2024 Global Goat Snapshot released
21 June 2024
MLA has released the eagerly awaited 2024 Global Goat Snapshot, providing a comprehensive analysis of Australia's leading role in the global goatmeat market.
The snapshot delves into the intricacies of supply and demand, offering a meticulous overview of essential aspects such as domestic production, supply volumes, pricing, export figures, and market access conditions.
It also provides an exhaustive analysis of Australia's top goat markets with updated insights on trends that underpin current demand and future opportunities.
Key highlights
Australian production and supply
Australian goat production set a new record-high year in 2023. After a 20-year low in 2020, goatmeat production and the number of animals processed more than doubled in three years to achieve the highest production volume ever recorded in Australia. Sustained favourable conditions triggered an expansion in the flock size, increasing supply volumes. Goatmeat had enjoyed record-high prices since mid-2019, but a combination of factors saw reduced prices in 2023.
Australian exports
In a global context, Australia shines as the world's leading goatmeat exporter. In 2023, Australia exported the second highest volume of goatmeat since record, only 2,000 tonnes shipped weight (swt) below the record high year, 2014.
The more competitive prices supported the export volume, although it affected the total value perceived in 2023, decreasing it by 10% compared to the record-high year 2022.
The United States remains the largest market for Australian goatmeat, with the lowest market share in 20 years. China Mainland surged as the second largest market, followed by South Korea, which continued its rapid growth for the fifth consecutive year.
MLA’s Market Insights Analyst, Emiliano Diaz, reported that “in discussions with colleagues in the key markets, we see plenty of interest in Australian goatmeat but at the right price”.
Domestic market
While Australia is a net goatmeat exporter, the domestic market also represents a significant opportunity, with specific consumer segments driving growth. Recognising the opportunity for broader appeal and increased product availability, in 2024, MLA launched the Goat Trail campaign aiming to drive awareness for goatmeat and show consumers where to find and experience it in Sydney.
North America
The US is by far Australia's largest export market, and Canada is a notable destination. During Australia's low production years, competitors significantly increased their goatmeat exports to the US. However, as Australian exports recovered and offered more competitive prices, demand for other suppliers' goatmeat plummeted, and Australia increased its market domination. While goatmeat is a niche protein with low awareness among the general public, demand is skewed to the large populations of several ethnic backgrounds and specific cities. To find out more, go to the Snapshot.
South Korea
South Korea has been growing demand for Australian goatmeat since 2019 and has become a crucial market for Australia. In the last three years, it recorded record high volume and value and accounted for a stunning 25% of the total export value in 2023, making it the second most valuable market after the US. Increasing consumer interest in overall health and the positive health association of goatmeat have been significant drivers of the demand for Australian goatmeat.
Taiwan
Taiwan has been a long-standing trade partner, with Australia supplying almost all of Taiwan's goatmeat imports and two-thirds of the domestic consumption. Taiwan primarily imports skin on carcases, which are typically consumed in winter due to the product's association with body strengthening and warming properties.
China Mainland
In 2023, China, the world's largest producer of goatmeat, significantly increased its demand for Australian goatmeat, becoming the second-largest market. This surge was supported by the elimination of tariffs, competitive pricing, and the unique opportunity to showcase the product at the 2023 May Day BBQ festival.
The Caribbean
The Caribbean has a large goat flock and a long tradition of enjoying goatmeat. Australia has been a reliable supplier to Trinidad & Tobago for over 30 years. More affordable Australian goatmeat prices have boosted the demand from this market in 2023.
Livestock exports
Australia’s live goat exports rebounded in demand in 2023, driven by increased animal availability and affordable prices. In 2023, Australia exported A$7 million worth of goats, primarily to Malaysia and China.
