Beginning beef stocks in 2021 are projected at 645M pounds, an increase of 3M pounds from 2020. The total beef supply in 2021 is projected at 31.214B pounds, down 170M pounds from 2020. Beef consumption in 2021 is projected at 27.484B pounds, down 350M pounds from 2020. Ending beef stocks in 2021 are projected at 650M pounds.
As of 2019, the United States is the top global importing country with a 16.7% share equivalent to USD 3,748,478K in value. Following are Japan with USD 1,961,729K (8.7%), Germany with USD 1,786,825K (7.9%) and Italy 1,706,570K (7.6%), and the Netherlands with USD 1,400,732K (6.2%).
As of 2019, the United States is the top global exporting country with a 15.3% share equivalent to USD 3.562,210K in value. Following are Australia with USD 2,742,795K (11.8%), Netherlands with USD 2,339,062K (10%), Canada with USD 1,804,725K (7.7%), and Ireland with USD 1,800,397K (7.7%).
The world cattle inventory in 2020 was reported at 987.5 million head. India has the largest cattle inventory in the world in 2020 followed by Brazil & the United States. Roughly 65% of the world's cattle are in India, Brazil & the United States. The cattle inventory in India includes water buffalo. More than 90% of the world's cattle are not in the United States. The United States has the 3rd largest cattle inventory in the world in 2020.
As of 2019, the top global producing country is the United States with a production of 12.35M MT. Following are Brazil (10.20M MT), and China (6.59M MT). The United States (North America) is the top producing country among other regions with a total production share of 24.&%. Other primary producing countries are China (Asia), Russia (Europe), Australia (Oceania), and South Africa (Africa).
Different countries use different measurements to grade their beef. This grading system pertains to the Australian grading system:
"A" indicates sourced from older cattle and is frozen beef.
The Phase One economic and trade agreement signed by the United States and China on January 15, 2020, provides U.S. exporters of beef and other meat, as well as live breeding cattle with expanded access to China's market. When China partially reopened its market to U.S. beef and beef products in 2017, following a 13-year ban, many unscientific restrictions remained, including age, product scope, use of veterinary drugs, and traceability. Also, it was difficult to register new facilities with Chinese authorities to export. The Phase One agreement addresses these issues and should give U.S. companies streamlined access to China's market while providing Chinese consumers with a wider variety of American beef to choose from. China has agreed to implement the following actions for beef:
Economic and Trade Agreement Between the United States of America and the People’s Republic of China Fact Sheet
Handling and Slaughter Technique
Handling and Slaughter Technique
Global beef consumption is forecasted to grow at an average rate of 1.1% rate a year out to 2023. Relative to 2019, global beef consumption is expected to grow by 3.3 MT by 2023. Asian countries are projected to have a continuously increasing beef consumption, followed by Latin America, North America, Africa, and Oceania. Population and income growth support the growing trend of consumption.