Hungary: Preserved Beef Market 2024

Preserved Beef Market Size in Hungary

The Hungarian preserved beef market reduced remarkably to $X in 2021, which is down by -22.6% against the previous year. Overall, the total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2020, and then shrank rapidly in the following year.

Preserved Beef Production in Hungary

In value terms, preserved beef production contracted to $X in 2021 estimated in export price. Over the period under review, production, however, saw a resilient expansion. The pace of growth was the most pronounced in 2016 with an increase of 36%. Over the period under review, production hit record highs at $X in 2020, and then fell in the following year.

Preserved Beef Exports

Exports from Hungary

In 2021, approx. X tons of beef and veal (salted, in brine, dried or smoked) were exported from Hungary; rising by 560% against the previous year's figure. Over the period under review, exports continue to indicate a resilient expansion. The pace of growth appeared the most rapid in 2015 with an increase of 1,652% against the previous year. The exports peaked in 2021 and are likely to continue growth in the immediate term.

In value terms, preserved beef exports skyrocketed to $X in 2021. Overall, exports posted a significant expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 825%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Vietnam (X tons) was the main destination for preserved beef exports from Hungary, with a 94% share of total exports. Moreover, preserved beef exports to Vietnam exceeded the volume sent to the second major destination, Croatia (X tons), more than tenfold. The third position in this ranking was taken by Sweden (X tons), with a 2.1% share.

From 2012 to 2021, the average annual growth rate of volume to Vietnam was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Croatia (+182.3% per year) and Sweden (+2.2% per year).

In value terms, Vietnam ($X) emerged as the key foreign market for beef and veal (salted, in brine, dried or smoked) exports from Hungary, comprising 77% of total exports. The second position in the ranking was held by Croatia ($X), with a 12% share of total exports. It was followed by Sweden, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to Vietnam was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Croatia (+190.8% per year) and Sweden (+58.2% per year).

Export Prices by Country

In 2021, the average preserved beef export price amounted to $X per ton, falling by -53.9% against the previous year. In general, the export price, however, showed a prominent expansion. The pace of growth appeared the most rapid in 2013 when the average export price increased by 228%. Over the period under review, the average export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Sweden ($X per ton), while the average price for exports to Austria ($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 Sweden (+54.8%), while the prices for the other major destinations experienced more modest paces of growth.

Preserved Beef Imports

Imports into Hungary

After two years of growth, supplies from abroad of beef and veal (salted, in brine, dried or smoked) decreased by -47% to X tons in 2021. In general, imports, however, showed a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 250%. Over the period under review, imports reached the peak figure at X tons in 2020, and then fell significantly in the following year.

In value terms, preserved beef imports shrank remarkably to $X in 2021. Overall, imports, however, showed prominent growth. The most prominent rate of growth was recorded in 2017 with an increase of 183%. Imports peaked at $X in 2020, and then contracted significantly in the following year.

Imports by Country

Italy (X tons), Croatia (X tons) and Germany (X tons) were the main suppliers of preserved beef imports to Hungary, with a combined 86% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Germany (with a CAGR of +82.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest preserved beef suppliers to Hungary were Italy ($X), Croatia ($X) and Germany ($X), together comprising 82% of total imports.

In terms of the main suppliers, Germany, with a CAGR of +72.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average preserved beef import price stood at $X per ton in 2021, jumping by 33% against the previous year. Over the period under review, the import price, however, showed a deep contraction. Over the period under review, average import prices attained the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

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 the UK ($X per ton), while the price for France ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+18.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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