New Zealand: Rabobank bullish on beef sales to re-awakening market

Published 2023년 3월 1일

Tridge summary

A report by Rabobank predicts a robust rebound in food and beverage retail sales in China for this year, following the country's recovery from covid pandemic restrictions. The growth is attributed to changes in consumer behavior and the accumulation of savings. Beef sales are anticipated to benefit significantly from this trend, with a 15% rise in beef imports to China in 2022. However, the resumption of Brazilian beef exports to China, which were previously banned due to BSE, may slightly offset this growth due to high inventory of frozen products. New Zealand's beef production saw a decrease in 2022, but its export earnings increased by 20%, with growth in exports to China and Japan.

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

Original content

Food and beverage retail sales in China are expected to rebound strongly this year as the country emerges from covid pandemic restrictions, according to a new report from Rabobank. The report said changes in Chinese consumer behaviour and an accumulation of savings could fuel economic growth, providing new opportunities, especially for beef. Food and beverage retail sales in 2022 grew marginally due to the country’s ongoing covid restrictions. “But positive signs of recovery are emerging and in the week-long Spring Festival (in February), retail and food service sales increased by 6.8% year on year,” Rabobank agricultural analyst Genevieve Steven said. Chinese consumers are becoming more pragmatic, prioritising spending on products they perceive to be practical, valuable and worthy. Higher income groups are more frequently eating beef, perceiving it as tastier and healthier than other meats. Beef sales through new channels are increasing due to cookers using new technology, ...

Source: Farmersweekly