January 2024 Outlook Report: Meat and Seafood

The January 2024 Outlook Report: Meat and Seafood now includes six-month forecasts.

Beef: United States (US) and European beef prices remain considerably strong and are expected to remain well above their five-year averages through 2024. Strong demand in the US coupled with a lower domestic supply are keeping prices high. In the case of Europe, supply side issues continue to put upward pressure on prices. On the other hand, prices in Brazil continued to edge lower, given ongoing high production.

Poultry: Poultry prices continued to rise in Brazil due to higher demand, but increased supply is expected to keep the upside on prices capped. Meanwhile, higher domestic production and consumption in China in 2024 are expected to have a null net effect on prices.

Atlantic Salmon: Atlantic salmon export prices in Norway closed the year at 28-week highs, prices are expected to remain above their historical marks throughout 2024 despite expectations of higher supply.

Frozen Shrimp: Prices in Japan ended the year with a stronger MoM increase than what is typical, due to heightened demand for December’s holidays. Nonetheless, they closed lower in annual terms, reflecting depressed global shrimp prices and high domestic supply due to China’s import ban. Prices are expected to continue reflecting this through 2024.