Beef and sheep industry values soar in 2014-15

03 September 2015

The 2014-15 financial year was a significant one for the Australian red meat industry. The volume of beef and lamb produced, meat exports and live exports reached their highest point ever – all against a backdrop of rising prices.

So how does this translate into overall industry value?

MLA estimates that the total off-farm value of the beef industry in 2014-15 was approximately $18.2 billion, up 20% compared to the previous financial year. This includes the total value of the domestic market, meat exports and live exports, with the breakdowns as follows:

  • Record turnoff and fierce international demand for Australian beef saw export values lift 41% year-on-year, to just over $9 billion (ABS/GTA)
  • The value of live cattle exports increased 29% on the previous financial year, to $1.4 billion (ABS)
  • The domestic retail value of beef was relatively stable in 2014-15, at $7.8 billion (up 1.8%), (MLA estimate)

The total off-farm value of the sheepmeat industry in 2014-15 was approximately $5 billion, up 13% year-on-year.

  • Again, high slaughter and strong demand saw lamb export values increase 15% year-on-year, to $1.8 billion, while mutton export values lifted 7%, to $826 million (ABS/GTA)
  • The value of live sheep exports was up 32% on the previous financial year, to $244 million (ABS)
  • The domestic retail value of lamb was up 10%, to approximately $2 billion. While the retail value of mutton lifted significantly year-on-year (26%), overall it remained only a small proportion of total value, at $71 million (MLA estimate)

Adding further value to the supply chain last year, the combined value of Australian co-product exports (hide, skin, offal and rendered product) exports was $2.4 billion, up 4% year-on-year, driven by higher kills and assisted by the weaker A$.

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