In 2023, animal fats production in Australia stood at a historical baseline. From 2024 to 2028, forecasts indicate a slight but steady decline in production volumes from 333.9 thousand metric tons in 2024 to 322.0 thousand metric tons in 2028.
The year-on-year variations show a marginal decrease each year:
- 2024 to 2025: -0.93%
- 2025 to 2026: -0.88%
- 2026 to 2027: -0.91%
- 2027 to 2028: -0.89%
Over the last two years of historical data (2022-2023), there was a notable fluctuation, but the overall trend suggested stabilization until 2024. The compound annual growth rate (CAGR) from 2024 to 2028 forecasts an average annual decline of approximately -0.9%.
Future trends to watch for include potential shifts in consumer preferences towards plant-based fats and oils, regulatory changes, and technological advancements in animal fat processing, which could impact both supply and demand dynamics.
