Prospects for beef production in Russia

Published 2024년 5월 23일

Tridge summary

The United Nations' Food and Agriculture Organization (FAO) forecasts a global increase in beef production by 8% by 2031, largely driven by China's demand, which is projected to rise from 7 kg to 9 kg per capita. However, the European Union's beef production is expected to decline due to lower cow numbers and competitive export markets. Russia and Kazakhstan are the only countries anticipated to significantly increase beef exports, with Russia's exports expected to grow to 75-80 thousand tons worth $450-480 million per year, with China and Saudi Arabia as the primary markets. Despite these export prospects, Russia faces challenges in beef production due to a declining cattle population and higher costs, leading to an increase in beef prices.

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

Original content

According to FAO forecasts, to meet the growing demand for beef, its production in the world by 2031 should increase by 8% (or by 6 million tons) to 76 million tons. The main driver of growth in demand for beef is China. Beef consumption in China is approximately 7 kg per person per year, an increase is expected to 9 kg. Over the past 6 years, the demand for beef and its consumption have grown (+32%). The share of imported beef in the Chinese market is 25%, while imports have doubled over 6 years - to 2.5 million tons. Meanwhile, in North America, the producing region, beef production will increase by no more than 0.5 million tons. All Latin American countries will increase beef production by 11% (no more than 2 million tons). Production in the European Union is forecast to decline by 8% due to lower cow numbers, highly competitive export markets and slowing domestic demand. The only countries that, according to international experts, are capable of significantly increasing beef ...

Source: Nspg