Rabobank predicts that beef demand will return to 2019 levels by the end of the year.
Last year beef demand increased by five per cent, peaking in June at 29 per cent greater than year-earlier demand.
The Rabobank report said beef demand during the coronavirus pandemic reached record highs due to direct government fiscal stimulus and changes in consumer behaviors.
“There has traditionally been a stickiness to beef demand, so it seems unlikely that beef demand will completely deteriorate in the face of the potential challenges ahead,” explained the report’s author Dustin Aherin, animal protein analyst, in a press release.
“That said, beef demand will likely fall from its current record highs,” Aherin said.