Beef consumption across Asia is expected to accelerate
Beef consumption in Asia is expected to grow by 2.7 million tonnes cwe over the next ten years, which is the largest gain across any global region, says a new outlook released by FAO/OECD. For beef exporters, Vietnam and Indonesia will stand out as key import markets, with beef import volumes predicted to grow 24% and 34% respectively due to an increase in household incomes.
Until 2029, China is expected to reduce meat imports as the pork industry is going to get over the ASF crisis. Also, an increase in beef domestic production will impact the demand for imports. "Regarding beef production, global heavyweights Brazil and the United States are both expected to increase production volumes by just over half a million tonnes cwe each by 2029. However, their share of global beef production is not expected to change, as a number of smaller nations, such as Pakistan and South Africa, are set to grow their share of the pie," say an analysis presented by Meat and Livestock Australia (MLA).
While Australia will continue to represent just a fraction of global production, Australian beef exports are forecast to remain steady and should contribute approximately 16% to global beef trade in 2029. This is encouraging given the large production gains expected across key competitor countries. As consumers in higher-income markets look to diversify and seek quality food sources, continuing to target these key markets with a quality offering will remain a key component of success for the Australian industry.
Nevertheless, consumption in many high-income countries is reaching saturation levels, with fluctuating consumer preferences leading to a diversification of protein sources. Quality is a key factor which will become increasingly important for consumers in high-income countries, as consumers seek flavour and experience over volume.
Meanwhile, income growth in developing countries is expected to drive further demand for meat, as increasing disposable incomes opens up a range of dining opportunities for consumers.
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