Beef and buffalo meat market in the United States

Earlier Report Observations

The U.S. beef and buffalo meat market volume grew steadily from 12 209 thousand tonnes in 2018 to 12 832 thousand tonnes in 2022, supported by rising consumer incomes and a shift in preferences toward protein-rich and healthier foods. This demand growth occurred alongside environmental pressures, as drought conditions led to a shrinking cattle herd and tighter supply, contributing to rising production costs and record beef prices. The combination of solid demand and constrained supply drove a sharp increase in market value, which jumped from 86.0 billion dollars in 2020 to 112.3 billion dollars in 2022.

Market volume declined to 12 511 thousand tonnes in 2023, with value easing to 108.2 billion dollars. This adjustment reflected the ongoing impact of drought on herd sizes and supply availability, coupled with consumer sensitivity to elevated price levels. The industry continued to focus on quality, sustainability, and supply chain efficiency, while the rise of alternative proteins did not significantly displace traditional beef consumption during this period.

Production beef and buffalo meat in the United States

In kind, 2017-2020, K t

From 2017 to 2020, the United States was the world's largest producer of beef and buffalo meat.

Top producers of beef and buffalo meat, 2017-2020

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

In 2020, the United States produced 12,389 thousand tonnes of beef and buffalo meat, remaining nearly unchanged from the previous year. Over the 2017-2020 period, production grew by 3.7%, with a compound annual growth rate of 1.2%. The most significant increase occurred in 2018, at 2.6%.

Annual dynamics of production in the United States in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Following two years of growth, beef and buffalo meat production in the United States declined. In 2020, the output was valued at 86,098 million US dollars, down 3.0% from 2019. Between 2017 and 2020, production increased by 6.8%, translating to an annualized rate of 2.2%. The peak value was recorded in 2019 at 88,780 million US dollars, while the largest increase happened in 2018, at 9.1%.

Annual dynamics of production in the United States in value, 2017-2020, M $ US

Exports beef and buffalo meat from the United States

Exports in kind, K t

Beef and buffalo meat exports from the United States fell for the second year in a row. In 2020, exports totaled 943 thousand tonnes, a 2.4% decrease from 2019. From 2017 to 2020, exports rose by 2.7%, equivalent to an annualized rate of 0.9%. The highest volume was in 2018 at 1,014 thousand tonnes, with the largest decline occurring in 2019 at 4.7% and the biggest increase in 2018 at 10.4%.

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

Between 2017 and 2020, Japan, South Korea, and Mexico were the top destinations for US beef and buffalo meat exports by volume, accounting for 27.2%, 22.7%, and 13.4% of exports, respectively. Together, they made up 63.3% of total export flows.

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

World map of product's exports from the United States in kind, 2017-2020

Exports in value, M $ US

US beef and buffalo meat exports declined for the second consecutive year. In 2020, exports were valued at 6,554 million US dollars, a 5.4% drop from the previous year. Over the 2017-2020 period, exports increased by 5.7%, with a compound annual growth rate of 1.9%. The peak value was in 2018 at 7,282 million US dollars, and the largest increase was also in 2018, at 17.5%.

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

From 2017 to 2020, Japan, South Korea, and Mexico were the leading markets for US beef and buffalo meat exports by value, representing 23.8%, 23.2%, and 11.3% of exports, respectively. Combined, they accounted for 58.3% of total export value.

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

World map of product's exports from the United States in value, 2017-2020

Imports beef and buffalo meat to the United States

Imports in kind, K t

Beef and buffalo meat imports into the United States increased for the second consecutive year. In 2020, imports reached 1,072 thousand tonnes, up 9.6% from 2019. Between 2017 and 2020, imports grew by 10.3%, equating to an annualized rate of 3.3%. The lowest volume was in 2018 at 967 thousand tonnes, with the largest decline that year at 0.6%.

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

Throughout 2017-2020, Canada, Australia, and Mexico were the primary sources of beef and buffalo meat imports into the United States by volume, contributing 27.5%, 22.8%, and 21.4% of imports, respectively. Together, they represented 71.7% of total import flows.

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

World map of product's imports to the United States in kind, 2017-2020

Imports in value, M $ US

Beef and buffalo meat imports into the United States rose for the third year in a row. In 2020, imports amounted to 6,430 million US dollars, a 14.9% increase from the previous year. From 2017 to 2020, imports surged by 28%, equivalent to an annualized rate of 8.6%.

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

Over the 2017-2020 period, Canada, Australia, and Mexico led as the top suppliers of beef and buffalo meat to the United States by value, accounting for 26.7%, 25.4%, and 21.3% of imports, respectively. Their combined share reached 73.4% of total import value.

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

World map of product's imports to the United States in value, 2017-2020