Beef and buffalo meat market in ASEAN

Earlier Report Observations

The ASEAN beef and buffalo meat market volume grew from 2.0 million tons in 2018 to 2.1 million tons in 2019, supported by rising disposable incomes in emerging economies like Thailand and Vietnam. Consumer awareness campaigns highlighting the health benefits of buffalo meat and a strong preference for protein-rich foods further stimulated demand, while urbanization across the Asia-Pacific region increased import needs.

After a temporary dip to 1.98 million tons in 2020, the market recovered to 2.16 million tons in 2021. This rebound was facilitated by significant infrastructure investments in buffalo meat processing capacity initiated in late 2021. The entry of new players, such as Aleph Farms securing $105 million to scale cultivated meat production, introduced innovation, and consumer shifts toward premium and organic beef cuts continued to shape demand.

Market expansion persisted, reaching 2.32 million tons by 2023. Growth was reinforced by increased joint ventures to expand the global reach of buffalo meat, regulatory changes focusing on traceability and sustainability labeling to meet eco-conscious demand, and the dominance of modern retail channels. Technological advances in processing and packaging optimized the value chain, enhancing product quality and shelf life.

Production beef and buffalo meat in ASEAN

In kind, 2017-2020, K t

Top producers of beef and buffalo meat, 2017-2020

World map of production of beef and buffalo meat, 2017-2020

In 2019, ASEAN's beef and buffalo meat production saw a modest increase of 1.3%. However, this was followed by a significant decline of 18.5% in 2018, and production continued to drop by 6.4% in 2020, reaching 1 405 K t. Overall, from 2017 to 2020, production decreased by 22.7%, which translates to an annualized rate of 8.2%.

Annual dynamics of production in ASEAN in kind, 2017-2020, K t

In value, 2017-2020, M $ US

After two years of decline, ASEAN's beef and buffalo meat production value rebounded in 2020, reaching 7 011 M $ US, a 7.6% increase from the previous year. The lowest point was in 2019 at 6 515 M $ US, following a sharp drop of 21.6% in 2018. Over the 2017-2020 period, production value fell by 25.9%, with a compound annual growth rate (CAGR) of -9.5%.

Annual dynamics of production in ASEAN in value, 2017-2020, M $ US

Exports beef and buffalo meat from ASEAN

Exports in kind, K t

ASEAN's beef and buffalo meat exports declined for the third year in a row in 2020, totaling 6.9 K t, an 8.0% decrease from 2019. From 2017 to 2020, exports dropped by 45.1%, with a CAGR of -18.1%.

Annual dynamics of product's exports from ASEAN in kind, 2017-2020, K t

From 2017 to 2020, China, Hong Kong, and Australia were the key export partners for ASEAN's beef and buffalo meat in volume terms. China accounted for 5.9% of exports, Hong Kong for 1.7%, and Australia for 0.8%, together making up 8.4% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from ASEAN in kind, 2017-2020

Exports in value, M $ US

Following two years of losses, ASEAN's beef and buffalo meat export value increased in 2020, reaching 35 M $ US, a 5.8% rise year-over-year. The lowest value was recorded in 2019 at 33 M $ US, which saw a decline of 34.9%. Over the 2017-2020 period, export value decreased by 47.4%, with a CAGR of -19.3%.

Annual dynamics of product's exports from ASEAN in value, 2017-2020, M $ US

Between 2017 and 2020, ASEAN's beef and buffalo meat exports in value terms were widely distributed among partner countries. China led with 10.9% of exports, followed by Maldives at 2.6%, and Australia at 1.9%, collectively representing 15.5% of total export flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from ASEAN in value, 2017-2020

Imports beef and buffalo meat to ASEAN

Imports in kind, K t

ASEAN's beef and buffalo meat imports increased for the third consecutive year in 2020, amounting to 586.2 K t, showing minimal change from 2019. From 2017 to 2020, imports grew by 22.1%, with a CAGR of 6.9%.

Annual dynamics of product's imports to ASEAN in kind, 2017-2020, K t

From 2017 to 2020, India, Australia, and Brazil remained the primary suppliers of beef and buffalo meat to ASEAN in volume terms. India accounted for 48.5% of imports, Australia for 25.4%, and Brazil for 9.8%, together constituting 83.6% of total import flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to ASEAN in kind, 2017-2020

Imports in value, M $ US

ASEAN's beef and buffalo meat import value rose for the third year in a row in 2020, with a 5.8% increase from the previous year. Between 2017 and 2020, import value grew by 22.5%, equating to an annualized rate of 7.0%.

Annual dynamics of product's imports to ASEAN in value, 2017-2020, M $ US

Over the 2017-2020 period, India, Australia, and the United States consistently dominated ASEAN's beef and buffalo meat imports in value terms. India held 43.2% of imports, Australia 28.4%, and the United States 9.1%, jointly accounting for 80.7% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to ASEAN in value, 2017-2020