Material Insights · Understanding the Material World

Beef: Overview

Steaks, mince, leather and tallow from one animal

What this tab covers What the commodity is used for, why, in what volumes and with what alternatives, and its chain from mine or field to end user. Also the latest price moves, top recent news, three things to know, and buttons into each tab.

Key uses

UseShareAnnual volumeWhy this commodityAlternatives
Fresh and chilled cuts for retail and restaurantsn/a n/a basis Steaks and roasts earn the highest price per kilo, so the carcass is cut to maximise them. Consumers in the US, Argentina, Brazil and Australia eat beef as a staple; US use was 58.9 lb per person in 2026 (WASDE). Taste and status keep demand firm even at high prices. FAOSTAT 2024; USDA WASDE, 10 Oct 2026 Pork
Chicken
Lamb
Plant-based meat
Ground beef and processed products (burgers, sausages, canned meat)n/a n/a basis Trimmings and lean cow beef go into mince for burger chains and processors. Lean frozen beef from Australia, Brazil and New Zealand is blended with fatty US trim, which is why the US both exports and imports large volumes. USDA WASDE Oct 2026 (US 2025 beef imports 5.39 bn lb, exports 2.58 bn lb) Pork and poultry mince
Plant-based patties
Frozen beef and buffalo meat for exportn/a n/a basis Freezing lets low-cost pasture producers reach distant buyers. China took 39.1% of frozen beef imports by value in 2024. India's buffalo meat sells mainly on price to buyers in Asia, the Middle East and North Africa who need halal-certified, low-cost red meat. UN Comtrade, HS 0202, 2024 Frozen poultry
Sheep and goat meat
Domestic production
Hides for leathern/a about 8.8 Mt of raw cattle hidesbasis Hides are a co-product of slaughter, not produced for their own sake, so supply follows meat output. Bovine leather is thick and strong, which suits shoes, car seats and furniture. FAOSTAT 2024 Synthetic leather (polyurethane, PVC)
Textiles
Tallow, offal and rendered productsn/a n/a basis Rendering turns fat and trimmings into tallow for soap, animal feed and biofuel feedstock, and offal into food and pet food. These sales lower the net cost of each carcass for packers.Vegetable oils (for biofuels and soap)
Other animal fats
Published end-use shares by outlet were not found, so they are left blank. Volumes use FAOSTAT carcass-weight output for 2024.

From field to user

  1. Cow-calf herds The world held 1.58 billion cattle and 212 million buffalo in 2024; India alone had 195 million cattle and 112 million buffalo (FAOSTAT).
  2. Grazing and backgrounding Weaned calves graze for months to gain frame before finishing, on pasture or crop residues.
  3. Finishing In the US and parts of Australia cattle are finished on grain in feedlots; Morgan cites about seven pounds of grain per pound of beef gain.
  4. Slaughter and packing About 305 million cattle were slaughtered worldwide in 2024 at an average carcass of 229 kg; US carcasses averaged 382 kg (FAOSTAT).
  5. Fabrication and boxing Carcasses are broken into primal and sub-primal cuts and trim, vacuum-packed and boxed.
  6. Chilled and frozen distribution Chilled beef moves by road and air, frozen beef by refrigerated container; frozen exports were worth $36.0 billion in 2024 (UN Comtrade).
  7. Retail and food service Supermarkets, butchers and restaurants sell to consumers; hides, tallow and offal go to separate buyers.

Price movement snapshot 2026-10-25

CME live cattle futures 231 US cents/lb Close 2026-10-23 · Yahoo Finance 1 week +1.6% 6 months -7.7% World production 69.8 m tonnes, 2024 Largest producer United States 17.62% of world

Three things to know

  • Morgan cites about seven pounds of grain per pound of beef gain, against two to three for chickens and hogs (pdf p. 148).
  • World cattle meat output rose about 31% from 1990 to 2024, to 69.7 million tonnes (FAOSTAT).
  • The World Bank beef price peaked at $8.21/kg in the last ten years, its highest since 2000.

Top recent news snapshot 2026-10-25, last 30 days

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