What’s driven the global beef market in 2024 and a look ahead to 2025

Published 2024년 12월 13일

Tridge summary

EU beef production grew in the first half of 2024 but is forecasted to decline slightly due to structural issues and environmental regulation, leading to potential support for European cattle prices. The UK is the EU's main beef trading partner. In the US, beef production remains stable but is expected to decline in 2025 due to reduced cattle herds and climatic factors, leading to record high prices. Australia has become the largest beef importer to the US in 2024. China, as the world's largest beef importer, has depressed prices due to large inventories but expectations are for slowdown in herd liquidation and lower beef production in 2025. Overall, global beef production is expected to decline in 2025 while demand remains strong, leading to potential increase in beef prices.

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

Original content

EU beef production grew in the first half of 2024, driven by strong prices and resilient demand. However, the European Commission (EC) are forecasting a slight decline in beef production in 2024, down 0.5% year-on-year, as structural contraction in the breeding herds plays into slaughter cattle availability. This easing of production is expected to continue into 2025, with the EC forecasting down 1% year-on-year, as herds continue to contract. Drivers for this include increasing environmental regulation and an ageing farmer population, among others. This tightness in supply is expected to offer support to European cattle prices generally. The UK is the most important trading partner with the EU for beef. The UK receives the greatest export volumes from the EU but also holds the largest market share of EU imports. Tightness in EU supply may strengthen import demand and offer opportunities for UK product. Domestic beef production in the US so far in 2024 (Jan-Oct) has been stable ...

Source: Ahdb