Beef and buffalo meat market in Uruguay

Earlier Report Observations

Between 2018 and 2019, the Uruguayan beef market benefited from the opening of 11 new export destinations, including access to Japan for beef and new slaughterhouse approvals in China, which supported export volumes. Simultaneously, rising domestic demand led to a doubling of imports to 32.2 thousand tons in 2019, contributing to market expansion. However, in 2020, the COVID-19 pandemic disrupted supply chains and reduced international demand, causing production to fall by 70 thousand tons and the market volume to contract to 241.8 thousand tons.

From 2021, record export prices, reaching $5 969 per ton, stimulated production and increased exports, but led to a sharp reduction in domestic market volume to 187.7 thousand tons. In 2022, despite a drought that reduced herd numbers, production grew driven by high international prices exceeding $7 400 per ton, while historic imports of 33.6 thousand tons helped restore the market to 268.9 thousand tons. In 2023, a 36% drop in Chinese demand in dollar terms pressured exports, but rising per capita consumption supported the market volume at 272.3 thousand tons.

By 2024, slaughter activity revived and productive indicators improved, accompanied by the official opening of new export markets in Morocco and Malaysia, aiding diversification of sales destinations.

Production beef and buffalo meat in Uruguay

In kind, 2017-2020, K t

Between 2017 and 2020, Uruguay ranked as the 24th largest producer of beef and buffalo meat globally.

Top producers of beef and buffalo meat, 2017-2020

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

Uruguay's beef and buffalo meat production fell for the third year in a row. In 2020, output reached 510.2 K t, showing a significant year-over-year drop of 12.1%. From 2017 to 2020, production declined by 14.1%, which translates to an annualized decrease of 5.0%.

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

In value, 2017-2020, M $ US

Following a two-year rise, Uruguay's beef and buffalo meat production value decreased. In 2020, the output was valued at 2 608 M $ US, reflecting a sharp 17.5% reduction compared to 2019. Over the 2017-2020 period, production value fell by 11%, with a compound annual growth rate (CAGR) of -3.8%. The highest value was in 2019 at 3 163 M $ US, which also saw the largest increase of 7.5%.

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

Exports beef and buffalo meat from Uruguay

Exports in kind, K t

After two years of growth, Uruguay's beef and buffalo meat export volumes declined. In 2020, exports totaled 303.7 K t, indicating a gradual 7.0% decrease from 2019. The peak volume was recorded in 2019 at 326.6 K t, with the largest increase occurring in 2018 at 6.9%.

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

From 2017 to 2020, China, the United States, and the Netherlands were the main buyers of Uruguay's beef and buffalo meat in volume terms. China accounted for 59.9% of exports, the United States for 11.6%, and the Netherlands for 5.4%, together making up 76.9% of total export volumes.

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

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

Exports in value, M $ US

Following a two-year upward trend, Uruguay's beef and buffalo meat export value declined. In 2020, exports amounted to 1 553 M $ US, marking a solid 12.8% year-over-year drop. Between 2017 and 2020, export value increased by 3.3%, equivalent to an annualized rate of 1.1%. The highest value was in 2019 at 1 780 M $ US, which also experienced the largest increase of 9.6%.

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

Throughout 2017-2020, China, the United States, and the Netherlands formed the key group of partners for Uruguay's beef and buffalo meat exports in value terms. China represented 49.0% of export value, the United States 13.3%, and the Netherlands 9.6%, collectively accounting for 71.9% of total export flows.

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

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

Imports beef and buffalo meat to Uruguay

Imports in kind, K t

Uruguay's beef and buffalo meat import volumes rose for the third consecutive year. In 2020, imports reached 35.3 K t, equivalent to a 9.6% increase from the previous year. From 2017 to 2020, imports surged by 441.7%, translating to an annualized growth rate of 75.6%.

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

Between 2017 and 2020, Brazil dominated Uruguay's beef and buffalo meat imports in volume terms, holding 78.7% of the total, while the remaining volume was distributed among many other countries with smaller individual shares.

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

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

Imports in value, M $ US

Uruguay's beef and buffalo meat import value increased for the third year in a row. In 2020, imports were valued at 145 M $ US, showing a solid 14.4% gain compared to 2019. Over the 2017-2020 period, import value jumped by 448.3%, equating to an annualized rate of 76.3%.

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

From 2017 to 2020, Brazil remained the leading supplier of beef and buffalo meat to Uruguay in value terms, accounting for 75.2% of total imports, with the rest spread across numerous other countries.

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

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