Asia-Pacific: Beef Market 2023

Beef Market Size in Asia-Pacific

The Asia-Pacific beef market expanded slightly to $X in 2021, rising by 4.5% against the previous year. The market value increased at an average annual rate of +3.1% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The level of consumption peaked in 2021 and is likely to see steady growth in the immediate term.

Beef Production in Asia-Pacific

In value terms, beef production expanded to $X in 2021 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 25%. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

The countries with the highest volumes of production in 2021 were China (X tons), India (X tons) and Pakistan (X tons), together accounting for 74% of total production.

From 2012 to 2021, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Pakistan (with a CAGR of +4.6%), while production for the other leaders experienced more modest paces of growth.

The average beef yield stood at X kg per head in 2021, standing approx. at the previous year. Overall, the yield, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the yield increased by 1.1%. The level of yield peaked at X kg per head in 2013; however, from 2014 to 2021, the yield failed to regain momentum.

In 2021, the number of animals slaughtered for beef production in Asia-Pacific totaled X heads, surging by 1.6% on the year before. This number increased at an average annual rate of +1.7% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of 4.7%. The level of producing animals peaked in 2021 and is likely to continue growth in years to come.

Beef Exports

Exports in Asia-Pacific

In 2021, approx. X tons of beef (cattle meat) were exported in Asia-Pacific; flattening at the previous year. Over the period under review, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when exports increased by 20% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, beef exports expanded significantly to $X in 2021. The total export value increased at an average annual rate of +3.4% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 21% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

India (X tons) and Australia (X tons) represented roughly 77% of total exports in 2021. It was distantly followed by New Zealand (X tons), generating a 19% share of total exports. Pakistan (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Pakistan (with a CAGR of +7.3%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Australia ($X) remains the largest beef supplier in Asia-Pacific, comprising 50% of total exports. The second position in the ranking was taken by India ($X), with a 22% share of total exports. It was followed by New Zealand, with a 21% share.

In Australia, beef exports expanded at an average annual rate of +3.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: India (+0.0% per year) and New Zealand (+6.1% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, increasing by 9.8% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.2%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Australia ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+4.4%), while the other leaders experienced more modest paces of growth.

Beef Imports

Imports in Asia-Pacific

In 2021, approx. X tons of beef (cattle meat) were imported in Asia-Pacific; increasing by 5.5% on the previous year. In general, imports posted a prominent expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 39%. Over the period under review, imports attained the peak figure in 2021 and are likely to see steady growth in the near future.

In value terms, beef imports soared to $X in 2021. Overall, imports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2013 when imports increased by 39%. Over the period under review, imports reached the peak figure in 2021 and are likely to see steady growth in years to come.

Imports by Country

China was the largest importing country with an import of about X tons, which amounted to 51% of total imports. Japan (X tons) took a 13% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (10%), Hong Kong SAR (5.7%) and Indonesia (4.6%). The following importers - Vietnam (X tons) and Malaysia (X tons) - together made up 7.2% of total imports.

China was also the fastest-growing in terms of the beef (cattle meat) imports, with a CAGR of +50.2% from 2012 to 2021. At the same time, Indonesia (+22.7%), South Korea (+6.6%), Hong Kong SAR (+4.6%), Malaysia (+2.8%) and Japan (+1.4%) displayed positive paces of growth. By contrast, Vietnam (-6.0%) illustrated a downward trend over the same period. While the share of China (+47 p.p.) and Indonesia (+2.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Malaysia (-3.6 p.p.), Hong Kong SAR (-4.2 p.p.), South Korea (-4.8 p.p.), Vietnam (-13.1 p.p.) and Japan (-16.6 p.p.) displayed negative dynamics.

In value terms, China ($X) constitutes the largest market for imported beef (cattle meat) in Asia-Pacific, comprising 49% of total imports. The second position in the ranking was taken by Japan ($X), with a 14% share of total imports. It was followed by South Korea, with a 14% share.

In China, beef imports increased at an average annual rate of +54.1% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Japan (+3.3% per year) and South Korea (+12.2% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2021, increasing by 11% against the previous year. Over the last nine years, it increased at an average annual rate of +2.4%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Korea ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+5.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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