Imports fill gap as US produces less lean beef

Published 2024년 10월 22일

Tridge summary

The article highlights the dynamic of ground beef consumption in the US, which accounts for 50% to 55% of the country's beef consumption. There has been a trend towards preferring leaner grinds, aligning with a decrease in the production of lean beef in the US. To counter this shortfall, the US is projected to import 4.3 billion pounds of beef in 2024, an increase from 2023 and 2022 figures. Despite these imports, the domestic supply of beef for consumption in 2024 is expected to decrease slightly from the previous year. However, the influx of imported lean and extra-lean grinding beef has aided in the higher utilization of fat beef trimmings, a positive aspect for beef production efficiency.

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

Original content

Ground beef is by far the most consumed beef product in the US. By some estimates, between 50% and 55% of all beef in the US is consumed in ground form. Over the years, consumer demand has shifted toward leaner grinds, which is concerning now that the US is producing significantly less lean beef. The reason for the shortfall is twofold. In a functioning market, prices rise to both ration the available supply in the domestic market and encourage other global suppliers to ship more product to the US . Steiner Consulting is forecasting US beef imports in 2024 to be 4.3 billion pounds, 600 million pounds higher than in 2023, and more than 900 million pounds higher than in 2022. The supply of beef produced in the US and available for domestic consumption (i.e., beef production minus exports) is currently forecast at 23.8 billion pounds in 2024, down slightly from a year ago and about 900 million pounds less than in 2022. In other words, the supply available to US consumers has changed ...

Source: Provisioner