World - Goat Meat - Market Analysis, Forecast, Size, Trends and Insights
Goat Meat Market - Growth Despite Weak International Trade
Photo: © Kantharochana / Bigstockphoto
Despite the fall of global prices on the meat products market, due to weakening demand from both oil-exporting and developing countries, the goat meat price, in contrast, has peaked. The relatively nascent international trade in goat meat is the reason for this, as its consumption mainly depends on the extent to which goat rearing and breeding has been developed in the producing countries.
Consumption on the goat meat market is inextricably linked to those locations where the meat is produced, in contrast to the meat markets with an existing international trade base: goat meat exports account for no more than 1% of its total global output. This figure has remained stable for many years and any tangible pre-requisites for its growth remain absent. As a result, goat meat prices are determined not by the consumption trends and foreign trade policy in importing countries, but by domestic demand and the development of goat rearing and breeding in the producing countries.
According to IndexBox, the key goat meat countries in terms of output are concentrated in Asia and Africa - together, these regions account for over 90% of the global total production. Africa and Asia's considerable share in goat meat output is dictated by the specifics of goat rearing and breeding. This industry can develop in even the harshest of environments and the local community is also heavily involved in rearing the animals: goat breeding is mainly conducted through small farm holdings, which due to the goat husbandry obtain not only valuable meat, but also goat milk and skin.
China is the largest global producer of goat meat: in 2015, China's output share totaled 40% of total global goat meat production (2.2 million tonnes); India ranked second, with 9%, then Pakistan and Nigeria with 5% each respectively, and finally Sudan, with 4%. China is the leading country in terms of the average annual rate of growth in goat meat output: from 2007-2015, this stood at 3.6%, higher than the figures for Bangladesh (2.7%) and Pakistan (2.3%). The rate of growth in goat meat output in other producing countries was more measured, while India experienced a negative growth trend (-0.5%).
Should the global price trends for goat meat be mentioned here, then from 2007-2015, the average annual rate of growth for these amounted to +16.5%; in absolute terms, they doubled over this period, reaching $4.4 thousand/tonne. Price stagnation was observed in Bangladesh only, where they remained below $2 thousand/tonne for the entire period. China recorded the most marked growth in terms of price trends, where in 2015, they reached $9.6 thousand/tonne.
In terms of global export prices, from 2007-2015, the average rate of growth (+6.7%) fell short of the increases in the global selling prices of goat meat; in absolute terms, they had reached $6 thousand/tonne by 2015 year-end. This was perhaps a result of enhanced competition on the global meat market. The top-three countries for goat meat exports include Australia (51% of global exports), Ethiopia (25%) and Pakistan (5%). In absolute terms, goat meat exports reached 62.6 thousand tonnes in 2015 (1% of global output): its main consumers are those countries with a predominantly Muslim population, where goat meat is enjoyed as a festive and celebratory delicacy.
In general, goat meat remains unpopular with consumers. Although its consumption is not prohibited by any religious faith, and goat meat is in demand in China, the world's most populated country, in 2015, global goat meat consumption amounted to, on average, only 0.8 kg/head. This is only half the story, however: even in the largest consumer countries, demand is dependent on the different social groups.
If the goat meat market's prospects are to be discussed here, then the market outlook depends on the consumer/producer countries' capacity to step up demand.
The dominant trends on the global market can be reflected using the graph figure below, where:
• The X axis shows the growth/decline trends in consumption from 2007-2015 (CAGR);
• The Y axis: the prospects for per capita consumption growth;
• The circle size: current market consumption.
The division into quadrants was obtained by applying the two horizontal and vertical dividing lines: the first shows the average global consumption of goat meat (0.8 kg/head), and the second, its average annual growth (+2.4 from 2008-2015).
The first quadrant features countries with a high per capita consumption of goat meat and a modest rate of growth in terms of demand (Nigeria, Pakistan, the Sudan and Iran, in particular). The second quadrant shows countries with high levels of consumption and rates of growth with regard to demand (China, Mali and Turkey). Countries with low consumption and a rapid pace of demand growth (China and Turkey used to be in this group, but both have now moved into the second quadrant as a result of market saturation) are displayed in the third quadrant, and finally the fourth quadrant depicts those countries with low consumption and rates of demand growth (India and Indonesia).
Overall, the situation on the global goat meat market is very paradoxical. Due to the fact that goat rearing and breeding is practised world-wide, goat meat can hardly be classed as an exotic product. As a result, however, of the lack of development in the international goat meat trade, prices for the product are showing the opposite trend, in comparison with other types of meat products. According to IndexBox, despite these contradictions, the global goat meat market is set to expand in the immediate term, driven by increased consumption from Africa's and Asia's growing population.
Do you want to know more about the global goat meat market? Get the latest trends and insight from our report. It includes a wide range of statistics on
- goat meat market share
- goat meat prices
- goat meat industry
- goat meat sales
- goat meat market forecast
- goat meat price forecast
- key goat meat producers
Source: IndexBox AI Platform
This report provides an in-depth analysis of the global goat meat market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2025.
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The Latest Trends and Insights into The Industry
The Largest Importers on The Market and How They Succeed
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The Largest Producers on The Market and Their Profiles
The Largest Markets And Their Profiles
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