August 26, 2024

 

USDA forecasts growth in Philippine pork and beef imports by 2025

The US Department of Agriculture (USDA) has projected an increase in Philippine pork and beef imports in 2025, driven by population growth and its impact on meat consumption, BusinessWorld reported.

 

In a recent report, the USDA noted that strong economic growth, easing inflation, and population expansion are likely to contribute to higher meat imports for the Philippines.

 

The USDA expects pork imports to rise by 6%, reaching 510,000 metric tonnes (MT), as the domestic supply continues to be affected by African swine fever (ASF), despite ongoing vaccination efforts.

 

"While ASF remains present in the Philippines, the animal disease situation should improve in 2025," the USDA stated. The agency forecasts Philippine pork production next year to grow by 2%, reaching 1.06 million metric tonnes (MMT).

 

The USDA reported a decline in ASF cases from January to March 2024, but recent increases in August 2024 are expected to limit growth in pork production in 2025. However, the cost of animal feed is projected to decrease next year as corn supply normalises, which could improve profits for hog farmers.

 

Pork consumption is anticipated to grow by 1.9%, reaching 1.58 MMT from 2024 levels.

 

In addition to pork, the USDA also predicted a 3% rise in beef and carabeef imports, which are expected to reach 226,000 MT in 2025.

 

"Population growth and a positive economic outlook buoyed by falling international prices, especially from the Philippines' main beef suppliers, will push beef imports higher in 2025," the report stated.

 

Despite these trends, beef production is expected to remain relatively unchanged at 184,000 MT in 2025, limited by the availability of suitable land for cattle raising and persistently high feed prices.

 

The USDA noted that while improved cattle genetics and live animal imports have sustained the livestock sector's pace, there has not been a significant increase in herd numbers or overall meat production.

 

Beef consumption is expected to grow by 1.7%, reaching 184,000 MT next year.

 

-      BusinessWorld