FAO: Global meat production to grow by 2024

The United Nations' Food and Agriculture Organization (FAO) forecasts a 1.4% increase in global meat production to 373 million tons in 2024, with poultry and beef production expected to rise, while pork production may see a slight decrease. This growth is attributed to strong demand for affordable poultry and beef, falling production costs in countries like Brazil, and record beef cattle slaughter numbers. Mutton production is also anticipated to increase slightly due to high international demand and increased Australian sheep slaughter. In 2024, the global meat and meat products market is projected to recover, with an expected trade volume of 41.9 million tons, a 3.2% increase from 2023, primarily driven by insufficient domestic beef supply in the United States and easing cost of living pressures in other importing countries. Despite the increase in meat supply in major producing countries, the FAO Meat Price Index predicts that international meat prices will continue to rise in 2024, mainly due to improved economic conditions in importing countries and inadequate domestic supply.