The chart above shows beef per capita consumption from 2000 with projected consumption for 2023 and 2024. As shown, USDA thinks there will be significantly less beef available in 2024 than in 2023.
In this context, consumption has little to do with demand. Rather, domestic consumption is largely a supply measure and simply shows how much beef available and consumed in the domestic market.
Per capita supply in 2000 was around 68 pounds per person. This year it is expected to be 57 pounds, a 16% decline. And USDA thinks that per capita domestic supply next year will drop another 7.4%. If that happens it will be a truly astounding number and even higher prices will be needed to ration out this supply.
Source: Daily Livestock Report - Steiner Consulting Group - Full Article