Australian beef consumption expected to rise slightly in 2024

Beef continues to be most expensive meant
calendar icon 4 March 2024
clock icon 1 minute read

The USDA Foreign Agricultural Service (FAS) post in Canberra forecasts a small increase in domestic beef consumption to 675,000 MT (CWE) in 2024 from the upward revised 2023 estimate of 665,000 MT (CWE), according to a recent US Department of Agriculture (USDA) Global Agricultural Information Network (GAIN) report.

This increase is related to the forecast rise in beef production which in turn is anticipated to result in a decline in retail beef meat prices in the second half of 2023 and into 2024. This is expected to improve the competitiveness of beef compared to other meats, but it will still by far be the most expensive of the major meats (beef, lamb, pork and poultry). But the big rise in the cost of living experienced in 2022 and 2023, is expected to continue to have a dampening effect on beef consumption, hindering a greater rise in forecast beef consumption for 2024.

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