In 2023, the beef meat market in Australia stood at 660.0 thousand metric tons. Over the past two years, the market has seen a year-on-year decline of 1.64%. The five-year compound annual growth rate (CAGR) has also indicated a decline of 1.23% per year, reflecting a consistent downward trend in beef meat volume since 2019.
The data from 2014 to 2023 shows significant fluctuations, particularly in 2017 when there was a sharp drop of 23.2%. Although moderate growth was observed between 2015 and 2016, the market has been on a continuous decline since 2017. Projections for the future show a continued decrease, with an expected volume of 604.0 thousand metric tons by 2028, reflecting a forecasted five-year CAGR of -1.4%, leading to an overall decline of 6.79% from 2024 to 2028.
Future trends to watch for include changing consumer preferences toward plant-based proteins, impacts from climate change on cattle farming, potential policy changes regarding livestock emissions, and economic factors affecting meat production and consumption. Monitoring these trends will be critical for stakeholders in the beef industry.
