This week the Food and Agriculture Organisation (FAO) of the United Nations (UN) published its overview of the world meat market in 2024.
While this makes it already feel out of date, it nevertheless provides the basis for picking up longer-term trends, as the report is published annually.
The report covers all meat species and its main observations for the year were:
Production increased because of increased slaughter rates and improved profitability.Global trade rebounded following the easing of inflationary pressures and stronger consumer purchasing power, combined with supply constraints in major importing countries.Strong international demand outgrew the growth in supply and led to a steady increase in world meat prices.Meat price index
The FAO meat price index, which is updated monthly, averaged 117.3 points in 2024, which was 3.2 points higher than 2023.
There was considerable variance across the meat species, with sheepmeat showing the biggest increase, up 9.1%, followed by beef, which was up 6.7% on the previous year.
The poultry meat index only increased by 1.5%, while the pigmeat index actually fell by 2% in 2024 compared with the previous year.
This was explained by sluggish demand from the major Asian importing countries, combined with ample supplies available from the main exporting countries.
Production and trade
The world produced 379m tonnes of meat in 2024, which is a 1.7% increase on the previous year. Pigmeat production was stable, while sheepmeat production increased marginally.
Despite problems with avian flu, poultry meat production increased, as did beef, mainly due to increased cattle supply in Australia and Brazil.
Beef production increased by 2.8% last year to 78.7m tonnes, while trade increased by 9.8% to 13.1m tonnes.
The biggest demand for beef imports came from China, followed by the US, where production didn’t keep up with consumer demand.
The biggest increase in beef exports came from Brazil where volumes were up 26% year on year, followed by Australia, where export volumes increased by 22%.
Global pigmeat production in 2024 was 125.1m tonnes, similar to the previous year. Trade increased by 3% to 10.1m tonnes, with growth driven by increased demand from Mexico, Philippines, Korea and Japan.
China remained the largest pigmeat importer, though volumes were significantly down on previous years.
Sheepmeat
Global sheepmeat production increased marginally in 2024 to 19.1m tonnes.
Increased output in India, Turkiye, Pakistan and Australia offset decline in output from the EU, UK and China.
Global trade in sheepmeat increased by 7.5% in 2024, reaching 1.3m tonnes, with import demand increasing in the US, UK and middle eastern countries.
Australia was the world’s biggest exporter of sheepmeat in 2024, accounting for 52% of all exports, an increase of 17% on the previous year. The FAO report noted that UK imports of Australian sheepmeat increased by 43% in 2024, the first full year when the UK-Australia trade deal was in operation.
New Zealand remained the second-largest exporter of sheepmeat, despite volumes declining by 3% due to reduced domestic supplies.
With most countries publishing monthly export data on an ongoing basis, an annual report feels somewhat dated.
However, the benefit of a standard annual report is found when reviewing the trend in data changes over a prolonged period of years using the same methodology.
What is clear for Irish farmers and exporters is that there is an ongoing increase in global demand for meat products, with demand keeping ahead of supply.
It is also clear that the major meat exporting countries all have a big competitive advantage in meat production, with low input costs enabling them to accept lower prices in global markets.
That means that Irish meat exports - apart from poultry and pigmeat - can never compete on price with international competitors due to our higher cost base. For Irish beef and sheepmeat exporters, the best option remains to prioritise value over volume.
This week the Food and Agriculture Organisation (FAO) of the United Nations (UN) published its overview of the world meat market in 2024.
While this makes it already feel out of date, it nevertheless provides the basis for picking up longer-term trends, as the report is published annually.
The report covers all meat species and its main observations for the year were:
Production increased because of increased slaughter rates and improved profitability.Global trade rebounded following the easing of inflationary pressures and stronger consumer purchasing power, combined with supply constraints in major importing countries.Strong international demand outgrew the growth in supply and led to a steady increase in world meat prices.Meat price index
The FAO meat price index, which is updated monthly, averaged 117.3 points in 2024, which was 3.2 points higher than 2023.
There was considerable variance across the meat species, with sheepmeat showing the biggest increase, up 9.1%, followed by beef, which was up 6.7% on the previous year.
The poultry meat index only increased by 1.5%, while the pigmeat index actually fell by 2% in 2024 compared with the previous year.
This was explained by sluggish demand from the major Asian importing countries, combined with ample supplies available from the main exporting countries.
Production and trade
The world produced 379m tonnes of meat in 2024, which is a 1.7% increase on the previous year. Pigmeat production was stable, while sheepmeat production increased marginally.
Despite problems with avian flu, poultry meat production increased, as did beef, mainly due to increased cattle supply in Australia and Brazil.
Beef production increased by 2.8% last year to 78.7m tonnes, while trade increased by 9.8% to 13.1m tonnes.
The biggest demand for beef imports came from China, followed by the US, where production didn’t keep up with consumer demand.
The biggest increase in beef exports came from Brazil where volumes were up 26% year on year, followed by Australia, where export volumes increased by 22%.
Global pigmeat production in 2024 was 125.1m tonnes, similar to the previous year. Trade increased by 3% to 10.1m tonnes, with growth driven by increased demand from Mexico, Philippines, Korea and Japan.
China remained the largest pigmeat importer, though volumes were significantly down on previous years.
Sheepmeat
Global sheepmeat production increased marginally in 2024 to 19.1m tonnes.
Increased output in India, Turkiye, Pakistan and Australia offset decline in output from the EU, UK and China.
Global trade in sheepmeat increased by 7.5% in 2024, reaching 1.3m tonnes, with import demand increasing in the US, UK and middle eastern countries.
Australia was the world’s biggest exporter of sheepmeat in 2024, accounting for 52% of all exports, an increase of 17% on the previous year. The FAO report noted that UK imports of Australian sheepmeat increased by 43% in 2024, the first full year when the UK-Australia trade deal was in operation.
New Zealand remained the second-largest exporter of sheepmeat, despite volumes declining by 3% due to reduced domestic supplies.
With most countries publishing monthly export data on an ongoing basis, an annual report feels somewhat dated.
However, the benefit of a standard annual report is found when reviewing the trend in data changes over a prolonged period of years using the same methodology.
What is clear for Irish farmers and exporters is that there is an ongoing increase in global demand for meat products, with demand keeping ahead of supply.
It is also clear that the major meat exporting countries all have a big competitive advantage in meat production, with low input costs enabling them to accept lower prices in global markets.
That means that Irish meat exports - apart from poultry and pigmeat - can never compete on price with international competitors due to our higher cost base. For Irish beef and sheepmeat exporters, the best option remains to prioritise value over volume.
SHARING OPTIONS