As with Dairy, Beef values have increased on average 14% and are approaching the highs of 2017 and 2018.

Whilst increased values and demand for Beef products is positive the impact of Covid-19 continues to be felt across the industry as meat works struggle to keep up with the processing demand. Farmers have increasingly found it difficult to have stock slaughtered due to reduced capacity arising from staff shortages. Increasing inflation and cost of living pressures worldwide will have a negative effect on the demand for quality cuts, just as demand following lockdowns was beginning to increase. The conflict in Ukraine will put further pressure on world food supplies, which will help support overall demand for proteins.

Uncertainty continues to play a part in the domestic market as the regulatory requirements around water quality, fencing and carbon continue to come into force in the coming years and alternative proteins continue to increase in popularity and use.