Beef Market - U.S. Beef, Veal, Lamb and Mutton Supplies to Japan and South Korea Are Expected to Increase
From 2008 to 2015, the U.S. beef market showed negative dynamics, falling from X million pounds to X million pounds. Although consumption decreased, overall market value increased thanks to more value-added products being launched on the market. Following gradual price increases, market revenue consistently grew. In value terms, the U.S. beef, veal, lamb and mutton market was estimated at X billion USD in 2015, growing by +X% annually between 2008 and 2015. A significant drop was observed last year, when the market value decreased by X% due to a record fall in prices.
U.S. growth in red meat consumption is expected to accelerate to +X% (currently -X%) in the medium term, amid the current economic recovery and a growing demand for high-end fresh meat cuts and upscale meat products.
U.S. red meat manufacturing illustrated negative dynamics, decreasing from X million pounds in 2008 to X million pounds in 2015. The CAGR dropped -X% over the period under review. In value terms, U.S. beef, veal, lamb and mutton production posted solid gains since 2010, only to fall by X% in 2015, finally reaching X billion USD.
U.S. producers benefited from expanding meat exports, which accounted for a X% share in U.S. manufacturing. U.S. companies are well-known suppliers of high-quality grain-fed beef. In 2014, the main destinations of U.S. beef, veal, lamb and mutton exports were Mexico (X%) and Japan (X%), followed by the Republic of Korea (X%), Canada (X%) and China (X%). These five leaders together comprised X% of U.S. exports. The share exported to Mexico increased (+X percentage points), while the share sent to Japan (-X percentage points) and Canada (-X percentage points) illustrated negative dynamics. U.S. beef supplies to Japan and South Korea are projected to increase, due to the recovery of these markets, which were closed to the United States following the first U.S. case of bovine spongiform encephalopathy (BSE) in December 2003.
It is expected that U.S pork exports will continue an upward trend in the mid-term, fueled by growing production efficiency. U.S. producers will strengthen their positions on export markets, particularly in Pacific Rim nations and Mexico. The Russian market will be closed for U.S. exports into the near future as a result of sanctions against the country, as well as rapidly increasing domestic production there.
Imports should not be regarded as strong factors influencing U.S. market dynamics in the medium term. Canada and Australia were the main suppliers of beef, veal, lamb and mutton into the U.S., with a combined share of X% of total U.S. imports in 2014. However, the fastest growing supplier was Mexico (+X% per year). This country strengthened its position in the U.S. import structure, from X% in 2007 to X% in 2014. By contrast, Canada saw its share reduced to X%.
The U.S. is projected to keep its dominance in global imports of beef, primarily of grass-fed, lean beef from Australia, New Zealand, and NAFTA countries, for use in ground beef and processed products.
Net US exports of beef, veal, lamb and mutton has shown a positive trend since 2007. In 2014 this industry ran a significant trade surplus of X million USD, approximately X% of gross exports. This surplus could grow substantially in the years to come.
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- beef market share
- beef prices
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- beef market forecast
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- key beef producers
Source: IndexBox AI Platform
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