Canada: Beef Market 2024

Beef Market Size in Canada

After four years of growth, the Canadian beef market decreased by -5.8% to $X in 2021. The market value increased at an average annual rate of +2.5% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. Over the period under review, the market hit record highs at $X in 2020, and then dropped in the following year.

Beef Production in Canada

In value terms, beef production reduced modestly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +42.7% against 2016 indices. The pace of growth appeared the most rapid in 2014 with an increase of 24% against the previous year. Beef production peaked at $X in 2020, and then declined in the following year.

In 2021, the average yield of beef (cattle meat) in Canada totaled X kg per head, with an increase of 11% on 2020. The yield figure increased at an average annual rate of +5.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when the yield increased by 29% against the previous year. The beef yield peaked in 2021 and is likely to see steady growth in years to come.

In 2021, the number of animals slaughtered for beef production in Canada contracted to X heads, waning by -6.2% on the year before. In general, the number of producing animals continues to indicate a slight decrease. The pace of growth was the most pronounced in 2017 with an increase of 6.6% against the previous year. The number of animals slaughtered for beef production peaked at X heads in 2012; however, from 2013 to 2021, producing animals failed to regain momentum.

Beef Exports

Exports from Canada

In 2021, beef exports from Canada skyrocketed to X tons, increasing by 16% compared with 2020. Over the period under review, total exports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +7.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +87.0% against 2013 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, beef exports soared to $X in 2021. In general, exports posted resilient growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for beef exports from Canada, with a 74% share of total exports. Moreover, beef exports to the United States exceeded the volume sent to the second major destination, Japan (X tons), sevenfold. China (X tons) ranked third in terms of total exports with a 4.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to +6.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+19.5% per year) and China (+34.3% per year).

In value terms, the United States ($X) remains the key foreign market for beef (cattle meat) exports from Canada, comprising 76% of total exports. The second position in the ranking was held by Japan ($X), with a 7.4% share of total exports. It was followed by China, with a 4.9% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +13.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+20.0% per year) and China (+47.2% per year).

Export Prices by Country

In 2021, the average beef export price amounted to $X per ton, rising by 23% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +5.4%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2021, amid the top suppliers, the countries with the highest prices were China ($X per ton) and Hong Kong SAR ($X per ton), while the average price for exports to Japan ($X per ton) and Vietnam ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+9.6%), while the prices for the other major destinations experienced more modest paces of growth.

Beef Imports

Imports into Canada

In 2021, imports of beef (cattle meat) into Canada shrank notably to X tons, with a decrease of -17.7% compared with the year before. Over the period under review, imports recorded a pronounced setback. The growth pace was the most rapid in 2020 when imports increased by 27%. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, beef imports shrank to $X in 2021. Overall, imports saw a noticeable reduction. The growth pace was the most rapid in 2020 when imports increased by 28% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest beef supplier to Canada, with a 56% share of total imports. Moreover, beef imports from the United States exceeded the figures recorded by the second-largest supplier, New Zealand (X tons), fivefold. Mexico (X tons) ranked third in terms of total imports with a 7.3% share.

From 2012 to 2021, the average annual growth rate of volume from the United States amounted to -7.0%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (-5.1% per year) and Mexico (+160.9% per year).

In value terms, the United States ($X) constituted the largest supplier of beef (cattle meat) to Canada, comprising 63% of total imports. The second position in the ranking was held by Mexico ($X), with an 8.1% share of total imports. It was followed by Australia, with a 7.6% share.

From 2012 to 2021, the average annual growth rate of value from the United States amounted to -5.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+184.3% per year) and Australia (+0.8% per year).

Import Prices by Country

In 2021, the average beef import price amounted to $X per ton, picking up by 20% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.4%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Australia ($X per ton), while the price for Uruguay ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+9.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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