“The long-term outlook for global sheep meat consumption is strong, due to economic development, growing populations and household income growth,” says Ann Boyda, provincial livestock market analyst with the Alberta government. “As always there are several factors that go into that long-term outlook with Australia, New Zealand, China and the United States all playing key roles.”
Australia is the largest global market supplier with the country’s 2023 lamb production predicted to increase by 3.5% over 2022. The East Asian markets drive much of the demand for Australian sheep meat and the market continues to grow. Two new market agreements, the Australia-United Kingdom Free Trade Agreement and the Australia-India Comprehensive Economic Cooperation Agreement, will fuel future growth. Australia may face some challenges, however, associated with market access and currency fluctuation risks that come with its dependence on overseas markets.
New Zealand is the second largest global sheep meat exporter, exporting over 90% of its sheep meat production. Beef + Lamb New Zealand’s mid-season update, March 2023, indicates that a fall in demand from China drove a decrease in sheep meat. The average value of lamb decreased 11% for the 2022-23 year and export volumes are forecast to be down 3%.
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