Canada: Preserved Beef Market 2024

Preserved Beef Market Size in Canada

In 2021, after three years of growth, there was decline in the Canadian preserved beef market, when its value decreased by -1.5% to $X. The market value increased at an average annual rate of +5.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2020, and then fell in the following year.

Preserved Beef Production in Canada

In value terms, preserved beef production fell modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 with an increase of 30%. Preserved beef production peaked at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Preserved Beef Exports

Exports from Canada

In 2021, the amount of beef and veal (salted, in brine, dried or smoked) exported from Canada fell notably to X tons, waning by -24% compared with 2020. Overall, exports saw a perceptible curtailment. The pace of growth was the most pronounced in 2017 when exports increased by 34%. Over the period under review, the exports attained the maximum at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, preserved beef exports contracted modestly to $X in 2021. In general, exports showed a perceptible decrease. The most prominent rate of growth was recorded in 2017 when exports increased by 33% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Suriname (X tons), the United States (X tons) and Curacao (X tons) were the main destinations of preserved beef exports from Canada, with a combined 84% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Curacao (with a CAGR of +11.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for beef and veal (salted, in brine, dried or smoked) exports from Canada, comprising 54% of total exports. The second position in the ranking was held by Suriname ($X), with a 26% share of total exports. It was followed by Curacao, with a 9.5% share.

From 2012 to 2021, the average annual growth rate of value to the United States totaled +9.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Suriname (-11.6% per year) and Curacao (+4.5% per year).

Export Prices by Country

The average preserved beef export price stood at $X per ton in 2021, jumping by 26% against the previous year. In general, the export price saw a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Curacao ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Bahamas (+1.3%), while the prices for the other major destinations experienced mixed trend patterns.

Preserved Beef Imports

Imports into Canada

In 2021, purchases abroad of beef and veal (salted, in brine, dried or smoked) decreased by -9.2% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, imports, however, posted a significant increase. The most prominent rate of growth was recorded in 2016 when imports increased by 513% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2020, and then contracted in the following year.

In value terms, preserved beef imports skyrocketed to $X in 2021. In general, imports, however, continue to indicate resilient growth. The growth pace was the most rapid in 2016 with an increase of 105%. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in the immediate term.

Imports by Country

Italy (X tons) and the United States (X tons) were the main suppliers of preserved beef imports to Canada.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +111.3%).

In value terms, the United States ($X) and Italy ($X) constituted the largest preserved beef suppliers to Canada.

In terms of the main suppliers, Italy, with a CAGR of +100.0%, recorded the highest growth rate of the value of imports, over the period under review.

Import Prices by Country

The average preserved beef import price stood at $X per ton in 2021, rising by 43% against the previous year. Overall, the import price, however, recorded a perceptible descent. The pace of growth was the most pronounced in 2018 when the average import price increased by 44%. Over the period under review, average import prices hit record highs at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Italy stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Uruguay (+2.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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