Import growth is likely to slow in almost all other Asian markets, as widespread recession restricts consumption in middle- and low-income households, while restrictions and physical distancing reduce restaurant turnover, dampening demand for high-quality meat products. Given that most of the production is destined for foreign markets, slowing economic growth in many countries could further undermine the Indian cattle sector. In India, cattle production may be reduced due to a pandemic shutdown, especially since collection of animals is usually carried out in the form of home visits. In addition, China will continue to increase its imports, fueled by new accreditations granted to meatpacking plants in Brazil, Argentina, and Uruguay, as well as new trade agreements with these countries. The expected increase in China’s beef production is driven by rising cattle herds, particularly on large farms, and strong domestic demand to offset the ongoing pork shortage. In contrast, India, the second-largest beef producer after China, will face significant losses in production and exports. In China, which was the first to recover from the pandemic, positive dynamics are expected in the second half of the year. However, it can be predicted that the strength of the impact will depend on how quickly countries return to normalcy. The coronavirus pandemic continues to negatively impact the Asian beef market, holding back production and international trade. Here is a summary of the report’s key findings. IndexBox has just published a new report: ‘Asia – Beef (Cattle Meat) – Market Analysis, Forecast, Size, Trends and Insights’. India dominates beef trade, accounting for 1.1M tonnes, which was near 85% of total Asian exports in 2019. In value terms, beef imports contracted to $19.9B (IndexBox estimates) in 2019. The beef import price in Asia stood at $5,039 per tonne in 2019, rising by 6.9%.
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