Brazilian meat industry expects growth in 2024

The report highlights a surge in cow slaughter that began in 2023 and is expected to continue through the second half of 2024 , leading to an overall projected increase in slaughter volumes of 4%. Rising slaughter volumes are forecast to put downward pressure on prices .

Brazil , the world's second-largest beef producer and leading beef exporter, accounting for a quarter of global beef exports, will increase its beef output by 4% to 11.37 million metric tons in 2024 . At the same time, domestic beef consumption is projected to grow 4% to 9.4 million metric tons, driven by increased beef availability and favorable prices for consumers.

The report forecasts a record level of beef exports in 2024, up 2% to nearly 3 million metric tons.

In the pork sector, the USDA report projects hog production growth of 6%, driven by lower production costs, increased domestic consumption and strong external demand. Pig slaughter is expected to increase by 4% in 2024.

Pork product production is forecast to grow 4% to 4.6 million tonnes in 2024, driven by increased slaughter rates, lower feed costs and strategic investments to increase production. Domestic pork consumption is also expected to grow by 4% to 3.18 million tonnes in 2024, driven by improving domestic demand and more affordable prices.

In addition, Brazil's pork exports are projected to increase by 6% in 2024 compared to the previous year. This growth is due to increased purchases from new markets, increased EXPORT demand from existing customers, and Brazil's favorable HEALTH status compared to competitors facing animal disease problems, especially in Europe.