Demand for beef will be stable worldwide in 2024

Rabobank notes that consumer spending worldwide is under pressure. In 2023, this caused many consumers to look for cheaper alternatives to beef. Nevertheless, demand remained stable last year. Demand is also expected to remain stable this year. Rabobank does expect some shifts in the global market, both on the demand and supply sides. Beef production is expected to grow in Australia and Brazil, while the supply of beef in the United States and Europe is declining. The most tension can be expected in the American beef market. Consumption there is likely to increase somewhat, while supply is decreasing. As a result, the United States will import more beef, mainly from Australia, Brazil, New Zealand, Canada and Mexico. Growing demand from Europe Demand may also increase somewhat in Europe. Inflation is decreasing, which may cause European consumers to gain more confidence in the economy and spend more. Europe therefore expects imports to increase slightly. In 2023, beef production in ...