US beef industry dips as Brazil, China lead global production

The latest “Livestock and Poultry: World Markets and Trade” report issued by USDA’s Foreign Agricultural Service in April provided an overview of beef, pork, and chicken meat production, consumption, exports, and imports for major countries in each market.

According to the report, global beef production is expected to experience slight growth in 2023, despite a decrease in production in the United States, the largest beef producer in the world. Brazil and China, the second and third largest beef producers, respectively, are expected to continue their growth in beef production. Meanwhile, beef production is projected to remain steady or decline slightly in the European Union, India, Argentina, and Canada. Mexico and Australia, on the other hand, are expected to experience an increase in beef production.

The report also noted that total beef consumption is forecasted to decrease in the United States, the world’s largest beef-consuming nation. China/Hong Kong is the second-largest beef-consuming region, with continued growth in beef consumption projected in 2023. Brazil and the European Union follow closely behind as the third and fourth largest beef-consuming countries, both expected to see slight growth in beef consumption this year. The top four beef-consuming nations are projected to account for 65% of global beef consumption. India, Argentina, and Mexico round out the top seven beef-consuming countries.

Regarding beef exports, the report projects a slight increase in global beef exports in 2023. Brazil is the largest beef-exporting country and is expected to see a slight export increase this year. In contrast, U.S. beef exports are projected to decline slightly, dropping the nation from second to third place as a beef exporter behind India. Meanwhile, Australia is rebuilding its beef industry, with exports increasing and putting the country just behind the U.S. as the number four beef exporter. The top four beef-exporting countries account for 61% of global beef exports. Argentina, New Zealand, the European Union, Canada, Uruguay, Paraguay, and Mexico comprise the next tier of beef exporters.

Brazilian beef exports | Jan 2019 – Mar 2023 | WTMT

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The report also highlighted the combined China/Hong Kong market as the largest beef importing region, with total imports more than double those of the United States, the second-largest beef importer in the world. These top two markets account for 51% of global beef imports. Beef imports into China/Hong Kong are expected to remain steady this year after rapid growth in the past six years. On the other hand, U.S. beef imports are projected to increase in 2023, as declining beef production will reduce beef supplies, particularly supplies of processing beef for the ground beef market. Other major beef importers include Japan, South Korea, the European Union, the United Kingdom, and Chile.

While global macroeconomic concerns continue to affect the beef market, the report notes that it remains resilient, demonstrating continued albeit slow growth. Despite some slowdowns in noteworthy markets, such as China, the global beef market remains robust.

Source: beefmagazine

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