7 Reasons Why Beef Export is Booming in 2024
Beef export is one of the most profitable and sustainable sectors in the global economy. In this article, we will explore the factors that contribute to the success of beef export in 2023, and how you can benefit from this booming industry.
1. Growing demand for high-quality protein
One of the main drivers of beef export is the increasing demand for high-quality protein from consumers around the world. As incomes rise and lifestyles change, more people are looking for nutritious and delicious sources of protein to support their health and well-being. Beef is an excellent choice, as it provides essential amino acids, iron, zinc, vitamin B12, and other nutrients that are vital for human development and function.
2. Diversification of markets and products
Another factor that boosts beef export is the diversification of markets and products. Beef exporters are not only targeting traditional markets like the US, Japan, and Korea, but also expanding to emerging markets like China, India, and Southeast Asia. These markets offer huge potential for growth, as they have large populations, rising incomes, and changing preferences for meat consumption. Moreover, beef exporters are also offering a variety of products to suit different tastes and needs, such as fresh, frozen, chilled, processed, organic, halal, grass-fed, and grain-fed beef.
3. Innovation and technology
Beef export is also benefiting from innovation and technology that enhance the quality, safety, efficiency, and traceability of the production and supply chain. For example, beef exporters are using advanced breeding techniques, animal health management, feed formulation, and genetic improvement to produce high-quality beef that meets the standards and expectations of customers. They are also using modern processing facilities, cold storage systems, transportation modes, and packaging solutions to ensure the freshness, hygiene, and shelf-life of beef products. Furthermore, they are using digital platforms, blockchain technology, and smart labels to track and verify the origin, history, and quality of beef products.
4. Environmental and social responsibility
Beef export is also demonstrating environmental and social responsibility that enhance its reputation and competitiveness in the global market. Beef exporters are adopting sustainable practices that minimize the environmental impact of beef production, such as reducing greenhouse gas emissions, water consumption, waste generation, and land degradation. They are also supporting the social welfare of farmers, workers, communities, and animals involved in beef production, such as providing fair prices, wages, benefits, training, education, health care, and animal welfare.
5. Government support and policies
Beef export is also receiving government support and policies that facilitate its development and growth. Governments are providing incentives, subsidies, loans, grants, insurance, and technical assistance to beef exporters to help them improve their productivity, quality, profitability, and market access. They are also negotiating trade agreements, removing tariffs and quotas, and harmonizing standards and regulations with other countries to create a favorable environment for beef export.
6. Industry collaboration and partnerships
Beef export is also fostering industry collaboration and partnerships that strengthen its capacity and performance. Beef exporters are working together with other stakeholders in the beef value chain, such as farmers, processors, distributors, retailers, and consumers, to share information, resources, best practices, and feedback. They are also forming alliances and networks with other beef exporting countries, regions, and organizations to exchange knowledge, experience, and opportunities.
7. Consumer awareness and education
Beef export is also promoting consumer awareness and education that increase its demand and loyalty. Beef exporters are communicating the benefits and features of their products to consumers through various channels, such as websites, social media, advertisements, events, and campaigns. They are also educating consumers about the origin, history, culture, and stories behind their products to create a connection and trust.
Beef export is a thriving industry that offers many advantages for producers, exporters, and consumers. By understanding the reasons why beef export is booming in 2023, you can make informed decisions and take advantage of this lucrative opportunity.
Global Trends in Beef Export
Beef is one of the most widely consumed meats in the world, with a global production of about 70 million metric tons in 2023. However, not all countries produce and consume beef equally. Some countries are major exporters of beef, while others are net importers. In this blog post, we will look at some of the statistics and factors that affect the global demand and supply of beef.
Top Beef Exporters in 2023
According to Statista, the top exporters of beef and veal worldwide in 2023 were forecasted to be Brazil and the United States, with an export volume of about three million and 1.4 million metric tons respectively. Brazil has been the leading exporter of beef since 2004, thanks to its large cattle herd, low production costs, and favorable trade agreements. The United States is the second-largest exporter of beef, as well as the largest producer and consumer. The U.S. exports mainly high-quality beef to markets such as Japan, Korea, Mexico, and Canada.
Other significant exporters of beef in 2023 were Germany, Mexico, India, Australia, Argentina, New Zealand, Canada, Uruguay, Paraguay, and the European Union. Together, these countries accounted for about 75% of the total beef export volume in 2023. The main destinations for these exports were China, Japan, Korea, Hong Kong, Taiwan, Indonesia, Russia, Egypt, and Saudi Arabia.
Factors Affecting Beef Export Demand
The demand for beef exports depends on several factors, such as income levels, population growth, consumer preferences, food safety standards, trade policies, exchange rates, and animal health issues. Some of the main drivers and challenges for beef export demand in 2023 were:
- The recovery of the global economy from the COVID-19 pandemic boosted the income and purchasing power of consumers in many countries, especially in Asia and Africa. This increased the demand for animal protein products such as beef.
- The growing middle class in emerging markets such as China, India, Indonesia, and Vietnam increased their consumption of beef as a sign of status and quality. These markets also diversified their sources of beef imports to ensure food security and reduce dependence on a single supplier.
- The rising awareness of health and environmental issues among consumers in developed markets such as Europe and North America led to a shift in demand from conventional to organic, grass-fed, or plant-based beef alternatives. These products also commanded higher prices and margins for exporters.
- The implementation of new trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP) facilitated the market access and reduced the tariffs for beef exporters in participating countries. These agreements also harmonized the sanitary and phytosanitary standards for beef trade.
- The volatility of exchange rates affected the competitiveness and profitability of beef exporters. A strong domestic currency made exports more expensive for foreign buyers, while a weak currency made imports cheaper for domestic consumers. For example, the depreciation of the Brazilian real against the U.S. dollar in 2023 increased the export competitiveness of Brazilian beef.
- The outbreak of animal diseases such as foot-and-mouth disease (FMD), bovine spongiform encephalopathy (BSE), or African swine fever (ASF) posed a threat to the health and productivity of cattle herds and disrupted the supply chains of beef exports. For example, the outbreak of ASF in China in 2023 reduced its domestic pork production and increased its demand for imported beef.
- Beef export is a dynamic and complex industry that involves many players and factors. The global demand and supply of beef are influenced by economic, social, political, and environmental factors that vary across regions and time periods. In 2023, Brazil and the United States were the top exporters of beef in the world, while China was the largest importer. The future trends and challenges for beef export will depend on how these factors evolve and interact in the coming years.
References:
https://beef2live.com/story-world-beef-production-country-0-106880
https://www.statista.com/statistics/617458/beef-and-veal-export-volume-worldwide-by-country/
https://www.worldstopexports.com/top-beef-exporting-countries/
https://usmef.org/export-data/export-statistics/weekly-export-sales-data/
https://www.fas.usda.gov/data/livestock-and-poultry-world-markets-and-trade
https://www.oie.int/fileadmin/Home/eng/Our_scientific_expertise/docs/pdf/A_Beef_Quality.pdf
https://www.beef.org.au/sustainability
https://www.beefitswhatsfordinner.com/raising-beef/beefing-up-the-economy
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