Beef meat demand in Australia stood at 660 thousand metric tons in 2023, marking a year-on-year decline of 1.64%. Over the past five years, the compound annual growth rate (CAGR) has been -1.23%. From 2014 to 2023, the beef meat demand has experienced a significant decline, particularly notable in 2017 when there was a 23.2% drop. Recent years indicate a consistent decreasing trend with minor year-on-year declines ranging from 1.56% to 1.64%.

Looking ahead, forecasts suggest a continued downward trend with a five-year CAGR of -1.4% and an overall forecasted decline of 6.79% by 2028.

Future trends to watch for include:

Changes in consumer preferences towards alternative protein sources
Impact of climate change and sustainability concerns on beef production and consumption
Government policies and regulations affecting the meat industry