FAO expects poultry and beef production to increase in 2024, mutton production to increase slightly, and pork production to decrease slightly. Global meat production (by carcass weight) will reach 373 million tons, an increase of 1.4% from 2023.
Despite outbreaks of highly pathogenic avian influenza in some major producing areas, the strong demand for affordable poultry meat and the relatively attractive operating margins of poultry meat have driven the expected growth in poultry production. Strong global demand for beef imports, coupled with record highs in cattle slaughter due to lower production costs in countries such as Brazil, have driven global beef supply growth. Similarly, lamb production is expected to rise slightly due to strong international demand and increased sheep slaughter in Australia. Low hog prices in China in 2023 will lead to lower production in 2024, driving industry profit margins.
The global meat and meat products market will recover in 2024, with annual trade volume expected to reach 41.9 million tons, up 3.2% from 2023. The growth in trade volume is mainly driven by two factors: first, insufficient domestic beef supply in the United States and strong import demand; second, easing cost of living pressures on consumers in many other importing countries, driving demand. In addition, sufficient export supplies in some major producing countries, the lifting of trade bans related to animal diseases, and tariff cuts to stabilize domestic prices have all driven the growth of global meat trade. Due to sufficient domestic meat supply and weak consumer demand caused by economic slowdown, China's meat imports other than beef are expected to decline in 2024.
According to the FAO Meat Price Index, despite the increase in meat supply in some major producing countries, international meat prices will continue to rise in 2024. This is mainly due to the improvement of economic conditions in several major importing countries but insufficient domestic supply, which has driven the growth of global import demand. In addition, animal diseases and geopolitics affect global trade logistics, further pushing up global meat prices.
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Despite outbreaks of highly pathogenic avian influenza in some major producing areas, the strong demand for affordable poultry meat and the relatively attractive operating margins of poultry meat have driven the expected growth in poultry production. Strong global demand for beef imports, coupled with record highs in cattle slaughter due to lower production costs in countries such as Brazil, have driven global beef supply growth. Similarly, lamb production is expected to rise slightly due to strong international demand and increased sheep slaughter in Australia. Low hog prices in China in 2023 will lead to lower production in 2024, driving industry profit margins.
The global meat and meat products market will recover in 2024, with annual trade volume expected to reach 41.9 million tons, up 3.2% from 2023. The growth in trade volume is mainly driven by two factors: first, insufficient domestic beef supply in the United States and strong import demand; second, easing cost of living pressures on consumers in many other importing countries, driving demand. In addition, sufficient export supplies in some major producing countries, the lifting of trade bans related to animal diseases, and tariff cuts to stabilize domestic prices have all driven the growth of global meat trade. Due to sufficient domestic meat supply and weak consumer demand caused by economic slowdown, China's meat imports other than beef are expected to decline in 2024.
According to the FAO Meat Price Index, despite the increase in meat supply in some major producing countries, international meat prices will continue to rise in 2024. This is mainly due to the improvement of economic conditions in several major importing countries but insufficient domestic supply, which has driven the growth of global import demand. In addition, animal diseases and geopolitics affect global trade logistics, further pushing up global meat prices.