DID YOU KNOW? There is only one big export competitor that can match Australia’s sheep meat exporting power – New Zealand.
Even though Australia produces only 5% of the world’s sheepmeat, it accounts for 36% of exports and has consistently remained the world’s leading provider.
Global sheepmeat consumption is expected to expand at a rate of 1.4 percent per year through 2024 (OECD-FAO 2020), owing to rising incomes in developing countries.
World sheepmeat consumption is predicted to increase by 895,000 tonnes by 2024, compared to 2020, while the sheepmeat share of global meat consumption is expected to remain stable at 4.8 percent over the next five years.
Sheepmeat prices have been steadily rising in comparison to beef, pork, and poultry, and are expected to remain high over the next decade.
Global sheepmeat prices have more than doubled since 2002, according to a price index from 2002 to 2004, whereas poultry and pork prices have only climbed by 51% and 19%, respectively (FAO meat price index).
Despite this historical price increase, sheepmeat consumption has continually increased. This makes sheepmeat consumption a very significant key dominator in recent prominent market trends