IndexBox has just published a new report on the global beef market. The report takes a look at market analysis, forecast, size, trends and insights from 2007 to 2018. Below is a summary of the report’s key findings.

Summary of global beef market

Global beef market revenue amounted to $385,7 billion in 2018, growing by 5,1% against the previous year. This figure reflects total revenue of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price).

The market value increased at an average annual rate of 3,2% over the 2007 to 2018 period; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analysed period. The most prominent growth rate was recorded in 2008 with an increase of 11% year-on-year. Global beef consumption peaked in 2018 and is expected to retain its growth in the near future.

Global beef production

In 2018, approximately 70 million tons of beef were produced worldwide. In general, beef production continues to indicate a relatively flat trend pattern. The growth pace appeared to be most rapid in 2013 when production volume increased by 1,8% against the previous year. Over the period under review, global beef production reached its peak volume in 2018 and is likely to continue its growth in the immediate term.

The general positive trend in terms of beef output was largely conditioned by a relatively flat trend pattern of the number of producing animals and a relatively flat trend pattern in yield figures.

In value terms, beef production stood at $392,3 billion in 2018 (export price estimate). The total output value increased at an average annual rate of 4,3% over the period from 2007 to 2018. The trend pattern indicated some noticeable fluctuations being recorded throughout the analysed period. The growth pace was the most rapid in 2008, with an increase of 19% year-on-year, and peaked in 2018.

Beef exports per country

In 2018, approximately 8,1 million tons of beef were exported worldwide, which is almost equal to the previous year. Total export volume increased at an average annual rate of 1,6% over the 2007 to 2018 period. This trend pattern remained consistent, with only minor fluctuations being observed throughout the analysed period. 

In 2018, Brazil (1,3 million tons), followed by Australia (857 000 tons), the US (691 000 tons), New Zealand (436 000 tons), Ireland (410 000 tons), the Netherlands (383 000 tons) and Argentina (367 000 tons) were the major exporters of beef, together comprising 55% of total exports. Canada (345 000 tons), India (337 000 tons), Poland (325 000 tons), Uruguay (283 000 tons) and Germany (266 000 tons) took a relatively small share of total exports.

From 2007 to 2018, the most notable growth rate in terms of exports among the main exporting countries was attained by Poland, while the other global leaders experienced more modest paces of growth.

Export price by country

In value terms, beef exports amounted to $40,7 billion in 2018. In general, total exports indicated a resilient increase from 2007 to 2018, with its value increasing at an average annual rate of 1,6% over the last eleven year period. Over the period under review, global beef exports reached a maximum of $44,1 billion in 2014. However, from 2015 to 2018, exports stood at a somewhat lower figure.

In 2018, the average beef export price amounted to $5 052 per ton, leveling off from the previous year. Over the period from 2007 to 2018, it increased at an average annual rate of 2,3%. The growth pace was most pronounced in 2008 when the average export price increased by 20% year-on-year.

Beef imports and prices

In 2018, global beef imports stood at 9,5 million tons, increasing by 4,3% against the previous year. The total import volume increased at an average annual rate of 2,3% over the 2007 to 2018 period. This trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent growth rate was recorded in 2013 with an increase of 7,4% year-on-year. 

In 2018, China (1 million tons), the US (912 000 tons), Vietnam (619 000 tons), Japan (610 000 tons), South Korea (442 000 tons), China, Hong Kong SAR (439 000 tons), Italy (386 000 tons), Germany (367 000 tons), Russia (359 000 tons), the Netherlands (356 000 tons), the UK (294 000 tons) and France (247 000 tons) represented the largest beef importers in the world, comprising 64% of total imports.

The largest beef import markets worldwide were the US ($5 billion), China ($4,7 billion) and Japan ($3,5 billion), together accounting for 28% of global imports.

In 2018, the average beef import price amounted to $4 996 per ton, increasing by 2,2% against the previous year. Over the period from 2007 to 2018, it increased at an average annual rate of 2,3%. From 2007 to 2018, the most notable growth rate in terms of import prices was attained by the US, while the other global leaders experienced more modest paces of growth. – IndexBox