Australia Meat Market Set to Witness Moderate Growth at a CAGR of 2.1% by 2027
Published | 22 November 2021
Due to the increasingly health-conscious consumers and the health benefits of meat consumption, and to the increasing production of meat products in Australia such as red meat, poultry, etc., the Australia meat market is estimated to grow at a high CAGR….
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Australia meat market is estimated to grow at a CAGR of 2.1%. The market is registering significant growth owing to factors such as increasing health-conscious consumers and the health benefits meat consumption offers to the human body, along with the growing local production of various types of meats, such as red meat, poultry, etc., which is fueling the accessibility of fresh as well as frozen meat for consumers. Furthermore, the flourishing tourism sector and attraction of tourists towards Australian local dishes are also driving the demand for meat, propelling its market growth. However, the increasing adoption of the vegan lifestyle and growing penetration of plant-based meat may act as a major threat to the Australia meat market in the foreseeable future.
Flourishing Tourism Sector is driving the Australia Meat Market Growth
Tourism is one of the major components of Australia’s economy, both domestically and locally. Visitors from around the world flock to this country to take in the unimaginable views, surf in the ocean, explore the beauty of its gorgeous islands, and of course, to relish meat-based local cuisines of Australia. Thus, the growing tourism sector in Australia is fueling the business of hotels and restaurants and other local food joints, which directly impacts the demand for meat in the country. The Australian government spends significant amounts to promote and boost the tourism sector to attract more visitors.
Increasing Demand for Seafood in Australia driving the Australia Meat Market
The demand for seafood is growing at a high rate in Australia and is presenting lucrative growth opportunities to the seafood industry. The seafood imports recorded a significant rise over the past few years to meet the growing local demand. According to the country’s sustainable seafood guide, Goodfish Australia, more than 200 different seafood species are imported into Australia, including prawns, fish, squid, octopus, tuna, most of which are canned. The low prices of imported products are one of the major factors driving the growth of the Australia meat market.
Request For Free Sample Report @ https://www.blueweaveconsulting.com/report/australia-meat-market#report-sample
Australia Meat Market - By Type
Based on types, the Australia meat market is segmented into red meat, poultry, and seafood. The poultry segment is further classified into chicken and turkey. Chicken meat consumption continues to outpace all other meats in Australia's dynamic meat market. Thus, chicken meat contributes significantly to Australia's economy. The inclination of Australian consumers towards cheaper protein sources is one of the major factors for the high demand for chicken.
On the other hand, the red meat segment is further categorized into beef, goat, lamb, and pork. According to the analysts, the consumption of beef is projected to witness the highest growth rate in Australia during the forecast period.
Impact of COVID-19 on Australia Meat Market
The Australia meat market was severely affected by the sudden outbreak of the COVID-19 pandemic. The supply chains were completely disrupted since the imports and export activities were completely barred due to the safety issues and spread of the virus. In addition, butcher shops and slaughterhouses, as well as supermarkets and hypermarkets, were closed due to lockdown restrictions, which hindered consumers' access to meat products. The market is estimated to register slow growth in the post-COVID-19 period due to consumers’ reluctance towards meat consumption due to fear of zoonotic diseases.
The leading players in the Australia meat market are Australian Meat Company, Australian Meat Group, Samex Australian Meat Group, Meat and Livestock Australia, JBS Food Australia, Industry Park Pty Ltd, Teys Australia Pty Ltd, Thomas Foods International Consolidated Pty Limited, Tip Top Meats, Beef Producers Australia, Australian Agricultural Company, and other prominent players.
The market is highly fragmented, with the presence of several industry players. The meat providers offer a wide range of fresh and frozen meat. Moreover, the key industry players are significantly focusing on improving their distribution channels by establishing tie-ups with retail stores and supermarkets/hypermarkets to increase their product penetration. Furthermore, the adoption of competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Australia meat market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Australia meat market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
- Australia Meat Market, By Type (Red Meat, Poultry, Seafood), By Product Type (Fresh, Chilled, Frozen), By Distribution Channel (On-Trade, Off-Trade) Trend Analysis, Competitive Market Share & Forecast, 2017-2027
Publish Date: November 2021
Australia meat market is growing at a high rate because of the increasing consumer awareness towards the health benefits of various types of meat consumption along with expansion in poultry farms due to the high demand for chicken meat and pork in the local market.
Relevant Press Releases
- Middle East and Africa Baby Food Market Size Set to Expands at Significant CAGR of 7.24% During 2023–2029, to Reach USD 4.61 Billion by 2029
- Global Protein Supplement Market Expected to Reach US$ 20,014.21 Million by 2025
- Global Cultured Meat Market Size Zooming 11.5X to Surpass USD 4.2 Billion by 2030
- Global Protein Ingredients Market Size Set to Touch USD 8.3 Billion by 2029
- Europe Black Beer Market Size Almost Doubles to Cross USD 10.6 Billion by 2029