Global lamb market – Oceanian exports pivot as China’s demand looks to shape 2025 market

Australian exports of sheep meat have grown considerably in 2024, an increase of 16% year-on-year (January to October) . This was driven largely by increased production, with 2024 set to be a record year for lamb and sheep slaughter and Q2 of this year the highest on record. This is likely a result of 2023’s peak flock numbers followed by some liquidation of the herd in 2024. Ewe slaughter in the region has increased 17% year on year, meaning higher supplies in 2024 but with potential implications for the breeding flock looking forward. Lamb slaughter has lifted in 2024, at an increase of 11% year-on-year (Jan to Sep). Yet Q3 of 2024 is starting to see declines in volume which we are likely to see continue into 2025. Yet, export prices for Australian sheep meat have started to recover in 2024, up 6% year-on-year, supported by strong exported demand from both the Middle East and the US. The Middle East and North Africa now account for 30% of Australian sheep meat export volumes, an ...