Irish beef outlook for 2023

Published 2023년 3월 3일

Tridge summary

Ireland is the largest supplier of beef to the UK, with 90% of the value of Irish beef exports going to the EU and UK marketplace. In 2022, Irish cattle throughputs were up 7% year-on-year at 1.82 million head, with demand for Irish beef supporting prices, which averaged £4.06/kg due to tight supplies in the UK and EU. Bord Bia forecasts a 3-4% decrease in Irish cattle throughputs in 2023, with high input costs and potential recovery later in the year. Global tight supplies are expected to keep prices historically high, with average finished cattle prices in Ireland predicted to rise 4% year-on-year in 2023. Irish beef exports to the UK and major European countries saw growth in 2022, and the suspension of exports of frozen, boneless beef to China could increase export opportunities for Irish beef.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Ireland is the largest supplier of beef to the UK, with Irish product continuing to be a mainstay in the UK market. According to Bord Bia’s 2023 Irish beef sector outlook, c.90% of the value of Irish beef exports go to the EU and UK marketplace. With the UK making up 43% of the total value of Irish beef exports at €1.1 billion in 2022, any change in production or trade across the Irish sea could impact domestic prices here. So, what can we expect in 2023? In 2022, Irish cattle throughputs were up 7% year-on-year at 1.82 million head (Bord Bia) with cattle finished younger in H2 2022, reducing the need for additional feed or fodder. This is due to high input costs squeezing margins as knock-on effects from the war in Ukraine resulted in high energy and on-farm costs. Demand for Irish beef supported prices in 2022, averaging £4.06/kg (up 15.9% year-on-year) due to tight supplies in the UK and EU, with herd contractions causing EU production declines of 0.6% in the first half of the ...

Source: Ahdb