Global demand but global shrinking also at this time.
Check it out:

When middle-class families in Japan, South Korea or China sit down for a special meal, either at home or in a restaurant, beef often is what’s for dinner. Each of those beef dinners represents a major change from as recent as 10 years ago, when pork, poultry or seafood were overwhelmingly the proteins of choice in most Asian countries.

The fact is international beef demand has grown rapidly in recent years, and likely will continue to grow significantly as the global economy improves and people become more affluent. And as fate would have it, that demand growth is occurring during a time when global beef production is shrinking.