These are the key points from Rabobank’s global animal protein outlook for 2024.
Beef production in the US continues to contract with the cycle, overshadowing changes in other species. Poultry will benefit from consumer preferences, while pork still needs to rebalance. The outlook for Mexico is slightly more positive.
There are ongoing production pressures for all species, given disease risks, market- and regulatory-driven production system changes, and lower exports. Poultry consumption is set to grow, while pork and beef will decline.
Slow consumption will continue to pressure the animal protein system in 2024. Poultry is best placed, with steady growth in production and consumption. Pork and beef markets will remain under most pressure, as the market is well supplied, at least in the first half of 2024.
Production is set to grow for all species, supported by export opportunities. Pork will grow fastest, followed by poultry. Disease remains a downside risk, especially for poultry.
The recovering economic situation and easing of disease pressures should support production growth in 2024. Pork leads growth, although is subject to ongoing ASF pressure, followed by poultry. Beef will only see minor change from 2023.
Australia & New Zealand
The rebuilding of Australia’s beef herd means production and exports will grow in 2024. New Zealand’s production is expected to slow slightly for beef and expand slightly for sheepmeat.
Feed and forage
Feed price relief will continue into 2024. Falling costs are helping to restore margins, but outside factors continue to add uncertainty.
November 30, 2023/ Rabobank.