EU beef production stabilises in 2024 - report
Tighter supplies continue to support prices
28 October 2024
1 minute read
By: According the most recent EU short-term outlook report, continued structural adjustment will drive a decline in EU beef production by an expected 0.5% in 2024 and 1% in 2025. Despite tight supply, EU meat exports continue to perform well, in particular to the Turkish market. EU per capita beef consumption dropped by 1.7% in 2024 and is expected to decline further, by 1.2% in 2025.
EU beef production increased by 3% in the first half of 2024 year-on-year, mainly due to a significant increase of slaughtering in Italy (+9%) and Poland (+20%). The increase may have multiple causes, such as bad grazing conditions in central Europe and a growing demand in certain export markets (Türkiye). However, by the end of 2024, beef production is expected to decline slightly (-0.5%) due to a shortage of young bovines in some EU countries (e.g. Italy and Spain).
The tight beef supply continues to support EU beef producer prices and the price of live animals. The moderation of feed prices and high carcass prices are expected to favour better margins for fatteners. In 2025, the downward trend in beef production is expected to continue (-1.0%) year-on-year due to shrinking herds. As consumer prices remain high, due to tight supply, per capita EU beef consumption in 2024 is expected to decline slightly to 9.6 kg (-1.7% year-on-year).
