Cattle stocks are projected to expand in 2022 as slaughter slowed in late 2021. In the dairy sector, cow slaughter is likely to increase in 2022 to lower excess milk production. And in the beef sector production in 2022 is projected to be up from 2021. Food service demand is slowly recovering from the demand shocks caused by COVID-19 outbreaks, but higher retail prices for beef imports may shift consumption of beef to pork or chicken. Japan’s 2022 pork production is projected down slightly from 2021, so expected strong retail demand will be met by greater imports in 2022.