In his latest Livestock Update, Morgan Stanley’s commodities guru Hussein Allidina writes that he expects demand for beef to continue to fall next year.
“We see US beef demand falling for its 7th consecutive year in 2013 as high prices and a bumpy economic recovery (with slow declines in unemployment and per capita real GDP growth of 1.4% in 2013) fail to reverse declining US per-capita consumption — modelled down 1.8% YoY to just 36.19 kgpa,” he writes.
It may be the 7th consecutive year, but demand has actually been falling since the 1980s.
Here’s a chart from Allidina’s report:
Photo: Morgan Stanley
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