The US beef demand has shown variability across the past decade. Since 2014, the demand fluctuated with a low in 2015 (-5.28%) and modest growth periods like 2017 (3.48%) and 2021 (2.21%). In 2023, the demand stood at 12.2 million metric tons, a slight uptick of 0.2% from the previous year. The CAGR over the last five years was 0.08%, indicating a stable yet slow increase. Forecasts suggest a continued gradual rise to 12.33 million metric tons by 2028, with an estimated annual growth rate of 0.14%.
Future trends to watch for include potential shifts in consumer preferences towards plant-based proteins, impact from economic factors, and changes in production costs. Monitoring these will be crucial for anticipating changes in demand dynamics.
