Australian exporters to benefit from growing global appetite for sheepmeat

Published 2022년 11월 15일

Tridge summary

The OECD-FAO forecasts a 15% to 18.1 million tonnes increase in global sheepmeat consumption over the next decade, with Australia set to benefit as the world's largest exporter. This growth is primarily driven by increased meat consumption in developing countries and a rise in familiarity with sheepmeat in wealthy countries. Australian producer prices for sheepmeat are expected to increase at a faster rate than other meats, largely due to a higher relative consumption of lamb. Recent and upcoming free trade agreements, including with the UK, India, and EU, further enhance Australia's export opportunities. However, the projection is subject to potential challenges such as reduced economic growth, biosecurity issues, and climate change adaptation needs in sheepmeat-producing countries.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

15 November 2022 Australian exporters can expect to benefit from the rising global demand for sheepmeat. Australian farmers will also enjoy better producer prices. The OECD-FAO expects global sheepmeat consumption to increase by 15% to 18.1 million tonnes (MT) over the next decade. This is up from 15.9 MT in 2021. Demand will be driven by increased meat consumption in developing countries and more consumers becoming familiar with sheepmeat in wealthy countries. Producer prices for Australian sheepmeat are also expected to increase at a faster rate than other meat. This is due to higher relative consumption of more expensive lamb products. Figure 1: OECD-FAO forecast for sheepmeat consumption and international trade statistics to 2031 Australian exporters will benefit from growing demand for sheepmeat. Australia is the world’s largest sheepmeat exporter. The country has strong trading relationships with high-consumption growth markets. Recent free trade agreements (FTAs) with the ...

Source: Austrade