Argentines’ Beef Consumption Projected to Reach Record Low in 2024 – Reuters

Argentina’s Beef Consumption Plummets Amid Economic Struggles

BUENOS AIRES (Reuters) – Argentines, known for their love of beef, are reducing their steak consumption as the country’s economy faces significant hardships. A recent market report indicates that beef consumption in Argentina is projected to reach a historic low in 2024.

According to the Rosario exchange, which provides insights on grain and livestock markets, beef consumption is expected to be around 44.8 kg (98.77 lb) per person this year, the lowest level recorded since data gathering began in 1914, significantly below the historical average of nearly 73 kg.

The country’s economic challenges are severe, with inflation soaring into triple digits, a recession, and growing levels of poverty and unemployment.

Since taking office in December, libertarian President Javier Milei has implemented austerity measures aimed at reducing government spending and has lifted the previous administration’s freeze on beef prices.

Argentina, renowned for its rich beef culture, is home to numerous steakhouses, cattle farms, and traditional asado barbecues. Nevertheless, long-term trends indicate a growing preference for cheaper meat alternatives such as chicken and pork. This year, shoppers can expect to buy nearly 2 kg of these alternatives for the price of 1 kg of beef.

Overall meat consumption in Argentina is also anticipated to decline by 9% compared to last year, marking the lowest level since 2011, according to the exchange.

Meanwhile, as domestic consumption decreases, farmers are increasingly exporting their beef. A separate report highlights a 10% increase in beef export volumes from January to May compared to the same period last year.

Despite the drop in beef consumption, Argentines still consume significantly more than people in the United States, where the average per capita intake is about 38 kg, and in Australia and Chile, where the figures stand at 27 kg and 26 kg, respectively.