Beef and buffalo meat market in Eastern Asia

Earlier Report Observations

The beef and buffalo meat market in Eastern Asia began a period of expansion in 2018, reaching a volume of 9.77 million tonnes. The industry's pricing power was influenced by domestic pork price trends and global supply expectations during this initial phase. A significant drought in Australian cattle regions the following year tightened global supply, coinciding with a rise in China's imports to 3.10 million tonnes and pushing the total market size to 10.58 million tonnes.

Market growth continued through 2020 and 2021, with both domestic production and imports rising steadily. By 2022, the market volume had increased to 11.95 million tonnes. A key driver emerged in the latter half of 2022 when import unit prices for beef began a notable decline, making imported product more affordable and contributing to increased consumption.

The market reached 12.33 million tonnes in 2023, supported by domestic production growth to 8.55 million tonnes and imports of 3.82 million tonnes. Increased supply from both domestic and international sources led to a sustained decrease in domestic beef prices. In 2024, policy adjustments such as zero tariffs on Australian beef and increased market supply from culled dairy cows further stimulated imports, which reached 3.98 million tonnes, while stricter government regulation of slaughterhouses promoted consolidation within the processing industry.

Production beef and buffalo meat in Eastern Asia

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

Beef and buffalo meat production in Eastern Asia has increased for the third consecutive year. In 2020, the region produced 7 679 K t of beef and buffalo meat, marking a slight rise of 1.4% from the previous year. Over the period from 2017 to 2020, production grew by 6.3%, with a compound annual growth rate of 2.1%.

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

Exports beef and buffalo meat from Eastern Asia

Exports in kind, K t

The market showed an unstable trend throughout the period. Exports reached their lowest point in 2020 at 29 K t, which represents a steep decline of 69.6% compared to the previous year. In contrast, the highest exports were recorded in 2019 at 94 K t, resulting in a 3.3-fold gap between these two years. The largest increase occurred in 2018, with a growth of 105.9%.

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

From 2017 to 2020, three main markets—Vietnam, Asia (not elsewhere specified), and Cambodia—collectively absorbed 71.6% of total beef and buffalo meat exports in kind from Eastern Asia.

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

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

Exports in value, M $ US

After a two-year rise, Eastern Asia's beef and buffalo meat exports in value terms declined. In 2020, exports totaled 340 M $ US, indicating an abrupt decrease of 39.8% compared to 2019. Over the period from 2017 to 2020, exports increased by 16.3%, with a compound annual growth rate of 5.2%. The maximum value was recorded in 2019 at 565 M $ US, while the largest increase occurred in 2018 with a growth of 68.9%.

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

From 2017 to 2020, Vietnam (accounting for 22.2% of exports in value terms), Cambodia (14.2%), and Asia (not elsewhere specified) (13.9%) led the ranking of buyers for beef and buffalo meat from Eastern Asia. Together, their combined share reached 50.2% of total exports in value terms.

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

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

Imports beef and buffalo meat to Eastern Asia

Imports in kind, K t

Cross-border shipments of beef and buffalo meat in Eastern Asia have increased for the third consecutive year. In 2020, the region imported a total of 3 511 K t of beef and buffalo meat, which is 13.2% higher compared to 2019. Between 2017 and 2020, imports grew by 71.4%, equating to an annualized rate of 19.7%.

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

Throughout 2017 to 2020, the three largest markets—Australia, Brazil, and the United States—remained central to imports in kind, together accounting for 68.5% of total flows.

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

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

Imports in value, M $ US

Beef and buffalo meat imports in Eastern Asia have increased for the third consecutive year. In 2020, imports totaled 18 286 M $ US, which is 10.6% higher than the previous year. Between 2017 and 2020, imports grew by 74.7%, equating to an annualized rate of 20.4%.

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

From 2017 to 2020, Australia (with 26.9% of imports in value terms), the United States (25.8%), and Brazil (20.5%) stood out as the main markets for imports in value terms. Together, they represented 73.2% of total flows.

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

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