Tridge summary
In 2022, US beef exports are projected to hit a record high with total sales reaching $12 billion, driven by increased demand in China but also from other global markets including Korea, the Philippines, Vietnam, and Colombia. Despite COVID-19 impacting food service in Asia, the US beef industry has seen broad-based growth, indicating positive trends for 2023.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
US beef exports will set a record in 2022 as total sales are expected to reach $12 billion. While demand growth in China has played a significant role, Dan Halstrom, president and CEO of U.S. Meat Export Federation, said the US beef industry has seen widespread growth in global demand. “Our record growth in 2022 and 2021 was the result of broad-based growth. It's not just any market. It's true that we've seen extreme growth in China in three years, which is a nice $2 billion market, but it's not just China. We have growth in Korea. Korea has been amazing. We have growth in places like the Philippines, Vietnam and Colombia. So broad-based growth, not overly dependent on any specific market, has been key. And that's with food service in Asia ...
Source: Beefpoint
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