Argentina’s Beef Consumption Hits Record Low Amid Economic Slump

BUENOS AIRES, July 5 (Reuters) – Beef-loving Argentines are cutting back on their steaks as the country’s economy slumps, leading to a likely record low in cattle consumption this year. According to a market report published on Friday by the Rosario exchange, Argentina’s beef consumption in 2024 is expected to total around 44.8 kg (98.77 lb) per person, the lowest since record-keeping began in 1914. The historic average stands at nearly 73 kg.

The South American nation’s economy has been severely impacted by triple-digit inflation, a recession, and rising poverty and unemployment. Libertarian President Javier Milei, who took office in December, has implemented austerity measures to curb government spending and ended the previous government’s freeze on beef prices.

Argentina, renowned for its beef-eating culture with numerous steakhouses, cattle ranches, and asado barbecues, is experiencing a significant shift. As domestic consumption declines, farmers are increasingly exporting their beef. A separate report from the Rosario exchange showed that export volumes from January to May of this year are up 10% compared to the same period last year.

Despite the economic challenges, Argentina’s beef industry continues to adapt, seeking new markets abroad to offset the decline in domestic consumption.