The most recent “Livestock and Poultry: World Markets and Commerce” report issued by USDA’s International Agricultural Service in April supplied updates and forecasts of beef, pork, and rooster meat manufacturing, consumption, exports, and imports for the main international locations in every market.
International beef manufacturing is projected to extend barely in 2023 with decreased manufacturing within the U.S., the biggest beef producing nation, however continued development in beef manufacturing in Brazil, the quantity two beef producer in addition to quantity three China. Beef manufacturing is projected to be regular to barely decrease within the European Union (E.U.), the quantity 4 beef producer, together with India (quantity 5), Argentina (quantity six) and Canada (quantity 9). Will increase are additionally forecast for Mexico (quantity seven) and Australia (quantity eight).
Whole beef consumption is forecast to lower within the U.S., the biggest beef consuming nation. China/Hong Kong is the second largest beef consuming area with continued development in beef consumption projected in 2023. Brazil and the E.U. are the third and fourth largest beef consuming international locations, each anticipated to have slight development in beef consumption this 12 months. The highest 4 beef consuming nations are projected to account for 65% of world beef consumption. India is the quantity 5 beef consuming nation, adopted by Argentina and Mexico.
Whole beef exports are projected to extend simply barely in 2023. Brazil is the biggest beef exporting nation with exports forecast to extend barely in 2023. U.S. beef exports are anticipated to lower barely with declining beef manufacturing, dropping the U.S. from second to 3rd place as a beef exporting nation behind India. In the meantime, Australia continues to get better and rebuild its beef business with beef exports growing and placing Australia simply behind the U.S. because the quantity 4 beef exporter. These high 4 beef exporting international locations account for 61% of world beef exports. Behind the highest 4 beef exporters, the subsequent tier of beef exporting international locations consists of Argentina, New Zealand, the E.U., Canada, Uruguay, Paraguay, and Mexico.
The mixed China/Hong Kong market is by far the biggest beef importing area lately with whole imports greater than double the meat imports into the U.S., the second largest beef importing nation. These high two markets account for 51% of world beef imports. Imports of beef into China/HK are forecast to be regular this 12 months after rising quickly prior to now six years. U.S. beef imports are projected to extend in 2023 as declining beef manufacturing will scale back beef provides, particularly provides of processing beef for the bottom beef market. Different main beef importers embody Japan, South Korea, the E.U., United Kingdom and Chile.
International macroeconomic considerations proceed to maintain beef markets nervous. Slowdowns in some markets, notably China, have had some impression, and but world beef markets proceed to be resilient and display continued, albeit relatively sluggish, development.
