World trade in meat and meat products is forecast to reach 42 million tonnes (carcass weight equivalent) in 2023, only slightly above the 2022 level, according to a recent FAO report. 

This slight growth is underpinned by expectations of import expansions together with increased food services sales, particularly in China, following the end of the country’s restrictions related to the COVID-19 pandemic. However, rising availabilities from domestic sources and lower consumer purchasing power amid high food prices and economic downturns could lead to import declines in most meat importing countries, partially offsetting the foreseen increases.

Much of the expected increased demand is likely to be supplied by Brazil and Australia, facilitated by the high availability of exportable supplies, disease-free status and competitive prices.

Since reaching an all-time high in June 2022, international meat prices have trended downward in the second half of last year, reflecting increased exportable availabilities in some leading exporting countries amid lower import demand for spot supplies. 

However, the FAO Meat Price Index rebounded from February 2023, mainly driven by pig and bovine meat prices amid supply limitations and, more recently, rising poultry meat prices due to high demand.