Eastern Asia: Beef Market 2024

Beef Market Size in Eastern Asia

For the third consecutive year, the East Asian beef market recorded growth in sales value, which increased by 6.3% to $X in 2021. The market value increased at an average annual rate of +4.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked in 2021 and is expected to retain growth in the immediate term.

Beef Production in Eastern Asia

In value terms, beef production rose markedly to $X in 2021 estimated in export price. Overall, production, however, recorded a mild curtailment. The most prominent rate of growth was recorded in 2017 when the production volume increased by 43% against the previous year. The level of production peaked at $X in 2015; however, from 2016 to 2021, production stood at a somewhat lower figure.

China (X tons) remains the largest beef producing country in Eastern Asia, accounting for 90% of total volume. Moreover, beef production in China exceeded the figures recorded by the second-largest producer, Japan (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume in China amounted to +2.4%. The remaining producing countries recorded the following average annual rates of production growth: Japan (-0.9% per year) and South Korea (-0.1% per year).

The average beef yield expanded to X kg per head in 2021, with an increase of 2.3% on the year before. Over the period under review, the yield, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 2.6%. As a result, the yield reached the peak level of X kg per head. From 2020 to 2021, the growth of the beef yield remained at a somewhat lower figure.

In 2021, approx. X heads of animals slaughtered for beef production in Eastern Asia; remaining relatively unchanged against the year before. This number increased at an average annual rate of +2.1% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2019 with an increase of 9.6%. The level of producing animals peaked in 2021 and is likely to see gradual growth in the immediate term.

Beef Exports

Exports in Eastern Asia

In 2021, approx. X tons of beef (cattle meat) were exported in Eastern Asia; picking up by 61% against the previous year's figure. Overall, exports, however, recorded a abrupt setback. The most prominent rate of growth was recorded in 2018 when exports increased by 179%. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, beef exports skyrocketed to $X in 2021. Over the period under review, exports enjoyed a resilient increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Hong Kong SAR (X tons) was the largest exporter of beef (cattle meat), mixing up 72% of total exports. It was distantly followed by Japan (X tons), making up a 27% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to beef exports from Hong Kong SAR stood at -8.6%. At the same time, Japan (+27.9%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +27.9% from 2012-2021. While the share of Japan (+25 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Hong Kong SAR (-8.7 p.p.) displayed negative dynamics.

In value terms, Japan ($X) remains the largest beef supplier in Eastern Asia, comprising 83% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a 17% share of total exports.

In Japan, beef exports expanded at an average annual rate of +25.5% over the period from 2012-2021.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2021, picking up by 7.4% against the previous year. Over the period under review, the export price continues to indicate resilient growth. The growth pace was the most rapid in 2020 when the export price increased by 185% against the previous year. Over the period under review, the export prices attained the peak figure in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($X per ton), while Hong Kong SAR amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+9.0%).

Beef Imports

Imports in Eastern Asia

For the tenth year in a row, Eastern Asia recorded growth in purchases abroad of beef (cattle meat), which increased by 4.2% to X tons in 2021. In general, imports saw a resilient increase. The most prominent rate of growth was recorded in 2013 with an increase of 37% against the previous year. The volume of import peaked in 2021 and is likely to continue growth in years to come.

In value terms, beef imports soared to $X in 2021. Overall, imports showed prominent growth. The most prominent rate of growth was recorded in 2013 when imports increased by 37%. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in the immediate term.

Imports by Country

In 2021, China (X tons) represented the major importer of beef (cattle meat), constituting 62% of total imports. It was distantly followed by Japan (X tons), South Korea (X tons) and Hong Kong SAR (X tons), together mixing up a 35% share of total imports. Taiwan (Chinese) (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the beef (cattle meat) imports, with a CAGR of +50.2% from 2012 to 2021. At the same time, South Korea (+6.6%), Taiwan (Chinese) (+5.6%), Hong Kong SAR (+4.6%) and Japan (+1.4%) displayed positive paces of growth. While the share of China (+56 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Taiwan (Chinese) (-4 p.p.), Hong Kong SAR (-8.9 p.p.), South Korea (-11.7 p.p.) and Japan (-31.3 p.p.) displayed negative dynamics.

In value terms, China ($X) constitutes the largest market for imported beef (cattle meat) in Eastern Asia, comprising 55% of total imports. The second position in the ranking was taken by Japan ($X), with a 16% share of total imports. It was followed by South Korea, with a 16% share.

In China, beef imports increased at an average annual rate of +54.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Japan (+3.3% per year) and South Korea (+12.2% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, rising by 12% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.8%. 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 importing countries. In 2021, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+5.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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