Based on the data, the beef meat demand in Indonesia stood at 793.0 thousand metric tons in 2023. Reviewing the historical values, there have been significant fluctuations. The year-on-year variation for 2023 was 0.89%. The last two years showed relatively modest increases in demand. Notably, 2020 experienced a sharp decline of 16.24%, followed by a substantial recovery in 2021 with a 21.58% increase. The Compound Annual Growth Rate (CAGR) over the last five years is 0.93%, indicating slow but steady growth.
Looking forward, forecasted data suggests a consistent increase in demand, reaching 829.71 thousand metric tons by 2028. The forecasted 5-year CAGR is 0.71%, and the overall 5-year growth rate is projected to be 3.63%.
Future trends to watch for include potential impacts of economic factors, shifts in consumer behavior towards alternative proteins, and government policies on meat importation and agriculture. The steady growth suggests a stable market with moderate expansion, but external influences could alter this trajectory.
