According to a report released by Dutch-owned agri-business bank Rabobank, New Zealand beef exporters are looking to expand exports into new markets in an attempt to counteract the stiffer competition resulting from Japan and Korea’s decisions to re-open their borders to US beef.

According to the study, New Zealand and Australia have dominated the imported beef sector of the high-value Japanese and Korean markets for the past three years, enjoying high international returns as a result. But with the end of a three-year ban on US beef, competition from the USA in Korea and Japan will continue to increase. However, the report also states that as a result of increased beef demand from other markets, including developing countries, New Zealand exporters will now seek new customers away outside traditional markets. 

According to the report, developing countries are experiencing rapid growth in meat consumption, primarily pork and chicken but also beef, as incomes and population continue to grow. Referring to the OECD – FAO Agricultural Outlook 2006-2015, the study said that developing countries, particularly those in the Asia Pacific and Latin America, will see a compound annual growth rate for beef consumption over the next decade of 2.78%, compared with 0.49% for developed nations. “This would see consumption of beef in developing countries reach around 48.4 million tonnes by 2015 compared to 28.3 million tonnes in developed countries,” said senior Food and Agribusiness Research unit analyst, Hayley Moynihan.