can spread through the animals. But once the Centers for Disease Control & Prevention stated that COVID-19 can only be transmitted via direct contacts to humans and not live stocks, the growth came back to the industry. Moreover, demand uncertainty due to coronavirus-related limitations on restaurant operations and cattle markets continue to be rattled by numerous closures in processing plants.
Factors Driving the Beef Market Globally
Global demand for beef is growing as it has higher protein compared to pork, turkey, and chicken. Moreover, there is an increase in the consumption of fast food products. Additionally, non-vegetations in the United States prefer beef compared to other types of meats. Another factor is the growing demand from China due to the rise in their disposable income. Lastly, an increase in the Muslim population globally is also helping the growth of halal beef.
Renub Research report titled "Global Beef Market By Production (China, European Union, United States, Brazil, Russia, Argentina, India, Canada, Pakistan, Australia and Others), Consumption (China, European Union, United States, Brazil, Russia, Japan, Mexico, Argentina, India and Pakistan), Import (China, United States, European Union, Russia, Chile, Japan, Hong Kong, South Korea, Egypt and Malaysia), Export (European Union, United States, Canada, Brazil, Argentina, New Zealand, Mexico, Uruguay, Australia and India) Company (Danish Crown, Tyson Foods Inc., Vion Food Group, WH Group Limited)" provides a complete analysis of Beef market globally.
By Production – Top 10 Beef Countries Market & Volume
In this topic, we have covered 10 major beef producing countries globally. The countries covered are as follows.
1. United StatesCanada 2. European Union 3. Argentina 4. Russia 5. Brazil 6. China 7. Australia 8. India 9. Pakistan 10. Rest of the World (Others)
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