China: Potential Beef Consuming Giant
China looks to be an emerging market for beef consumption; however the U.S. still remains banned from exporting to the country.
Some U.S. beef does make it to China via Hong Kong. Reuters reports the amount of beef being exported to Hong Kong more than exceeds what can be consumed. The amount of beef being transshipped to China through Hong Kong is not certain. USDA data indicates a 19 percent increase in beef exports to Hong Kong occurred over the last year.
In the next 10 years that type of increase looks to happen in China. A recent Rabobank report projects Chinese beef demand to increase from the current 8 million metric tons (17.6 billion lbs.) to 10.2 million metric tons (22.5 billion lbs.) by 2025.
China still has some room tor grow compared to much of the developed world when it comes to beef consumption.
China will be able to meet 80 percent of the beef demand and the remaining 20 percent will have to be made up with imports. The beef herd in China has dropped by approximately 14 million head from 2005 to 2015.
Beef consumption in China is considerably lower than other animal proteins. Currently, 88.2 lbs. of pork and 28.7 lbs. of poultry are consumed in China per capita compared to 13.2 lbs. of beef.
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