Key points:
- Turnover for the Australian red neat industry eased 2.2% to $81.7 billion.
- Australia remains the second largest exporter of beef and the largest exporter of sheepmeat.
- Australia is the number one consumer of sheepmeat per capita.
Earlier this week, MLA released the 2024 State of the Industry Report, a catch-all document on the economic importance of the Australian red meat sector and how we stack up against our global counterparts. The report uses calendar and financial year data from 2023 to cover industry turnover, value add, number of businesses, employment and a detailed breakdown of the performance landscape of the beef, sheepmeat and goat sectors.
Economic significance of the red meat sector
Entering 2023, the red meat sector was on the tail end of three years of rebuilding. The sector shifted during the year, driven by worsening conditions and poor seasonal outlooks, which impacted confidence. Peak production and slaughter numbers started moving through the supply chain, driving prices down to long-term lows.
Despite the significant ease in prices, industry remained resilient in the face of this instability thanks to strong demand across a diversifying export market and strength in the processing sector.
Industry turnover remained above levels from five years ago, totalling $81.7 billion, though it was 2% below the previous year.
Most of this turnover came from three states: NSW (28%), Victoria (24%) and Queensland (22%), with WA (14%), SA (8%), Tasmania (3%), and the NT (1%) rounding out the remaining.
Over 400,000 people were employed through the sector, lifting last year alongside 76,999 red meat businesses, also up 3.2% on the previous year, indicating strength in the industry.
International demand and domestic consumption
The value of red meat and livestock exports rose 3% to $18.2 billion in 2022–23.
In 2023, Australia was the second-largest beef exporter and the world's largest sheepmeat and goatmeat exporter. Volumes of Australian beef and veal exports lifted 27% on 2022 totals. Sheepmeat exports were up 15%, creating the highest export figure on record, while goatmeat exports lifted an impressive 55%. The United States (US) and China were both significant markets supporting exports during this period of high supply.
Goatmeat exports totalled 33,904 tonnes shipped weight (swt) in 2023, up 55% on the year prior. The US remains the largest destination for goatmeat, accounting for 42% of exports or 14,477 tonnes in 2023.
Australians are still some of the world's largest beef consumers, ranked third behind Argentina and the US. Australia was also the largest sheepmeat consumer per capita in 2023, helped by the reduced retail price of red meat last year.
Key issues snapshot
While the report is based on the sector as it was in 2023, to ensure timeliness, eight key issue snapshots relevant to the current environment, covering co-product value add, labour issues, the global landscape, and more, close out the document.
To view the full State of the Industry Report, visit State of Industry Report 2024.
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