![]() It also adds that several factors will drive the growth of the beef industry moving forward. A slowdown in global shipping resulted in market shortages that ended up increasing the price of meat. Grand View explains that like other several other industries, the coronavirus pandemic also disrupted the beef industry. From this, the firm believes that the industry will grow at a compounded annual growth rate (CAGR) of 4.8% and be worth an estimated $712.5 billion by the end of 2030. In fact, according to research from the firm Grand View Market Research, the global beef industry was worth $467 billion in 2021. While it might not be evident on the surface, the beef industry is one of the largest in the world – and one which is worth hundreds of billions of dollars. However, the full sized pieces of these cuts can be bought at supermarkets and meat shops. Naturally, the meat that you eat in a stake is often of a smaller portion, as most eateries rarely serve a full shank. The most commonly eaten bovine is a cow or a bull, and these cuts are the Loin, Round, Plate, Rib, Brisket, Chuck, Flank, and Shank. As a term, beef covers eight different cuts of meat of a bovine animal. The number three and four beef import markets, Japan and South Korea, are expected to see minor increases in beef imports in 2023.Due to its relatively lower cost, taste, and nutritional content, beef is one of the most popular meats on the planet. beef prices and the strong dollar will further attract beef into the U.S. may see beef imports increase modestly as beef production falls and supplies of processing beef drop sharply. Beef imports in China/KH may decrease in 2023 for the first time ever as the country struggles with a recession and continued zero-Covid controls. Prior to the rapid growth in China/HK imports in recent years, the U.S was the largest beef importing country for many years. Source: USDA-FAS, October 2022Ĭhina/Hong Kong is the largest beef importing country in the world since 2018 and will be the largest by a factor of two in 2023. India exports large quantities of water buffalo meat (carabeef) to low-end markets in Indonesia and Malaysia. India is the remaining top four beef exporter with steady exports expected in 2023. will likely drop to fourth place, a position it has frequently occupied in recent year. The U.S., number two beef exporting country in 2022 with record or near-record exports, will likely see exports decrease with declining beef production, higher beef prices and a continued strong dollar. Cattle prices are falling from historically high levels in Australia and beef exports are forecast to increase, helping Australia regain the number two spot. Australia, after drought in recent years decreased cattle numbers and beef production, is now in rebuilding mode. Beef exports from Brazil are significantly higher than the next three exporters. ![]() Brazil beef exports are limited by decreased beef imports in China. Changes in beef production and consumption will impact global beef exports and imports in the coming year.īrazil is expected to remain the largest beef exporter with beef production increasing slightly in 2023. and European Union will more than offset increasing beef production in Australia and modest increases in Mexico and India. Global beef production is forecast to decrease slightly in 2023.
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