Australian beef exports surge globally
Australia's beef market share in Japan and Korea is rising, with the United States becoming the top export destination for Australian beef in Q1 2024, according to Meat & Livestock Australia.
Its latest Global Beef Market Update shows a positive outlook for Australian beef globally.
Australia exported over 70% of its beef production in 2023 and has emerged as the largest market for Australian beef in 2024. The report indicates a strong outlook for Australian exports, with high South American slaughter rates due to drought expected to decline as conditions normalise, reducing global beef supply.
Despite low consumer confidence, a weak Australian dollar has made Australian beef more competitive. Grass-fed and grain-fed beef exports have grown in 2024, with grass-fed exports increasing by 29% and grain-fed by 7% from Q1 2023.
Overall, the global outlook for Australian beef is strong.
