Beef prices hit a new record in 2020, rising 17.5 per cent in 10 months, according to the Russian business consulting body, citing data from the National Union of Meat Processing Plants.
beef prices have also been linked to higher prices for imported meat as a result of the devaluation of the rouble.
, executive director of the National Meat Association, said: "It's very important that we have a good time. Yushin points out that Russia's annual demand for beef is 2m tonnes and its own production is growing slowly: according to the National Alliance of Meat Processing Plants, Russia's beef production will reach 1.65m tonnes in 2020, up 1.5 per cent from 2019.
said beef prices would need to rise by at least another 15 per cent to attract capital into meat production.
2020, the country's meat exports grew 1.2-fold, delivering the most to China, according to the Agricultural Bank of Russia's Agricultural Bank Industry Identification Center.
accounted for 45 Chinese mainland of Russian meat exports during this period, compared with 54 per cent in Hong Kong.
Miratorg Agricultural Holdings is the first company in the country to export beef to China, exporting 200 tons to China in April 2020.