Industrialization of Food Industry to Drive Market
Beef consumption across developing regions including Asia Pacific, Latin America, and Middle East & Africa has witnessed consistent growth over the past few decades. The global beef supply chain has a large influence on the overall pricing of beef and beef-related products. Beef consumption has increased at a consistent pace over the past few decades despite concerns raised by scientists and researchers pertaining to the consumption of red meat. Entry of various cold storage alternatives, exponential rise in the number of local butchers, and increasing demand for protein-rich food products are some of the major factors expected to fuel the growth of the global beef market during the forecast period.
Moreover, as market players operating in the current beef market continue to address preservation challenges associated with beef storage, the demand for both, non-cured as well as cured beef products has witnessed a sizeable growth. The industrialization of the food industry in several regions around the world has shifted gears in recent years due to which, the production of beef saw considerable growth worldwide. While the demand for beef continues to remain steady, the increasing popularity of plant-based and vegan products could pose as a major threat to the beef market during the assessment period.
Beef Consumption Highest in U.S.
The U.S. is expected to remain one of the most prominent markets for the players operating in the current beef market followed by China and Brazil. The volume of beef consumption in these countries is expected to witness considerable growth in the upcoming years despite the increasing number of consumers who are gradually leaning toward the consumption of non-meat products. Furthermore, due to increasing awareness pertaining to the negative impact of the beef industry on the environment, players operating in the current beef market landscape are expected to seek novel ways to minimize their footprint on the environment. The significant rise in disposable incomes, particularly in developing nations such as Brazil and China is playing an imperative role in boosting the demand for beef in recent years.
The middle-income nations are expected to drive the demand for beef during the assessment period. While the consumption of beef is projected to rise in the U.S., Australia, and Canada, the demand is likely to slow down from the European nations, owing to the tectonic shift toward non-meat and plant-based products, increasing consumer consciousness, and growing awareness pertaining to the negative impact of beef on human health.
Slowdown in Meat Processing Due to COVID-19 to Influence Market Growth
The onset of the COVID-19 pandemic is anticipated to have a strong impact on the global beef market, especially in the first half of 2020. The COVID-19-related temporary shutdown and slowdown of the meat processing industry are expected to have a strong impact on the supply-demand curve for beef in 2020. The closure of restaurants in the second and third quarter of 2020 in many regions of the world had a negative impact on the overall demand for beef from the commercial sector. However, the demand from eCommerce and online retail stores amid the ongoing COVID-19 pandemic is projected to boost the sales of beef and beef products in 2020. However, due to the fluctuating economy and the growing uncertainty related to inflation, the global beef market is on the course to witness a sluggish growth period in the upcoming months.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.