Call for to stay sturdy in 2024
17 October 2023
1 minute learn
Tokyo tasks that beef will proceed to be a major protein supply for customers in Japan in 2024, in keeping with a up to date US Division of Agriculture (USDA) International Agricultural Knowledge Community (GAIN) document.
Eastern customers are deciding on beef and beef merchandise as more economical selection animal protein resources. FAS/Tokyo assumes call for for beef will stay sturdy as this pattern continues in the second one part yr of 2023 via 2024.
Retail gross sales of beef and beef merchandise from January till June in 2023 exceeded pre-COVID-19 ranges (Determine 11). The vast majority of Japan’s overall beef intake is retail, and costs have risen together with pork.
However beef call for has been much less elastic than pork call for: In comparison to 2019, beef intake in 2022 and during the first 5 months of 2023 higher 7% in amount, despite the fact that retail costs had been upper through 12% in 2022 and 16% in 2023 (Determine 12).
After the lifting of COVID-19 similar restrictions, higher alternatives to consume in eating places or with administrative center colleagues drove lodge and eating place beef intake again as much as pre-COVID-19 ranges. A upward push in fast provider meals choices that integrated beef additional drove the restoration.