Structural declines give way to lower production for EU beef
Germany, as the second largest beef producer, saw slight increases in production across the year, up to 993,000 tonnes. The Netherlands also saw increases on the year to a total of 436,000 tonnes. Irish beef production fell on the back of tight supplies and lighter carcass weights, down to 600,000 tonnes (3.5%). Production in France and Spain, as two of the largest beef producers in the region, totalled 1.3m (-4%) and 695,000 tonnes (-5%) for 2023. Italy saw large falls in production, down by 17% to 620,000 tonnes. The European Commission expects beef production to fall by a further 1% for 2024, following a drought-ridden 2023.
This tighter supply has given strength to prices, with overall EU steers sitting 22p/kg higher than 2022, at 436.4p/kg in 2023. Since the start of 2024, prices have continued to climb, up to 441.2p/kg for EU steers. France, Spain and Germany have all seen growth in prices from the beginning of the year.
Consumption in the EU is set to fall by around 1% throughout 2024, as consumers continue to be squeezed through persistent cost of living pressures.
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