Majority of beef demand growth to come from Asia in the next decade
Bord Bia tackle Chinese market at import fair
The majority of beef demand growth over the next ten years will be in Asia, top analysts of the sector have predicted.
In recent years, the Asian continent has been a significant growth area for global beef exports.
According to Tom Forshaw analyst with the UK’s Agriculture Horticulture Development Board, the growth is underpinned by numerous emerging economies, and growing household incomes throughout the region, beef exports in 2018 continue to grow at an astounding rate.
“Asia now accounts for almost 50pc of total global beef imports (including imports from both within and outside Asia).
“The top five beef importers in Asia (China, Japan, Vietnam, South Korea and Hong Kong) account for around 80% of total Asian imports,” he said.
With the exception of Vietnam, which trades predominately with India, all have recorded strong growth in 2018, with the majority of beef sent to those countries coming from outside Asia.
Forshaw highlighted that China has recorded the strongest growth in the region, up around 46pc in the first eight months of 2018. Similarly, he said South Korea and Japan have also both recorded strong growth in the year.
“With a 14pc increase year-on-year, beef exports to South East Asian countries have also been growing.