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.
This report comes in PPT.
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.
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 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.
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.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!