Copyright farmersweekly
Reading Time: < 1 minute Global beef trade is expected to grow steadily over the next five years, driven by increasing demand from Asia and export expansions by South American countries, according to a new Rabobank report. The report shows global beef trade has increased substantially over the past five years, with exports rising by 14% from 2019 to nearly 13 million metric tons by 2024. “Brazil and China have emerged as dominant forces, with Brazil leading exports and China becoming the top importer,” RaboResearch senior analyst Angus Gidley-Baird said. “Brazilian beef exports have surged from 2.3 million metric tons in 2019 to an anticipated 3.6 million metric tons in 2024, largely fuelled by China’s growing market demand.” The report says the market has experienced significant volatility due to disease outbreaks, geopolitical tensions, and shifting economic conditions. According to Gidley-Baird, this unpredictability is expected to persist, impacting traditional trade flows and creating uncertainty. “As tariffs and market access restrictions continue, the geopolitical environment remains a key factor in ongoing market fluctuations. Companies that can navigate this volatility and capitalise on favourable conditions will likely be well-positioned for success,” he said. The second half of the decade is expected to show continued growth in global beef trade, driven by increasing consumption in Asia. “Countries like Vietnam, China, Malaysia, and the Philippines are experiencing strong per capita consumption growth, necessitating greater reliance on imported beef. South American countries, particularly Brazil, are expected to meet this demand through productivity improvements and enhanced management practices,” Gidley-Baird said. Global beef production has increased by 5.5% over the last five years, but, the report says, a temporary decline is anticipated, particularly in the US, Brazil, and Europe.
