Uruguay is actively working to lessen its dependence on China for beef exports, as North America, particularly the United States, has emerged as the top destination for Uruguayan beef in the first half of 2024. According to recent data, Uruguayan beef exports reached approximately $1.223 billion from January to August 10, 2024, marking a slight increase of 0.1% compared to the previous year. The volume of exports rose by 7.1% to 299.95 thousand tons, although the average price per ton fell by 11% to $4,079 [3d697bc7].
In this shifting landscape, the US, Canada, and Mexico collectively accounted for 32% of Uruguay's beef export revenue, totaling $390.8 million, while China followed closely with a 30% share, amounting to $371.5 million. The European Union ranked third, contributing 16% to the export figures [3d697bc7].
The US Department of Agriculture (USDA) has forecasted an improved response from the Chinese market in the second half of 2024, predicting a modest increase in Chinese demand of 1.3%. This forecast represents the lowest growth rate in a decade, indicating a cautious outlook for the Chinese market [3d697bc7].
As Uruguay navigates these changes, the government and industry stakeholders are focusing on diversifying their export markets to ensure stability and growth in the beef sector, amidst ongoing global economic fluctuations and shifting consumer preferences [3d697bc7].
In parallel, the global organic beef market is projected to grow at a compound annual growth rate (CAGR) of 6.8% from 2023 to 2033, targeting a market size of USD 22.89 billion by 2033. North America holds the largest market share at 35%, with the United States alone accounting for 20% of the global organic beef market. This growth is driven by rising consumer demand influenced by health and sustainability concerns [af33cdef].
Key players in the organic beef industry include Organic Prairie, Niman Ranch, US Wellness Meats, and Verde Farms, highlighting the intense competition and innovation within the sector. As consumer preferences shift towards organic and sustainable options, Uruguay's beef producers may find new opportunities in this expanding market [af33cdef].