Beef prices to decline in short-term
Over the next couple of years, beef prices are to drop, say a recent OECD -FAO report. An increase in production will put pressure on prices, cattle herds in Argentina, Brazil or the US manifesting a rapid increase in herd size in recent years, said the analysts. For the following 10 years, a total increase in production of 7% is expected, although the most accelerated pace of growth is to be seen in short-term, due to ample beef supplies in the countries mentioned above.
About 80% of the growth is expected to come from developing countries, which will increase their share of output by a couple of percentage points, reaching 58% by the end of the 10-years period.
Consumption growth will continue as populations and incomes grow in developing countries; per capita beef consumption in Asia is expected to increase by 3%, although it will remain well below developed countries. Per capita beef consumption is set to decline overall, with pork and poultry increasingly favoured in countries where beef consumption is currently high.
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