Australia: Beef Market 2024

Beef Market Size in Australia

In 2021, after three years of growth, there was significant decline in the Australian beef market, when its value decreased by -10.4% to $X. The market value increased at an average annual rate of +2.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X, and then reduced in the following year.

Beef Production in Australia

In value terms, beef production dropped modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.4% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when the production volume increased by 20% against the previous year. Over the period under review, production attained the peak level at $X in 2020, and then fell in the following year.

In 2021, the average yield of beef (cattle meat) in Australia rose notably to X kg per head, surging by 7% compared with 2020. Over the period under review, the yield showed a relatively flat trend pattern. As a result, the yield attained the peak level and is likely to continue growth in the immediate term.

In 2021, the number of animals slaughtered for beef production in Australia contracted rapidly to X heads, with a decrease of -23.9% against the year before. In general, the number of producing animals showed a noticeable descent. The most prominent rate of growth was recorded in 2013 when the number of producing animals increased by 13% against the previous year. Over the period under review, this number reached the maximum level at X heads in 2015; however, from 2016 to 2021, producing animals stood at a somewhat lower figure.

Beef Exports

Exports from Australia

In 2021, overseas shipments of beef (cattle meat) decreased by -12% to X tons, falling for the second consecutive year after three years of growth. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 16% against the previous year. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, beef exports amounted to $X in 2021. The total export value increased at an average annual rate of +3.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 with an increase of 27% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Japan (X tons), South Korea (X tons) and China (X tons) were the main destinations of beef exports from Australia, together comprising 60% of total exports. These countries were followed by the United States, Indonesia, the Philippines, Vietnam and Taiwan (Chinese), which together accounted for a further 30%.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +31.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), South Korea ($X) and China ($X) were the largest markets for beef exported from Australia worldwide, with a combined 59% share of total exports.

In terms of the main countries of destination, China, with a CAGR of +26.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average beef export price stood at $X per ton in 2021, increasing by 18% against the previous year. Over the last nine years, it increased at an average annual rate of +4.4%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+7.0%), while the prices for the other major destinations experienced more modest paces of growth.

Beef Imports

Imports into Australia

In 2021, supplies from abroad of beef (cattle meat) increased by 33% to X tons, rising for the second consecutive year after three years of decline. Overall, imports showed resilient growth. The pace of growth was the most pronounced in 2020 with an increase of 230% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in the immediate term.

In value terms, beef imports skyrocketed to $X in 2021. In general, imports recorded resilient growth. The growth pace was the most rapid in 2020 with an increase of 184% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to continue growth in the immediate term.

Imports by Country

In 2021, New Zealand (X tons) was the main supplier of beef to Australia, accounting for a 97% share of total imports. It was followed by Japan (X tons), with a 2.9% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from New Zealand totaled +5.9%.

In value terms, New Zealand ($X) constituted the largest supplier of beef (cattle meat) to Australia, comprising 85% of total imports. The second position in the ranking was taken by Japan ($X), with a 15% share of total imports.

From 2012 to 2021, the average annual growth rate of value from New Zealand stood at +8.5%.

Import Prices by Country

In 2021, the average beef import price amounted to $X per ton, rising by 10% against the previous year. Overall, the import price saw a tangible expansion. The most prominent rate of growth was recorded in 2018 when the average import price increased by 59%. The import price peaked at $X per ton in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for New Zealand amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by New Zealand (+2.5%).

Source: IndexBox Platform

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