Uruguay: Beef Market 2024

Beef Market Size in Uruguay

The Uruguayan beef market contracted notably to $X in 2021, waning by -56.6% against the previous year. In general, consumption saw a abrupt decline. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Beef Production in Uruguay

In value terms, beef production expanded significantly to $X in 2021 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 13%. Beef production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

In 2021, the average yield of beef (cattle meat) in Uruguay contracted to X kg per head, dropping by -14.6% against the previous year. In general, the yield continues to indicate a mild descent. The growth pace was the most rapid in 2019 when the yield increased by 3.8%. As a result, the yield reached the peak level of X kg per head. From 2020 to 2021, the growth of the average beef yield failed to regain momentum.

In 2021, number of animals slaughtered for beef production in Uruguay soared to X heads, rising by 31% against 2020 figures. This number increased at an average annual rate of +2.7% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. As a result, the amount of producing animals reached the peak level and is likely to continue growth in the immediate term.

Beef Exports

Exports from Uruguay

In 2021, the amount of beef (cattle meat) exported from Uruguay soared to X tons, with an increase of 63% against 2020. Overall, total exports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +8.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, beef exports skyrocketed to $X in 2021. In general, total exports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for beef exports from Uruguay, with a 73% share of total exports. Moreover, beef exports to China exceeded the volume sent to the second major destination, the United States (X tons), tenfold. The third position in this ranking was taken by the Netherlands (X tons), with a 3.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled +38.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+5.1% per year) and the Netherlands (+8.0% per year).

In value terms, China ($X) remains the key foreign market for beef (cattle meat) exports from Uruguay, comprising 62% of total exports. The second position in the ranking was held by the United States ($X), with a 9.7% share of total exports. It was followed by the Netherlands, with a 6.6% share.

From 2012 to 2021, the average annual growth rate of value to China amounted to +40.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+7.6% per year) and the Netherlands (+7.2% per year).

Export Prices by Country

In 2021, the average beef export price amounted to $X per ton, remaining constant against the previous year. In general, the export price, however, saw a mild setback. The pace of growth was the most pronounced in 2019 when the average export price increased by 9.2%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to China ($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 Russia (+2.7%), while the prices for the other major destinations experienced more modest paces of growth.

Beef Imports

Imports into Uruguay

In 2021, supplies from abroad of beef (cattle meat) decreased by -17.3% to X tons for the first time since 2011, thus ending a nine-year rising trend. Over the period under review, imports, however, enjoyed a significant increase. The pace of growth was the most pronounced in 2018 when imports increased by 151% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020, and then contracted remarkably in the following year.

In value terms, beef imports dropped modestly to $X in 2021. In general, imports, however, recorded significant growth. The most prominent rate of growth was recorded in 2018 with an increase of 134% against the previous year. Over the period under review, imports hit record highs at $X in 2020, and then fell modestly in the following year.

Imports by Country

In 2021, Brazil (X tons) constituted the largest beef supplier to Uruguay, with a 80% share of total imports. Moreover, beef imports from Brazil exceeded the figures recorded by the second-largest supplier, Paraguay (X tons), fourfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Brazil stood at +71.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Paraguay (+56.4% per year) and the United States (-18.0% per year).

In value terms, Brazil ($X) constituted the largest supplier of beef (cattle meat) to Uruguay, comprising 81% of total imports. The second position in the ranking was held by Paraguay ($X), with an 18% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Brazil stood at +72.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Paraguay (+52.7% per year) and the United States (-16.6% per year).

Import Prices by Country

In 2021, the average beef import price amounted to $X per ton, increasing by 15% against the previous year. Over the period under review, the import price, however, recorded a noticeable downturn. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Paraguay ($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 United States (+1.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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