Argentina's Beef Consumption Hits Record Low Amid Economic Slump
In a recent market report published on Friday, it was revealed that beef-loving Argentines are cutting back on their steaks as the country's economy continues to struggle. The Rosario exchange, known for its market updates on grains and livestock, stated that Argentina's beef consumption in 2024 is expected to reach a record low of 44.8 kg (98.77 lb), the lowest since record-keeping began in 1914. This is significantly lower than the historic average of nearly 73 kg.
The economic challenges faced by Argentina, including triple-digit inflation, recession, rising poverty, and unemployment, have contributed to this decline in beef consumption. President Javier Milei, who assumed office in December, has implemented austerity measures to control government spending and lifted the previous freeze on beef prices.
As a result of these economic hardships, the population is turning to more affordable alternatives such as chicken and pork. The report indicates that in 2024, nearly 2 kg of alternative meats can be purchased for the price of 1 kg of beef. Overall meat consumption is expected to decrease by 9% this year, reaching the lowest level since 2011.
Despite the decrease in domestic consumption, Argentine farmers are ramping up beef exports, with volumes from January to May of this year increasing by 10% compared to the same period last year. It is worth noting that even though Argentines are consuming less beef, they still consume more than Americans, Australians, and Chileans.
In conclusion, the economic challenges faced by Argentina are impacting not only the country's beef consumption but also its agricultural exports. This trend highlights the importance of understanding how economic factors can influence consumer behavior and market dynamics. Investors and consumers alike should pay attention to these trends to make informed decisions about their finances and dietary choices.