Puerto Rico: Beef Market 2024

Beef Market Size in Puerto Rico

In 2021, the Puerto Rican beef market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption showed a perceptible decline. Puerto Rico consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Beef Production in Puerto Rico

In value terms, beef production rose modestly to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a noticeable contraction. Puerto Rico production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

In 2021, the average beef yield in Puerto Rico reached X kg per head, flattening at 2020 figures. Overall, the yield, however, showed a pronounced curtailment. The growth pace was the most rapid in 2015 when the yield increased by 10% against the previous year. Over the period under review, the beef yield attained the peak level at X kg per head in 2013; however, from 2014 to 2021, the yield stood at a somewhat lower figure.

In 2021, approx. X heads of animals slaughtered for beef production in Puerto Rico; falling by -5.5% on the previous year's figure. Overall, the number of producing animals continues to indicate a pronounced decline. The most prominent rate of growth was recorded in 2016 with an increase of 4.9%. Over the period under review, this number attained the maximum level at X heads in 2012; however, from 2013 to 2021, producing animals remained at a lower figure.

Beef Exports

Exports from Puerto Rico

In value terms, beef exports stood at less than $X in 2021. In general, exports continue to indicate a relatively flat trend pattern.

Exports by Country

The biggest shipments were from Brazil (X tons), the United States (X tons), India (X tons) and Australia (X tons), together amounting to 45% of total export. Argentina (X tons) held a 5.4% share (based on physical terms) of total exports, which put it in second place, followed by New Zealand (4.8%) and Uruguay (4.7%). The Netherlands (X tons), Canada (X tons), Poland (X tons), Ireland (X tons), Paraguay (X tons) and Mexico (X tons) took a relatively small share of total exports.

From 2012 to 2021, the biggest increases were recorded for Argentina (with a CAGR of +19.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest beef supplying countries from Puerto Rico were the United States ($X), Brazil ($X) and Australia ($X), together comprising 40% of total exports. These countries were followed by the Netherlands, Canada, India, New Zealand, Argentina, Ireland, Uruguay, Mexico, Poland and Paraguay, which together accounted for a further 42%.

Among the main exporting countries, Canada, with a CAGR of +12.9%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Puerto Rico stood at less than $X per ton in 2021, leveling off at the previous year. In general, the export price saw a relatively flat trend pattern.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($X per ton), while India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+5.4%), while the other leaders experienced more modest paces of growth.

Beef Imports

Imports into Puerto Rico

In value terms, beef imports amounted to less than $X in 2021. Overall, imports saw a relatively flat trend pattern.

Imports by Country

In 2021, China (X tons), distantly followed by the United States (X tons), Japan (X tons) and South Korea (X tons) were the main importers of beef (cattle meat), together constituting 44% of total imports. The Netherlands (X tons), Italy (X tons), Germany (X tons), Chile (X tons), Hong Kong SAR (X tons), the UK (X tons), France (X tons), Russia (X tons) and Indonesia (X tons) took a minor share 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%), Chile (+13.5%), South Korea (+6.6%), Hong Kong SAR (+4.6%), the United States (+4.5%), Japan (+1.4%), the UK (+1.1%) and Germany (+1.0%) displayed positive paces of growth. The Netherlands experienced a relatively flat trend pattern. By contrast, Italy (-1.7%), France (-2.7%) and Russia (-11.7%) illustrated a downward trend over the same period. China (+22 p.p.), Chile (+1.8 p.p.) and Indonesia (+1.6 p.p.) significantly strengthened its position in terms of the global imports, while France, the Netherlands, Italy and Russia saw its share reduced by -1.8%, -1.8%, -2.1% and -6.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), the United States ($X) and Japan ($X) appeared to be the countries with the highest levels of imports in 2021, together accounting for 40% of total imports.

In terms of the main importing countries, China, with a CAGR of +54.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Puerto Rico amounted to less than $X per ton, remaining stable against the previous year. In general, the import price continues to indicate a relatively flat trend pattern.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was South Korea ($X per ton), while Indonesia ($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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