Price for Frozen Boneless Cuts of Bovine Meat in the United States - 2023
Contents:
- Price for Frozen Boneless Cuts of Bovine Meat in the United States (FOB) - 2023
- Price for Frozen Boneless Cuts of Bovine Meat in the United States (CIF) - 2023
- Exports of Frozen Boneless Cuts of Bovine Meat in the United States
- Imports of Frozen Boneless Cuts of Bovine Meat in the United States
Price for Frozen Boneless Cuts of Bovine Meat in the United States (FOB) - 2023
The average export price for frozen boneless cuts of bovine meat stood at $7,785 per ton in December 2023, almost unchanged from the previous month. Over the period from December 2022 to December 2023, it increased at an average monthly rate of +1.5%. The growth pace was the most rapid in February 2023 an increase of 7.2% against the previous month. The export price peaked at $7,905 per ton in October 2023; however, from November 2023 to December 2023, the export prices stood at a somewhat lower figure.
Prices varied noticeably by the country of destination: the country with the highest price was Hong Kong SAR ($12,618 per ton), while the average price for exports to Japan ($4,443 per ton) was amongst the lowest.
From December 2022 to December 2023, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+1.5%), while the prices for the other major destinations experienced more modest paces of growth.
Price for Frozen Boneless Cuts of Bovine Meat in the United States (CIF) - 2023
The average import price for frozen boneless cuts of bovine meat stood at $5,340 per ton in December 2023, waning by -1.8% against the previous month. Overall, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in April 2023 when the average import price increased by 3.4% month-to-month. The import price peaked at $5,751 per ton in June 2023; however, from July 2023 to December 2023, import prices failed to regain momentum.
Average prices varied noticeably amongst the major supplying countries. In December 2023, the highest price was recorded for prices from Mexico ($5,927 per ton) and Canada ($5,758 per ton), while the price for Brazil ($4,976 per ton) and Nicaragua ($5,100 per ton) were amongst the lowest.
From December 2022 to December 2023, the most notable rate of growth in terms of prices was attained by Mexico (+0.8%), while the prices for the other major suppliers experienced more modest paces of growth.
Exports of Frozen Boneless Cuts of Bovine Meat in the United States
Exports of frozen boneless cuts of bovine meat from the United States rose significantly to 577K tons in 2022, growing by 13% compared with 2021. The total export volume increased at an average annual rate of +10.2% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 24% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in years to come.
In value terms, exports of frozen boneless cuts of bovine meat soared to $4.6B in 2022. Overall, exports saw significant growth. The most prominent rate of growth was recorded in 2021 when exports increased by 56%. The exports peaked in 2022 and are expected to retain growth in the near future.
| Export of Frozen Boneless Cuts of Bovine Meat in the United States (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 65.2 | 206 | 1,164 | 1,472 | 182.6% |
| South Korea | 615 | 530 | 769 | 916 | 14.2% |
| Japan | 453 | 442 | 494 | 667 | 13.8% |
| Taiwan (Chinese) | 268 | 220 | 211 | 333 | 7.5% |
| Hong Kong SAR | 531 | 472 | 332 | 249 | -22.3% |
| Philippines | 67.2 | 49.3 | 61.2 | 128 | 24.0% |
| Indonesia | 53.9 | 49.1 | 80.1 | 90.2 | 18.7% |
| Vietnam | 66.1 | 49.7 | 38.8 | 80.1 | 6.6% |
| Mexico | 79.9 | 52.8 | 78.1 | 76.1 | -1.6% |
| Others | 404 | 297 | 459 | 578 | 12.7% |
| Total | 2,603 | 2,367 | 3,687 | 4,590 | 20.8% |
Top Export Markets for Frozen Boneless Cuts of Bovine Meat from the United States in 2022:
- China (153.1K tons)
- Japan (128.4K tons)
- South Korea (122.9K tons)
- Taiwan (Chinese) (36.2K tons)
- Hong Kong SAR (20.2K tons)
- Philippines (16.8K tons)
- Indonesia (12.4K tons)
- Mexico (11.8K tons)
- Vietnam (9.4K tons)
Imports of Frozen Boneless Cuts of Bovine Meat in the United States
In 2022, imports of frozen boneless cuts of bovine meat into the United States rose significantly to 466K tons, growing by 6% compared with the previous year. The total import volume increased at an average annual rate of +4.0% from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2020 when imports increased by 19% against the previous year. As a result, imports attained the peak of 491K tons. From 2021 to 2022, the growth of imports of failed to regain momentum.
In value terms, imports of frozen boneless cuts of bovine meat rose markedly to $2.9B in 2022. The total import value increased at an average annual rate of +11.1% over the period from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when imports increased by 22%. Over the period under review, imports of hit record highs in 2022 and are likely to continue growth in the near future.
| Import of Frozen Boneless Cuts of Bovine Meat in the United States (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| New Zealand | 621 | 842 | 861 | 769 | 7.4% |
| Australia | 899 | 865 | 529 | 649 | -10.3% |
| Brazil | N/A | 92.2 | 302 | 560 | 146.4% |
| Nicaragua | 236 | 228 | 266 | 244 | 1.1% |
| Uruguay | 171 | 217 | 198 | 230 | 10.4% |
| Mexico | 73.3 | 119 | 123 | 179 | 34.7% |
| Canada | 44.4 | 47.4 | 103 | 133 | 44.2% |
| Others | 74.6 | 181 | 151 | 141 | 23.6% |
| Total | 2,120 | 2,592 | 2,535 | 2,904 | 11.1% |
Top Suppliers of Frozen Boneless Cuts of Bovine Meat to the United States in 2022:
- New Zealand (117.0K tons)
- Brazil (106.6K tons)
- Australia (90.2K tons)
- Nicaragua (43.8K tons)
- Uruguay (32.6K tons)
- Mexico (30.6K tons)
- Canada (23.6K tons)
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