Bord Bia is forecasting that global demand for beef imports will increase again this year as economic growth influences consumer sentiment.
Bord Bia’s Export Performance and Prospects Report for 2024/2025, published today (Wednesday, January 8), shows that the value of primary Irish beef exports increased by 6% to €2.8 billion in 2024.
The data also outlines how Irish beef offal exports grew by 1% to €135 million.
Bord Bia
Bord Bia said that tighter supplies of beef in Europe and the UK will underpin “a positive market environment” in 2025.
The European Commission anticipates a further 1% decline in the EU beef herd this year, while UK supplies are expected to show a 3% decrease.
Globally, the US Department of Agriculture (USDA) is forecasting that beef supplies will decrease by 1% or 480,000 tonnes, largely driven by herd reductions in the US herd (-4%), Europe and Brazil.
The report states that global import demand is projected to increase marginally, with growth coming from China, the UK and the US.
Beef exports
In 2024, the value of exports of Irish beef to the UK increased by 5% to reach an estimated €1.3 billion.
The UK market accounted for 47% of Irish exports in value terms, which is down from 48% in 2023.
Bord Bia noted that domestic cattle supplies were slightly higher throughout the year, resulting in a marginal overall supply increase.
However, strengthening consumer demand led to R3 steer prices in the UK increasing by more than 5% in 2024, to the equivalent of €5.81/kg.
Overall, UK beef imports in the year to August increased by 7% in value terms.
The report shows that Irish beef exports to continental European markets increased by 3% to an estimated €1.3 billion in 2024, accounting for 46% of the overall trade value.
Bord Bia said that EU average cattle prices were stagnant up to July, when young bull prices stood at €5.05/kg, before rising continuously to reach €5.40/kg in early November.
Irish beef exports to international markets are estimated to have increased by 45% to €190 million, representing a 7% share of total Irish beef exports in value terms.
This growth reflected an overall increase in global import demand and beef import prices.
Demand from the Philippines recovered significantly, with exports rising 49% to reach €30 million, while exports to Japan more than doubled to €10 million.
Beef exports to China reached over €15 million in value while exports to North America increased by 72% to reach €30 million.