Global Market Overview of Beef

February 2024

This briefing examines how the commodity market for beef is performing globally and in the largest countries in terms of supply and consumption. The report also provides data and analysis of beef price dynamics, and key meat consuming industries.

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Key Findings

Beef production to remain stable over the short term

Global production output of beef is forecast to remain virtually unchanged in 2024. Brazil, China and Australia are forecast to increase the production output of beef in 2024, but these gains will be offset by an anticipated contraction in beef supply in the US and the EU. Higher operational costs and stricter regulations are discouraging investment in production capacity expansion.

Cost pressures expected to ease

Under the baseline scenario, global prices of energy and agricultural commodities are forecast to remain stable in 2024. This is expected to translate into lower fuel and animal feeds costs for beef suppliers, and should ease the pressure on profit margins.

Consumers to remain cost-conscious

Consumers are expected to remain price sensitive, as they are set to experience the impact of slower economic growth and weaker income gains in 2024. This is expected to impact demand for beef, especially in higher grade beef segments. Slower spending on discretionary services, such as restaurants, will also limit beef demand growth through B2B sales channels.

Beef consumption in China is forecast to stagnate in the short term

China has emerged as one of the world’s largest suppliers and consumers of beef globally. However, beef consumption is forecast to stagnate in 2024, due to weaker economic growth and negative consumer sentiment. Weaker demand in the Chinese market will particularly impact Latin American beef exporters. Additional fiscal stimulus measures in China could drive demand recovery; however, positive effects would take time to materialise.

Scope
Key findings
Key trends impacting the beef market in 2024
Production of beef is forecast to remain stable as global demand cools
US and Brazil to remain the largest suppliers of beef globally
Declining cattle herd continues to hurt US production of beef
Growing domestic demand and exports to support beef production in Brazil
Beef supply in China remains on the growth trend, but domestic demand weakens
Beef prices forecast to remain stable as global demand cools
Slower global economic growth will help cap beef price increases
Demand for beef to show moderate growth as consumer spending slows
Demand drivers for beef across key buyer industries
Demand from meat products industry to remain stable, backed by emerging markets
Beef demand from retail segment is forecast to remain stable, yet price pressures continue
Slower consumer spending to limit beef demand from restaurants channel
Top 10 country profile: US
Top 10 country profile: Brazil
Top 10 country profile: China
Top 10 country profile: India
Top 10 country profile: Argentina
Top 10 country profile: Pakistan
Top 10 country profile: Mexico
Top 10 country profile: Australia
Top 10 country profile: Turkey
Top 10 country profile: Russia
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