Sheepmeat production at the farm gate in Australia reached 3.52 billion euros in 2023, showing a year-on-year variation of 7.91%. Over the past five years leading up to 2023, the compound annual growth rate (CAGR) averaged at 5.92%. Analyzing the actual data from 2013 to 2023, there have been periods of significant growth and several instances of decline, such as in 2018 and 2020 when the production dropped by 7.05% and 15.7% respectively. Noteworthy growth spurts include 2016, 2019, and 2022 with respective increases of 11.02%, 23.52%, and 10.15%.
Looking ahead, the forecasted data from 2024 to 2028 suggests a steady growth trajectory, with an expected average annual growth rate (CAGR) of 3.02%, culminating in sheepmeat production reaching 4.27 billion euros by 2028. The overall growth rate over this period is forecasted at 16.04%, indicating a consistent upward trend.
Future trends to watch for include variations in domestic and international demand, climate impacts, and potential shifts in agricultural policies which could influence production levels. Keeping an eye on technological advancements and sustainability practices in livestock farming could also be critical in shaping future sheepmeat production trends in Australia.
