Eastern Asia: Fresh Beef Carcase Market 2024

Fresh Beef Carcase Market Size in Eastern Asia

The East Asian fresh beef carcase market reduced to $X in 2022, which is down by -1.7% against the previous year. The total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +1.8% against 2020 indices. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Fresh Beef Carcase Production in Eastern Asia

In value terms, fresh beef carcase production shrank slightly to $X in 2022 estimated in export price. The total production indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +2.0% against 2020 indices. The pace of growth was the most pronounced in 2014 with an increase of 21%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Fresh Beef Carcase Exports

Exports in Eastern Asia

For the fourth year in a row, Eastern Asia recorded decline in overseas shipments of fresh or chilled carcases of beef and veal, which decreased by -7.2% to X tons in 2022. In general, exports recorded a slight reduction. The growth pace was the most rapid in 2013 when exports increased by 337%. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, fresh beef carcase exports dropped to $X in 2022. Overall, exports, however, posted a buoyant expansion. The pace of growth appeared the most rapid in 2013 with an increase of 274% against the previous year. The level of export peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Hong Kong SAR was the main exporting country with an export of about X tons, which reached 64% of total exports. China (X tons) took a 21% share (based on physical terms) of total exports, which put it in second place, followed by Japan (12%). South Korea (X kg) followed a long way behind the leaders.

Exports from Hong Kong SAR decreased at an average annual rate of -3.1% from 2012 to 2022. At the same time, Japan (+40.0%) and South Korea (+11.3%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +40.0% from 2012-2022. By contrast, China (-2.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Japan and South Korea increased by +12 and +1.7 percentage points, respectively.

In value terms, Hong Kong SAR ($X) remains the largest fresh beef carcase supplier in Eastern Asia, comprising 70% of total exports. The second position in the ranking was taken by Japan ($X), with a 24% share of total exports. It was followed by China, with a 4.1% share.

In Hong Kong SAR, fresh beef carcase exports expanded at an average annual rate of +7.6% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (+49.1% per year) and China (-2.4% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, declining by -7.8% against the previous year. Over the period under review, the export price, however, posted a remarkable increase. The pace of growth appeared the most rapid in 2016 an increase of 71% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2021, and then declined in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+11.0%), while the other leaders experienced more modest paces of growth.

Fresh Beef Carcase Imports

Imports in Eastern Asia

Fresh beef carcase imports declined to X tons in 2022, with a decrease of -9% on the previous year. The total import volume increased at an average annual rate of +3.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 30% against the previous year. As a result, imports reached the peak of X tons, and then declined in the following year.

In value terms, fresh beef carcase imports amounted to $X in 2022. Overall, imports, however, posted a remarkable increase. The pace of growth was the most pronounced in 2021 when imports increased by 61% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

Imports by Country

South Korea dominates imports structure, accounting for X tons, which was approx. 78% of total imports in 2022. Japan (X tons) took a 7.3% share (based on physical terms) of total imports, which put it in second place, followed by Taiwan (Chinese) (6.5%) and China (4.8%). Hong Kong SAR (X tons) held a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to fresh beef carcase imports into South Korea stood at +1.9%. At the same time, Japan (+34.9%), Taiwan (Chinese) (+22.9%), China (+13.3%) and Hong Kong SAR (+10.9%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +34.9% from 2012-2022. From 2012 to 2022, the share of Japan, Taiwan (Chinese) and China increased by +6.8, +5.3 and +2.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Korea ($X) constitutes the largest market for imported fresh or chilled carcases of beef and veal in Eastern Asia, comprising 72% of total imports. The second position in the ranking was taken by Japan ($X), with an 11% share of total imports. It was followed by China, with a 7.6% share.

In South Korea, fresh beef carcase imports expanded at an average annual rate of +12.1% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Japan (+41.8% per year) and China (+26.3% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, surging by 13% against the previous year. In general, the import price saw resilient growth. The most prominent rate of growth was recorded in 2014 an increase of 33% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+11.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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