Price for Meat of Bovine Animals; Frozen in the United States - 2023

Contents:

1. Price Forecast for Meat of bovine animals; frozen in the United States till 2025
2. Price for Meat of Bovine Animals; Frozen in the United States (FOB) - 2023
3. Price for Meat of Bovine Animals; Frozen in the United States (CIF) - 2023
4. Exports of Meat of Bovine Animals; Frozen in the United States
5. Imports of Meat of Bovine Animals; Frozen in the United States

Price Forecast for Meat of bovine animals; frozen in the United States till 2025

Get access

Price for Meat of Bovine Animals; Frozen in the United States (FOB) - 2023

In February 2023, the average export price for meat of bovine animals; frozen amounted to $6,728 per ton, growing by 5.9% against the previous month. Over the period under review, the export price, however, showed a perceptible shrinkage. Over the period under review, the average export prices attained the maximum at $8,775 per ton in April 2022; however, from May 2022 to February 2023, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In February 2023, the country with the highest price was Hong Kong SAR ($11.1 per kg), while the average price for exports to Japan ($3,905 per ton) was amongst the lowest.

From February 2022 to February 2023, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+3.2%), while the prices for the other major destinations experienced a decline.

Price for Meat of Bovine Animals; Frozen in the United States (CIF) - 2023

The average import price for meat of bovine animals; frozen stood at $5,398 per ton in February 2023, declining by -5.5% against the previous month. In general, the import price continues to indicate a slight shrinkage. The pace of growth appeared the most rapid in March 2022 an increase of 3.7% month-to-month. The import price peaked at $6,609 per ton in June 2022; however, from July 2022 to February 2023, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In February 2023, the countries with the highest prices were Uruguay ($6,353 per ton) and Australia ($6,305 per ton), while the price for Brazil ($4,572 per ton) and Nicaragua ($5,024 per ton) were amongst the lowest.

From February 2022 to February 2023, the most notable rate of growth in terms of prices was attained by Canada (-0.1%), while the prices for the other major suppliers experienced a decline.

Exports of Meat of Bovine Animals; Frozen in the United States

Meat of bovine animals; frozen exports from the United States skyrocketed to 720K tons in 2022, rising by 15% against the year before. The total export volume increased at an average annual rate of +10.2% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when exports increased by 22% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, meat of bovine animals; frozen exports soared to $5.8B in 2022. Overall, exports continue to indicate a prominent expansion. The pace of growth was the most pronounced in 2021 when exports increased by 51% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in years to come.

Top Export Markets for Meat of Bovine Animals; Frozen from the United States in 2022:

1. South Korea (208.5K tons)
2. China (189.9K tons)
3. Japan (130.8K tons)
4. Taiwan (Chinese) (39.1K tons)
5. Hong Kong SAR (22.9K tons)
6. Philippines (18.5K tons)
7. Mexico (14.4K tons)
8. Indonesia (14.2K tons)
9. Vietnam (10.3K tons)

Imports of Meat of Bovine Animals; Frozen in the United States

In 2022, imports of meat of bovine animals; frozen into the United States expanded sharply to 472K tons, with an increase of 5.3% on the year before. The total import volume increased at an average annual rate of +3.7% from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2020 with an increase of 18% against the previous year. As a result, imports reached the peak of 497K tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, meat of bovine animals; frozen imports expanded remarkably to $2.9B in 2022. The total import value increased at an average annual rate of +10.9% over the period from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 when imports increased by 21%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Top Suppliers of Meat of Bovine Animals; Frozen to the United States in 2022:

1. New Zealand (117.0K tons)
2. Brazil (106.7K tons)
3. Australia (90.3K tons)
4. Nicaragua (44.6K tons)
5. Mexico (32.7K tons)
6. Uruguay (32.7K tons)
7. Canada (25.6K tons)

Source: IndexBox Market Intelligence Platform