Global demand for New Zealand's best meat remain lower as Covid-19 continues to hamper

Global demand for New Zealand's best beef and lamb is likely to remain lower in 2021 as the Covid-19 pandemic continues to hamper the hospitality industry. But while the slump is set to pull farmgate prices for beef and sheepmeat back from the record highs seen in recent seasons, increased demand for burger meat should soften the blow, according to a new report by Rabobank. In its flagship annual outlook for the meat sector, the bank said a slow and uneven recovery in the international food service sector, combined with weak global economic conditions, will reduce demand for higher-value New Zealand red meat cuts such as prime beef and lamb racks. Report co-author RaboResearch animal protein analyst Blake Holgate said while beef export returns will be pared back, solid demand for New Zealand beef out of the United States – particularly for manufacturing beef – and China will underpin returns in 2021. “Robust Chinese demand will also play a key role in holding up New Zealand ...