Despite attempts by activists to drive consumers away from beef, a new report says the global beef market will show a compound annual growth rate of 3.1% over the next six years, reaching a value of $385 billion dollars by 2025.
According to a report from Grand View Research, growing awareness of beef as a major source of protein is expected to drive the global market increases. Beef and veal have higher protein content compared to chicken, pork, and turkey, and surging awareness associated with consumption of protein through high nutritional food is gaining importance among consumers.
High demand from China, supported by increasing disposable income, is also anticipated to drive beef consumption over the forecast period. Favorable government initiatives pertaining to the food industry will remain an important growth factor. Recently, the government of China lifted the ban on Australian chilled and frozen food. It is expected that the Chinese government will also lift the Brazilian imports ban over the coming years.
Overall, the report says loin cuts are expected to be the fastest growing segment, registering a compound annual growth rate of 3.5% from 2017 to 2025.
For more on beef trade watch the AgDay video above that has details about the ongoing U.S.-Mexico-Canada Agreement negotiations.