Beef and buffalo meat market in Northern America

Earlier Report Observations

The beef and buffalo meat market in Northern America experienced a steady expansion in physical terms from 2018 to 2022, with production rising from 13.5 million tons to 14.3 million tons and market volume growing from 13.4 million tons to nearly 14 million tons. This upward trajectory was interrupted in 2023 when both production and market volume declined to approximately 13.6 million tons and 13.3 million tons, respectively.

In value terms, the market presented a different dynamic, contracting from $83.5 billion in 2018 to $80.2 billion in 2020 before surging to a peak of $107.8 billion in 2022. This sharp increase reflected significantly higher beef prices, which then moderated slightly in 2023 as the market value settled at $105.1 billion.

By 2024, industry dynamics were influenced by tight cattle supplies and record-high prices, which led to a reduction in export volumes to 384 thousand tons while imports increased. During this period, the entry of new players through strategic partnerships and the opening of new export markets occurred alongside a strong consumer focus on organic, grass-fed, and convenient beef products.

Production beef and buffalo meat in Northern America

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

Following two years of growth, beef and buffalo meat production in Northern America declined. In 2019, production reached its peak at 13 727 K t. However, in 2020, output remained virtually unchanged from the previous year at 13 719 K t. Over the period from 2017 to 2020, production increased by 4.4%, which translates to an annualized growth rate of 1.4%. The largest year-on-year increase occurred in 2018, when production rose by 2.9%.

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

In value, 2017-2020, M $ US

Beef and buffalo meat production value in Northern America declined for the second consecutive year. In 2018, production value peaked at 84 617 M $ US. The following year, in 2019, it experienced the largest decline of 2.4%. In 2020, output was valued at 81 483 M $ US, down by 1.3% compared to 2019. From 2017 to 2020, production value increased by 3.4%, equivalent to an annualized rate of 1.1%. The largest increase was recorded in 2018, with a rise of 7.4%.

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

Exports beef and buffalo meat from Northern America

Exports in kind, K t

Beef and buffalo meat exports from Northern America increased for the third consecutive year. In 2020, exports reached 371.0 K t, showing a slight gain of 2.2% compared to the previous year. Over the period from 2017 to 2020, exports grew by 36.2%, with a compound annual growth rate (CAGR) of 10.9%.

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

From 2017 to 2020, the partner portfolio for beef and buffalo meat exports from Northern America was quite broad. Japan accounted for 9.0% of exports in kind, Hong Kong for 4.8%, and Mexico for 3.5%. Together, these three countries represented only 17.3% of total export flows.

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

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

Exports in value, M $ US

Foreign beef and buffalo meat supplies from Northern America increased for the third consecutive year. In 2020, Northern America exported 2 203 M $ US of beef and buffalo meat, representing a small rise of 0.9% compared to 2019. Over the period from 2017 to 2020, exports increased by 35%, with a compound annual growth rate (CAGR) of 10.5%.

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

From 2017 to 2020, exports in value terms of beef and buffalo meat from Northern America were widely dispersed across partner countries. Japan accounted for 7.4% of exports in value terms, Hong Kong for 5.6%, and China for 3.7%. Together, these three countries represented only 16.7% of total export flows.

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

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

Imports beef and buffalo meat to Northern America

Imports in kind, K t

The market exhibited an unstable trend throughout the timeframe. In 2017, imports were at their lowest point. The following year, in 2018, they peaked at 140.7 K t, marking the largest increase of 122.3% compared to 2017. In 2020, beef and buffalo meat deliveries to Northern America totalled 97.8 K t, constituting a reduction of 26.1% from the previous year. The span from 2017 to 2018 saw a peak-to-trough amplitude of 2.2 times.

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

From 2017 to 2020, imports in kind of beef and buffalo meat to Northern America relied on a wide range of partner countries. Australia accounted for 12.0% of imports in kind, New Zealand for 11.5%, and Uruguay for 7.5%. Together, these three countries took just 31.0% of total import flows.

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

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

Imports in value, M $ US

After a two-year decrease, the volume of beef and buffalo meat imports to Northern America increased. In 2019, imports reached their minimum value at 738 M $ US, marking the largest decline of 11.8%. In 2020, imports stood at 939 M $ US, equivalent to a steep gain of 27.3% year-on-year. Between 2017 and 2020, imports increased by 9.7%, equating to an annualized rate of 3.1%.

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

From 2017 to 2020, the country structure of imports in value terms remained highly diversified. Australia accounted for 10.8% of imports in value terms, New Zealand for 9.4%, and Uruguay for 5.6%. Together, these three countries accounted for only 25.7% of total import flows, with a long tail of smaller markets forming the remaining 74.3%.

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

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