The briefing examines how the commodity market for beef performs globally and in the largest countries in terms of supply and consumption. The report also provides data and analysis on beef price dynamics, key meat consuming industries, as well as exports and imports for the countries with the largest markets for meat and meat products consumption.
This report comes in PPT.
According to the OECD-FAO Agricultural Outlook 2022-2031, global beef production is forecast to grow over the long term, driven by rising global demand for protein. However, growth will be relatively slow, as consumers increasingly opt for poultry, due to its greater affordability, better dietary properties and the adverse environmental impact of cattle farming. Thus, the growth rate for beef output through to 2031 is projected to be only half that for growth in production volume of poultry and pork.
Despite weakening beef demand in per capita terms in many developed countries, total global beef consumption is set to increase over the next decade. Growth will be largely driven by demand in developing countries in Asia, where per capita beef consumption is still very low. Strong population growth, rapid urbanisation and the increasing purchasing power of the expanding middle class will be the major forces driving growth in beef consumption in the region over the long term.
Global prices of beef have been on the rise, driven by high input costs, demand from the reviving hospitality sector and tighter supply across some major producers. Although beef prices are forecast to stabilise in the second half of 2022, they are anticipated to remain high over the short to medium term. With household purchasing power being hit by sharp rises in the cost of living globally, consumers are expected to reduce their intake of more expensive beef in favour of cheaper protein alternatives.
The sustainability of meat production is of rising importance, with consumers looking for environment-friendly, humanely raised, locally sourced and organic produce, especially in high-income countries. As cattle farming is widely associated with high greenhouse gas emissions, extensive water use and deforestation, beef producers are facing growing competition from more environment-friendly options, such as poultry and plant-based foods, and are having to embrace sustainable production methods.
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