Ireland: Beef prices are expected to remain historically high

Published Mar 13, 2023

Tridge summary

The Agriculture and Horticulture Development Board (AHDB) forecasts that beef prices will remain high in 2023 due to reduced global beef production, with Ireland being the largest beef supplier to the UK. Irish factory cattle throughputs are expected to decrease by 3-4% in 2023, while average finished cattle prices in Ireland are forecast to rise by 4%. Despite a decrease in the quantity of Irish beef imported to the UK in 2022, the value of these imports grew by 15% due to inflation. The AHDB highlights that any changes in production or trade in Ireland can impact UK beef prices.

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

Original content

According to a recent report from the Agriculture and Horticulture Development Board (AHDB), beef prices are expected to remain “historically high” for 2023. Tight beef supplies expected globally in 2023, predominantly due to reduced beef production in the northern hemisphere, is outlined as being the key reason for this. The report from the UK-based entity, titled Irish Beef Outlook: 2023, notes that Ireland is the largest supplier of beef to the UK, with Irish product “continuing to be a mainstay in the UK market”. Food price inflation was outlined as having the potential to limit UK shopper spending on beef. While this may be the case, the report noted that reduced beef supplies are expected from Irish, EU and global markets which should continue to support prices. Advertisement According to Bord Bia’s 2023 Irish beef sector outlook, 90% of the value of Irish beef exports go to the EU and UK marketplaces. The UK accounted for 43% of the total value of Irish beef exports at ...

Source: AgriLand