China's Poultry and Beef Market State in 2024

Poultry: Cautious Growth

In 2024 , China’s poultry production grew slightly, thanks to concerted efforts to manage excess supply. In previous years, large capacity expansions had created a glut, creating the need for regulation. However, demand for poultry remains weak, making it difficult to rebalance the market. Lower prices for feeds

such as corn and soybean meal have helped improve profitability, but they are still below the level needed for sustainable development. Poultry imports also increased significantly, driven by renewed supplies from the United States . At the same time, local producers reduced their supplies, leading to a 30% year-on-year decline in total poultry imports. The main suppliers were Brazil , RUSSIA , Thailand and the United States.

Beef: Falling Prices and Declining Stocks

The situation on China’s beef market is also worrying. Beef demand remains weak, with retail prices falling sharply by 17% to US$9.21 per kilogram in October 2024. Despite the subsequent stabilisation of prices, producers have been forced to reduce livestock numbers to minimise losses. This reduction in livestock numbers could have long-term implications for the sector, as rebuilding livestock numbers takes time and resources.

Beef imports, on the other hand, showed a slight increase of 3% in the first three quarters of 2024. This is due to a fall in global beef prices compared to the previous year, making imports more attractive to Chinese consumers. However, frozen beef stocks decreased in the second half of the year, which could lead to a shortage in the market in the future.

Outlook for 2025

Based on current trends, experts expect that both poultry and beef imports could continue to rise in 2025 if domestic demand does not recover. However, this will depend on a variety of factors, including global price fluctuations, changing consumer preferences, and government agricultural policies.

The Chinese MEAT market, both poultry and beef, continues to be in a state of uncertainty. Producers and analysts must closely monitor changes in supply and demand, as well as external factors that may impact prices and availability. It is important for the industry to adapt to the new conditions and find ways to improve sustainability and profitability in the long term.