Global beef demand plummets in 2022

Published 2023년 1월 30일

Tridge summary

Global beef demand fell sharply last year and is expected to continue declining in 2023, with decreases in Argentina, Brazil, the US, and the UK. This shift is largely due to rising prices and a preference for more affordable meats like broiler and pork. Since 2000, the share of beef in worldwide consumption has dropped from 24% to 20%, while poultry and pork consumption have increased. Russia, with its high beef consumption, is an exception. Experts believe that economic growth and higher incomes are necessary to increase beef consumption. Additionally, the beef industry faces challenges such as rising production costs and claims that it contributes to climate change. Despite these challenges, Russia has the potential to increase its beef production for both domestic use and international markets.

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

Original content

Last year, the demand for beef in the world fell sharply, writes Bloomberg. In 2023, a decrease in the consumption of this type of meat is also predicted. According to the agency, demand is also decreasing in those countries where beef is eaten most often. For example, in Argentina, where in 2007 per capita consumption was 68.7 kg per year, by 2022 it had dropped to 47.2 kg. This year, demand may lose another 2%. This dynamics is associated with rising prices in the country, which is why Argentines have begun to consume broiler meat more often - it has seen an increase from 18 kg to 46 kg per year. In addition, according to Bloomberg, beef consumption decreased last year in Brazil, the US and the UK. U.S. beef purchases are down 4% in 2022, according to NielsenIQ data. U.S. beef demand is projected to fall by almost 5% this year, while in the UK, beef purchases from grocery stores and restaurants are already down 5.8% year-over-year, sales of processed meats are down 22%, steaks ...

Source: AgroInvestor