Taiwan is increasing demand for US beef to record levels
United States Meat Export Federation is expecting an increase in the beef exports to Taiwan, as the Asian country has become an important destination for the US beef producers.
Last year the U.S. beef industry exported a record $409.7 million of product to Taiwan, up 13 percent from the previous year, and captured 72 percent of the chilled beef market, which is the highest in the region.
2018 looks to be a good year also, considering the fact that the beef exports to Taiwan are registering a growth by 25% in volume and 42% in value for the first two months of this year compared to the same period of 2017.
"Last year Taiwan was the sixth largest market for U.S. beef, in value terms, with over $400 million in shipments there. That’s quite a performance for an area with just 23 million or so in population. What’s interesting, though, is that the average price-per-pound product shipped to Taiwan is higher than all other markets, except the Netherlands, which as we all know must pay a high price for the non-hormone treated beef that we send there.
The U.S. enjoys over 70 percent market share for chilled beef, and that’s much higher than any other Asian market by quite a margin. Steakhouses tout their wet-aged U.S. steaks, retail giants like Costco and PX Mart all highlight at the meat case their chilled U.S. beef supply. Even traditional food markets use chilled U.S. beef", explains Joe Haggard, USMEF, senior vice president for the Asia Pacific.
The secret of success consists in the fact that Taiwan is almost entirely depended on imports for its beef supply and the millennials are used to dine out frequently. "The record total beef imports for the past three years straight are evidence of the increasing overall beef consumption. We’ve been looking at numbers during Quarter One this year and they suggest that we’re in for another record beef import year in 2018", said Haggard.
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