Irish factory cattle supplies are forecast to decline by 2% in 2024, according to Bord Bia’s beef sector manager, Maek Zieg.
In a statement to Agriland on forecasted trends in the beef trade elsewhere in Europe for 2024, Zieg said: “Beef production is expected to contract by a further 1%”.
He also noted that some relaxation in the cost of living crisis “is expected in 2024”, which he believes “could help stimulate demand for Irish beef”.
The Bord Bia beef sector manager gave an overview of trade trends which impacted the Irish beef trade in 2023.
He said: “Reduced cattle supplies and lighter carcass weights impacted beef export volumes in 2023”.
However, despite lower supplies, he noted there was export value growth, driven by higher average cattle prices and an increase in the average value per tonne of product exported.
The UK accounted for almost half of Irish beef exports in value terms during 2023. According to Zieg, tighter cattle supplies in the region “underpinned firm domestic prices and created higher demand for imported beef”.
Meanwhile, beef production across the EU declined by more than 3% during 2023, with notable reductions in production in Italy, France and Spain.
He noted that EU beef imports from international suppliers also “operated at reduced levels in 2023 which further contributed to tighter beef supplies”.
“Lower availability of beef did not stimulate any uplift in the market, with European young bull prices on-par with 2022.
“While demand for forequarter beef was firm for much of 2023, the cost-of-living crisis had a negative impact on consumer purchasing behaviour, with weaker demand for higher-value beef cuts.”
In the final weeks of the year, prices rallied as pre-Christmas trade and colder weather gave “an impetus” to the market, while cattle numbers remained static.
Irish beef exports to international markets were lower during 2023, reflecting the relatively high prices available in both the UK and EU markets.
“Elsewhere, there was a more competitive landscape due to increased availability of low-priced South American and Australian product,” he added.
A full breakdown of the 2022 beef kill in Ireland with analysis and commentary will be available on Agriland early in 2024.