After a decade of blistering growth, the U.S. domestic beer market declined in 2023. The reasons given include some consumers opting for a healthier, alcohol-free lifestyle, and others switching to drinking higher alcohol spirits. This increases the importance of exports but both beer and hops exports also declined in 2023. This is important since 70 percent of U.S. hops production is exported. The U.S. produces 45 percent of the world’s hops. U.S. acreage dedicated to hops production expanded rapidly to respond to the growth in craft beer production, and hoppy beers like India pale ale. Meanwhile, top export markets like Germany are suffering from economic malaise. Germany is also a major supplier but U.S. hops imports from th...
What You Need to Know Today: Day three of the Pro Farmer Crop Tour found corn yield potential below last year in both Illinois and western Iowa. Illinois corn yields averaged 184.2 bushels/acre, down from 199.6 bushels/acre last year and the 199.2 bushels/acre three-year average, while wester...
The USDA’s Foreign Agricultural Service (FAS) projects China’s chicken imports to drop by 33 percent this year and another 15 percent next year, as domestic production outpaces growing consumption and the country’s own exports surge. In its annual report on the Chinese poultry...
Key Takeaways: $13 billion in new U.S. dairy processing investment is moving across the sector, led by cheese ($3.2 billion), milk and cream ($2.9 billion), and yogurt and cultured dairy ($2.8 billion), with butter-powder capacity ($1.6 billion) and ice cream ($530 million) rounding out the bu...
From WPI Consulting
Communicating importance of value-added products
Facing increasing pressure to quantify the value of export promotion efforts to investors, a U.S. industry organization retained WPI to develop a quantitative model that better communicated the importance of exports. The resulting model concluded that value-added meat exports contributed $0.45 cents per bushel to the price of corn, increasing support for that sector’s financial support of WPI’s client. In addition to serving the red meat industry with this type of analysis, WPI has generated similar deliverables for the U.S. soybean and poultry/egg industries.