Brazil to Shatter 2006 Meat Manufacturing Report in 2024

In 2024, Brazil is set to shatter its 2006 meat production record. Beef production will surge to an historic 10.19 million tons, a 7.1% increase from 2023.

Interestingly, the National Supply Company (Conab) attributes this boom to the peak of the livestock cycle, especially the culling of females.

Additionally, Conab forecasts a robust 13.4% growth in beef exports. Consequently, exports might reach 3.44 million tons.

Remarkably, in the first half of the year alone, beef exports soared to 1.7 million tons. This represents a staggering 25.77% increase from last year.

International sales are spiking, yet domestic markets are expected to remain stable. Similarly, Conab predicts a 4.2% increase in domestic availability, which should total 6.82 million tons.

Brazil to Shatter 2006 Meat Production Record in 2024. (Photo Internet reproduction)

Turning to poultry, the scenario displays relative stability. Chicken meat production is holding steady at about 15 million tons.

Exports remain at roughly 5 million tons, and domestic availability stays near 10 million tons.

In contrast, the pork industry reflects a similar trend to beef. A slight 1.9% increase in production is projected, totaling approximately 5.4 million tons.

Consequently, this rise is expected to boost exports and domestic market sizes to 1.3 million tons and 4.18 million tons, respectively.

Should these projections hold, both international sales and domestic availability of these meats are on track to set new records.

Background

In 2024, despite the Brazilian stock market’s tough year with the Ibovespa falling about 8.5%, the meat industry shows remarkable growth.

BRF (BRFS3), Marfrig (MRFG3), and JBS (JBSS3) shine bright. Their stocks surged by 37.8%, 18.2%, and 16% respectively as of May 29th.

BRF stands out with a successful turnaround. Since restructuring in 2022, BRF has attracted market attention.

First-quarter results were “historic,” boosting stock prices over 10%. The company revamped its capital structure and operations, including Sadia’s reorganization.

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