Of the $8 million contribution to the Canadian beef industry announced this week, $5.3 million is earmarked for Canada Beef Inc.
“We will be investing this money into all of the emerging markets – but China is certainly is one of the most important ones for us,” says Michael Young, president, Canada Beef Inc., adding growth in the country is up over 300 per cent since January.
“The volume and value is growing. There’s a demand for high-quality protein in China, and…the upper-middle class is developing a flavour for grain-fed beef and they like what they’re seeing and tasting from Canada.”
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Young says there are other markets, such as the EU, that will grow as well, but Japan and China are real growth markets moving forward.
The funding, though new, was expected, and part of Canada Beef’s strategy moving forward.
Young says the group intends to invest in end-user customers, growing the Canadian beef brand based on “quality, safety and sustainability.”