Beef prices in China are growing fast
Beef prices in China have increased by 11% in the first two months of the year as consumption is rising, reports China Dialogue magazine. In the last 9 years, Chinese beef imports have gone from 23,700 tonnes to more than one million tonnes in 2018 and are expected to grow further as domestic production is very low. Until 2017, only 2% of the Chinese farmers were sending more than 1,000 head of cattle to market annually.
South American producers are favoured in supplying the Chinese beef markets, according to official statistics.
From 2015 to 2018, Brazil’s exports of beef to China jumped from 56,000 tonnes to 320,000 tonnes. The South American country is the largest supplier of beef in the Chinese market and is followed by Uruguay and Argentina. Last year, half of the volume of beef exported by these two countries ended up in the Chinese market.
Total red meat consumption reported by China in 2017 was 7.94 million tonnes, more than any other country in the world but still below the global average consumption per person. In 2018, beef consumption stood at 8.17 kilos per person but is expected to grow at 9.08 kilos in the next three years, according to an MLA analysis. Also, the analysts expect that over the next few years, retail sales value growth for beef to be fastest in the e-commerce channel, estimated at around 15.9%, but also through hypermarkets and supermarkets (each at 9.5%)
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