Preserved Beef Market

The global market for preserved beef and veal (salted, in brine, dried or smoked) is on an upward trend, with increasing demand worldwide. Market performance is expected to grow with a forecasted CAGR of +2.1% in volume and +4.6% in value from 2022 to 2030. China, Italy, and the United States are the largest consumers and producers of preserved beef, with Hong Kong SAR showing the highest growth rates. The import and export markets are also expanding, with Hong Kong SAR and Malaysia being key players in exports. Prices and production levels have seen fluctuations, but overall, the market is showing steady growth potential.

Market Forecast

Driven by increasing demand for beef and veal (salted, in brine, dried or smoked) worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.1% for the period from 2022 to 2030, which is projected to bring the market volume to 666K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.6% for the period from 2022 to 2030, which is projected to bring the market value to $7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Beef And Veal (Salted, In Brine, Dried Or Smoked)

In 2022, after two years of growth, there was decline in consumption of beef and veal (salted, in brine, dried or smoked), when its volume decreased by -0.8% to 566K tons. Overall, consumption, however, continues to indicate a relatively flat trend pattern. Global consumption peaked at 585K tons in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

The global preserved beef market value totaled $4.9B in 2022, flattening at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.1% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. Global consumption peaked in 2022 and is likely to see gradual growth in years to come.

Consumption By Country

China (94K tons) remains the largest preserved beef consuming country worldwide, accounting for 17% of total volume. Moreover, preserved beef consumption in China exceeded the figures recorded by the second-largest consumer, Italy (47K tons), twofold. The third position in this ranking was held by the United States (39K tons), with a 6.9% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +2.2%. The remaining consuming countries recorded the following average annual rates of consumption growth: Italy (+4.2% per year) and the United States (-0.5% per year).

In value terms, Italy ($745M), China ($599M) and the United States ($268M) were the countries with the highest levels of market value in 2022, with a combined 33% share of the global market. Russia, Mexico, India, Indonesia, Hong Kong SAR, Portugal, Japan, Spain, Brazil and Nigeria lagged somewhat behind, together comprising a further 24%.

In terms of the main consuming countries, Hong Kong SAR, with a CAGR of +34.2%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of preserved beef per capita consumption in 2022 were Hong Kong SAR (1,984 kg per 1000 persons), Portugal (1,310 kg per 1000 persons) and Italy (792 kg per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +39.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Beef And Veal (Salted, In Brine, Dried Or Smoked)

After two years of growth, production of beef and veal (salted, in brine, dried or smoked) decreased by -2.2% to 558K tons in 2022. Over the period under review, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by 6.2%. As a result, production reached the peak volume of 591K tons. From 2016 to 2022, global production growth failed to regain momentum.

In value terms, preserved beef production reached $4.7B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 11%. As a result, production attained the peak level of $4.9B. From 2019 to 2022, global production growth remained at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (94K tons), Italy (50K tons) and the United States (39K tons), together comprising 33% of global production. India, Japan, Indonesia, Russia, Brazil, Portugal, Nigeria, Mexico, Malaysia and Pakistan lagged somewhat behind, together comprising a further 26%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Portugal (with a CAGR of +23.2%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Beef And Veal (Salted, In Brine, Dried Or Smoked)

In 2022, overseas purchases of beef and veal (salted, in brine, dried or smoked) increased by 39% to 40K tons, rising for the third consecutive year after two years of decline. Over the period under review, total imports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +58.8% against 2019 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 50%. Global imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, preserved beef imports surged to $341M in 2022. Overall, total imports indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +43.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 23%. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports By Country

In 2022, Hong Kong SAR (17K tons) represented the main importer of beef and veal (salted, in brine, dried or smoked), constituting 42% of total imports. It was distantly followed by Spain (5.7K tons), France (3.5K tons) and Belgium (2.8K tons), together making up a 30% share of total imports. Angola (1,331 tons), Germany (1,097 tons), Austria (745 tons), Romania (716 tons), Italy (672 tons) and Switzerland (600 tons) held a relatively small share of total imports.

Hong Kong SAR was also the fastest-growing in terms of the beef and veal (salted, in brine, dried or smoked) imports, with a CAGR of +93.6% from 2012 to 2022. At the same time, Romania (+23.4%), Belgium (+22.1%), Spain (+20.3%), Italy (+11.3%), Switzerland (+3.8%) and France (+2.8%) displayed positive paces of growth. By contrast, Germany (-6.8%), Austria (-8.3%) and Angola (-12.4%) illustrated a downward trend over the same period. Hong Kong SAR (+42 p.p.), Spain (+11 p.p.), Belgium (+5.9 p.p.) and Romania (+1.5 p.p.) significantly strengthened its position in terms of the global imports, while Austria, Germany and Angola saw its share reduced by -3.7%, -4.2% and -12.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest preserved beef importing markets worldwide were Hong Kong SAR ($88M), France ($70M) and Spain ($49M), together comprising 61% of global imports.

Hong Kong SAR, with a CAGR of +71.6%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average preserved beef import price stood at $8,589 per ton in 2022, declining by -16.3% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 23%. Global import price peaked at $10,266 per ton in 2021, and then fell dramatically in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Switzerland ($26,682 per ton), while Belgium ($4,476 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+4.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Beef And Veal (Salted, In Brine, Dried Or Smoked)

In 2022, shipments abroad of beef and veal (salted, in brine, dried or smoked) was finally on the rise to reach 32K tons for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, showed a pronounced descent. The pace of growth appeared the most rapid in 2013 when exports increased by 20%. As a result, the exports attained the peak of 48K tons. From 2014 to 2022, the growth of the global exports remained at a somewhat lower figure.

In value terms, preserved beef exports dropped modestly to $320M in 2022. Over the period under review, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 16% against the previous year. As a result, the exports attained the peak of $327M, and then dropped modestly in the following year.

Exports By Country

In 2022, Malaysia (6.7K tons), distantly followed by Italy (4K tons), India (3.5K tons), Ireland (2.1K tons), Hong Kong SAR (1.9K tons), Switzerland (1.9K tons) and Poland (1.7K tons) represented the main exporters of beef and veal (salted, in brine, dried or smoked), together comprising 68% of total exports. Brazil (1.3K tons), Belgium (1.2K tons), Spain (1.1K tons), the Netherlands (0.9K tons), Canada (0.9K tons) and France (0.7K tons) took a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +121.3%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Italy ($91M), Switzerland ($49M) and Malaysia ($24M) appeared to be the countries with the highest levels of exports in 2022, with a combined 51% share of global exports. India, Spain, the Netherlands, Belgium, Hong Kong SAR, France, Poland, Ireland, Brazil and Canada lagged somewhat behind, together accounting for a further 35%.

In terms of the main exporting countries, Hong Kong SAR, with a CAGR of +105.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average preserved beef export price stood at $9,969 per ton in 2022, reducing by -12.1% against the previous year. Overall, export price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, preserved beef export price increased by +46.9% against 2013 indices. The pace of growth was the most pronounced in 2020 an increase of 19% against the previous year. Over the period under review, the average export prices reached the peak figure at $11,337 per ton in 2021, and then dropped in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Switzerland ($25,587 per ton), while Malaysia ($3,593 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+15.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform