People from Argentina are reducing their steak consumption due to the country's faltering economy, according to a market analysis on Friday, July 5. As a result, beef consumption is projected to reach an all-time low this year.
The Rosario exchange, which provides market updates for cattle and commodities, predicted that Argentina's beef consumption in 2024 will reach 44.8 kg (98.77 lb), the lowest since records started in 1914, as reported by Reuters. Nearly 73 kg is the historical average.
Argentina has several steakhouses, ranches, and grills, all contributing to the South American country's well-known beef culture.
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Huge Economic Hit in Argentina
Argentina's economy has reportedly taken a major blow due to recession, triple-digit inflation, and increasing poverty and unemployment rates.
Since becoming president last December, libertarian Javier Milei has implemented controversial budget cuts to control expenditures. He also removed the previous administration's ban on cattle price increases.
More and more people opt for cheaper options, such as chicken and pork, based on longer-term trends. The analysis revealed that by 2024, 1 kg of beef may be replaced with roughly 2 kg of other meats. According to the Rosario exchange, meat consumption is expected to fall 9% from last year, reaching its lowest point since 2011.
A second study also revealed that producers increasingly send their beef overseas as domestic demand shrinks. Export volumes increased 10% from January to May compared to the same period last year.
Although Argentines eat less beef overall, they consume much more than Americans (38 kg per year on average), Australians (27 kg), and Chileans (26 kg), as per the study.
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