South Korea demand surges
20 June 2023
Key points:
- South Korea is the second-largest export destination for Australian goatmeat for a second consecutive year.
- The United States continues to be Australia’s largest single export market, but Canada is also a growing market.
- Australian goatmeat exports to China surged from January to April 2023, positioning it as the second-largest Australian export market after the US for this period.
Australian goatmeat exports to South Korea reached a record high in 2022, growing 76% year-on-year to reach 3,756 tonnes shipped weight (swt), following a 90% growth in 2021.
They’re among the latest key insights featured in the annual Goatmeat Global Snapshot just released by MLA.
The Snapshot shows that in a global context, while Australia has a small flock, it is the largest goatmeat exporter, supplying high-value markets such as the US and South Korea.
Global foodservice channel recovery, a key sales channel for Australian goatmeat, and the positive health association of goatmeat, provide a positive outlook for growing demand in key markets.
South Korea our second-largest market
As the Snapshot reports, ongoing growth in demand from South Korea positions it as the second-largest export destination for Australian goatmeat for a second consecutive year.
As the dominant player in the South Korean import market, Australian product accounted for 99% of import volume in 2022.
Australian goatmeat export value to South Korea also reached a record high after doubling from the previous year to total A$48 million.
Indicative of the strength of demand, the South Korean import unit price is the highest among the largest import markets.
US still our biggest market
North America has been the largest market for Australian goatmeat for over two decades.
This is set to continue and is driven by population growth, demographic change and evolving consumer tastes.
While the US is Australia’s largest single export market totalling 12,505 tonnes swt in 2022, Canada is also a growing market, accounting for 6% of export volume in 2022, an increase of 5% on 2021.
Rising demand from China
Australian goatmeat exports to China surged to 2,308 tonnes from January to April 2023, positioning it as the second-largest Australian export market after the United States for this period.
Favourable price was the main demand driver, supported by zero tariffs from 1 January as part of the China-Australia Free Trade Agreement (ChAFTA).
A barbecue event held during the May Day holiday in Shandong Province was a notable demand driver of exports in March and April, which promoted a non-traditional goat cooking method to showcase the high quality of Australian goatmeat.
While China stands as the world’s leading global producer of goatmeat, the majority is consumed domestically.
Read the full Goatmeat Global Snapshot
