Demand for Australian goat meat in South Korea has continued to rise and the country has become the second largest export destination for the second year in a row, with a value of $48 million.
Australian goat meat exports to South Korea hit a record last year, growing 76% year-on-year to reach 3,756 tonnes shipped weight, after growing 90% in 2021.
The latest market outlook presented in Meat and Livestock Australia’s annual global goat meat snapshot, released last week, puts the total value of global goat meat exports at around $611 million.
Australian exports consisted of 44 percent of all exports shipped to South Korea.
“As the dominant player in the South Korean import market, the Australian product accounted for 99% of the import volume in 2022,” Diaz said.
“Australian goat meat export value to South Korea also hit a record after doubling from the previous year to a total of $48 million.
“Indicative of the strength of demand, South Korea’s unit import price is the highest among the largest import markets.”
One hundred percent of all exported Australian goat meat is frozen.
The Taiwan market has also recovered significantly in recent years, growing from 2018 to a record $22.8 million for 2,173 swt tons in 2022.
Last year, Trinidad and Tobago in the Caribbean accounted for around 4.5% of Australia’s goat meat exports, equivalent to 976 swt tonnes, up 106% year-on-year, valued at $11 million.
The North American market has been the largest market for Australian goat meat for over two decades and will continue, valued at $153 million, driven by population growth, demographic change and evolving tastes. of consumers.
“While the US is Australia’s largest single export market with a total of 12,505 swt tonnes in 2022, Canada is also a growing market, accounting for 6% of export volume in 2022, an increase of 5% compared to 2021”, said Díaz.
He said Australian goat meat exports to China also rose to 2,308 tonnes from January to April 2023, positioning it as Australia’s second-largest export market after the US for those four months.
The increase was due to favorable prices, supported by zero tariffs from January 1 as part of the China-Australia Free Trade Agreement.
“While China stands as the world’s leading producer of goat meat, most of it is consumed domestically,” he said.
Despite goat meat being a niche protein in Australia, goat meat sales are expected to continue their upward growth trajectory with a CAGR of 4.9% over the next five years.
A 2020 MLA survey of Australian meat eaters showed that 7 per cent consider goat among their first choices when thinking about buying meat.
Historically, only about 9 percent of domestic production is consumed in Australia, with the rest being exported.
Diaz said Australian live goat exports accounted for 2% of the total value of goat exports in 2022, at $3.9 million.
Malaysia and China are the main export destinations for live goats from Australia.
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