Beef and buffalo meat market in Colombia

Earlier Report Observations

Between 2018 and 2019, the Colombian beef and buffalo meat market was supported by a growing buffalo segment, where an increase in herd size and slaughter rates contributed to overall production. However, in 2020, the COVID-19 pandemic disrupted supply chains and reduced consumption, leading to a contraction in market volume to 723.5 thousand tons.

The recovery of Colombia's foot-and-mouth disease-free status in October 2020 unlocked export opportunities, driving a sharp increase in beef exports to 52.1 thousand tons in 2021. This export boom, coupled with broader economic recovery and a 14.1% rise in aggregate consumption, supported production despite a modest decline in domestic market volume. By 2022, persistent global inflationary pressures and intensified competition from cheaper proteins like chicken and pork weighed on beef demand, causing a further drop in market volume to 685 thousand tons.

In 2023, the suspension of operations by major player Minerva Foods introduced uncertainty into national production, though increased cattle and buffalo slaughter helped maintain output near 718 thousand tons. The introduction of a health tax on processed meat products from November 2023 affected consumer prices, while a decline in beef prices in 2024 relieved consumer budgets. Concurrently, the lifting of U.S. import restrictions and the sustained expansion of the buffalo meat segment continued to shape market dynamics through the end of the period.

Production beef and buffalo meat in Colombia

In kind, 2017-2020, K t

Colombia ranked 18th globally in beef and buffalo meat production from 2017 to 2020.

Top producers of beef and buffalo meat, 2017-2020

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

Beef and buffalo meat production in Colombia declined for the second consecutive year. In 2020, production reached 751.0 K t, down 3.3% from 2019. Over the 2017-2020 period, production decreased by 2.1%, equivalent to an annualized rate of 0.7%. The highest production level was recorded in 2018 at 778.9 K t, which also saw the largest annual increase of 1.5%.

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

In value, 2017-2020, M $ US

In 2020, the value of beef and buffalo meat output in Colombia was 2 665 M $ US, showing only minor year-over-year changes. From 2017 to 2020, production value decreased by 11.5%, or an annualized rate of 4.0%. The lowest value was recorded in 2019 at 2 653 M $ US, which also experienced the largest decline of 13.3%. In contrast, the highest value was in 2018 at 3 059 M $ US, with the largest increase of 1.6%.

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

Exports beef and buffalo meat from Colombia

Exports in kind, t

Beef and buffalo meat exports from Colombia increased for the third consecutive year. In 2020, export volume reached 31 685 t, marking a sharp rise of 70.3% compared to 2019. Over the 2017-2020 period, exports grew by 84.7%, with a compound annual growth rate of 22.7%.

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

From 2017 to 2020, Russia, Lebanon, and Jordan were the top buyers of beef and buffalo meat from Colombia, accounting for 35.4%, 17.6%, and 15.8% of exports in kind, respectively. Together, these three countries represented 68.8% of total exports in kind.

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

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

Exports in value, M $ US

The market showed volatility during these years, with import levels fluctuating 1.8 times between the low in 2019 and the high in 2020. In 2020, foreign supplies of beef and buffalo meat from Colombia reached 112.4 M $ US, reflecting a dramatic increase of 76.9% from 2019. The lowest value was recorded in 2019 at 63.5 M $ US, which also saw the largest decline of 10.6%.

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

From 2017 to 2020, Russia, Lebanon, and Jordan consistently remained the main destinations for exports in value terms, accounting for 33.3%, 20.2%, and 17.1% of exports, respectively. Combined, they represented 70.7% of total export flows.

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

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

Imports beef and buffalo meat to Colombia

Imports in kind, t

After a two-year increase, imported beef and buffalo meat volumes in Colombia declined. In 2020, imports totaled 4 146 t, reflecting a moderate decrease of 7.9% year-over-year. Over the 2017-2020 period, imports increased by 57.8%, with a compound annual growth rate of 16.4%. The highest import volume was recorded in 2019 at 4 502 t, while the largest annual increase occurred in 2018 at 38.5%.

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

From 2017 to 2020, the United States was the key supplier of beef and buffalo meat to Colombia, accounting for 73.1% of total imports in kind. The remaining share was distributed among a diversified group of other countries.

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

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

Imports in value, M $ US

After a two-year gain, beef and buffalo meat shipments to Colombia from abroad declined. In 2020, Colombia imported approximately 24.8 M $ US of beef and buffalo meat, which is 10.0% lower than the previous year. Between 2017 and 2020, imports increased by 54%, equivalent to an annualized rate of 15.5%. The highest value was recorded in 2019 at 27.6 M $ US, with the largest increase occurring in 2018 at 40.3%.

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

From 2017 to 2020, the United States was the dominant source for imports in value terms of beef and buffalo meat to Colombia, accounting for 76.5% of total flows. The remaining share was distributed among a number of smaller markets.

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

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