Between 2014 and 2023, meat production in Australia exhibited fluctuations with an initial increase from 2014 to 2015, followed by a general downward trend. The value in 2023 stood at 4.54 million metric tons, representing a 0.44% year-on-year decline. Over the last five years, the compound annual growth rate (CAGR) has averaged -0.65%, indicating a persistent, albeit slow, decline in production.
Moving forward, forecasted data for the years 2024 to 2028 suggest a continuing gradual decline in meat production, with a forecasted 5-year CAGR of -0.36% and an overall decrease of 1.8% during this period. Notably, the production volume in 2028 is expected to further decrease to approximately 4.43 million metric tons.
Future trends to watch for include:
- Impact of climate change on grazing and feed availability.
- Shifts in consumer preferences towards plant-based proteins.
- Government policies on agriculture and trade.