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All market signals point to a positive outlook for beef prices in 2025, Colin Smyth, the chief executive of the Livestock and Meat Commission (LMC), has said.
Speaking at the first of two industry webinars focusing on efficiencies within beef and lamb production, Smyth highlighted the decline in cattle numbers expected to come forward for slaughter in Britain and the Republic of Ireland, as key opportunities for NI beef.
Supply
In Britain, forecasts show a 0.6% drop in animals on farm aged between 18 and 24 months.
But the bigger story is a 4.6% drop in animals aged 12 to 18 months, which is more than 47,000 head.
These cattle will be coming forward for processing in 2025. The downturn in numbers suggests supplies will be extremely tight next year.
In the Republic of Ireland, forecasts for 2025 show a 4% drop in the annual kill, which is potentially 71,000 fewer animals coming to market.
Long term
Longer term, a report produced by the Agriculture and Horticulture Development Board (AHDB) suggests beef production in Britain will continue downward out to 2030.
The report modelled four different scenarios with the worst case showing a drop in beef production of 56,000t or 7.5% in 2030, compared with 2023.
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