Global Beef Market 2023

Beef Market Size

The global beef market totaled $X in 2021, increasing by 1.7% against the previous year. Over the period under review, consumption saw a slight increase. The most prominent rate of growth was recorded in 2017 with an increase of 8.7% against the previous year. Global consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Beef Production

In value terms, beef production reached $X in 2021 estimated in export price. Overall, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 11% against the previous year. Global production peaked at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

The countries with the highest volumes of production in 2021 were the United States (X tons), Brazil (X tons) and China (X tons), together comprising 39% of global production. India, Argentina, Pakistan, Mexico, Australia, Russia, Turkey, France and Canada lagged somewhat behind, together comprising a further 28%.

From 2012 to 2021, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Turkey (with a CAGR of +7.1%), while production for the other global leaders experienced more modest paces of growth.

The global average beef yield totaled X kg per head in 2021, approximately reflecting the previous year's figure. In general, the yield saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 2.9% against the previous year. Over the period under review, the average beef yield reached the maximum level in 2021 and is likely to see steady growth in years to come.

The global number of animals slaughtered for beef production was estimated at X heads in 2021, therefore, remained relatively stable against 2020 figures. Over the period under review, the number of producing animals continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 2.3%. As a result, the number of animals produced attained the peak level of X heads. From 2020 to 2021, the growth of this number remained at a somewhat lower figure.

Beef Exports

Exports

In 2021, global beef exports rose modestly to X tons, with an increase of 3.6% on the previous year's figure. The total export volume increased at an average annual rate of +3.2% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 when exports increased by 11% against the previous year. The global exports peaked in 2021 and are likely to see gradual growth in years to come.

In value terms, beef exports surged to $X in 2021. The total export value increased at an average annual rate of +4.9% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The shipments of the four major exporters of beef (cattle meat), namely Brazil, the United States, India and Australia, represented more than third of total export. Argentina (X tons) took 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 following exporters - the Netherlands (X tons), Canada (X tons), Poland (X tons), Ireland (X tons), Paraguay (X tons) and Mexico (X tons) - together made up 21% 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 global leaders experienced more modest paces of growth.

In value terms, the United States ($X), Brazil ($X) and Australia ($X) were the countries with the highest levels of exports in 2021, together comprising 40% of global 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%.

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

Export Prices by Country

In 2021, the average beef export price amounted to $X per ton, picking up by 16% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.6%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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 global leaders experienced more modest paces of growth.

Beef Imports

Imports

In 2021, the amount of beef (cattle meat) imported worldwide totaled X tons, increasing by 4.3% against 2020 figures. The total import volume increased at an average annual rate of +3.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 8.2%. Over the period under review, global imports attained the peak figure at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, beef imports surged to $X in 2021. The total import value increased at an average annual rate of +5.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons), distantly followed by the United States (X tons), Japan (X tons) and South Korea (X tons) represented the main importers of beef (cattle meat), together comprising 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) held 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, the largest beef importing markets worldwide were China ($X), the United States ($X) and Japan ($X), together accounting for 40% of global imports.

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

Import Prices by Country

The average beef import price stood at $X per ton in 2021, growing by 12% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.3%. As a result, import 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 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 global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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