Cattle stocks decline in 2023 as farmers thin dairy herds to counter surplus production capacity, according to a recent USDA GAIN report. The resulting increase in domestic beef production will lower demand for imports in 2023. 

While tourism growth will boost food service demand for beef, inflation prompts caution among retail consumers who will consume less expensive meats such as pork or chicken. 

Japan’s pork production will grow in 2023, but imports will be soft as large 2022 ending stocks are drawn down.