Global red meat trade flows set to remain firm in 2023

Published 2023년 2월 6일

Tridge summary

The global red meat market is expected to face instability in 2023 due to supply-demand imbalances, despite a slight reduction in world production of red meat. Beef demand is expected to remain resilient, leading to a significant increase in global trade, with China and Hong Kong being the main drivers. Pork market conditions are also expected to be influenced by the recovery from African Swine Fever and the increasing demand for pork as a competitively priced protein. The UK and Australia are projected to see an increase in lamb production, while New Zealand's lamb production has fallen due to a poor lambing season. However, Australia's lamb processors are expected to become more active in export markets in 2023, subject to free trade agreement implications.

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

Original content

Forecasts from leading agriculture analysts point to further instability in the global red meat market in 2023 from both the supply and demand sides. According to the latest market commentary from Quality Meat Scotland (QMS), increased trade flows are required to bring markets back towards balance. Set against slightly reduced world output, global beef demand is forecast to remain resilient despite economic headwinds, with consumption almost unchanged. For this to happen, mismatch between supply and demand at country-level means that global trade in beef will need to rise significantly. The United States Department of Agriculture (USDA) has forecast a 0.3% reduction in world production to 59.2 million tonnes in 2023. This is despite beef production being projected to surge by 17% in Australia, as its beef sector continues to rebound from a drought-induced herd liquidation in 2018 and 2019. And expectations of 2-3% output growth for major producers Brazil, Mexico and China, and a ...

Source: FarmingUK