Asia-Pacific: Market for Sheep And Goat Meat 2023

Market Size for Sheep And Goat Meat in Asia-Pacific

In 2021, the Asia-Pacific sheep and goat meat market decreased by -0.9% to $X for the first time since 2016, thus ending a four-year rising trend. The total consumption indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +4.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +59.7% against 2016 indices. Over the period under review, the market attained the maximum level at $X in 2020, and then declined modestly in the following year.

Production of Sheep And Goat Meat in Asia-Pacific

In value terms, sheep and goat meat production reduced modestly to $X in 2021 estimated in export price. The total production indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +83.8% against 2016 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 48% against the previous year. Over the period under review, production attained the maximum level at $X in 2020, and then shrank in the following year.

China (X tons) constituted the country with the largest volume of sheep and goat meat production, accounting for 56% of total volume. Moreover, sheep and goat meat production in China exceeded the figures recorded by the second-largest producer, India (X tons), sixfold. Australia (X tons) ranked third in terms of total production with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume in China amounted to +2.3%. The remaining producing countries recorded the following average annual rates of production growth: India (+1.1% per year) and Australia (+2.6% per year).

In 2021, the average yield of sheep and goat meat in Asia-Pacific totaled X kg per head, increasing by 2.5% compared with 2020. In general, the yield showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the yield increased by 2.8% against the previous year. Over the period under review, the sheep and goat meat yield reached the peak level in 2021 and is likely to see steady growth in years to come.

In 2021, the number of animals slaughtered for sheep and goat meat production in Asia-Pacific fell modestly to X heads, therefore, remained relatively stable against 2020 figures. This number increased at an average annual rate of +2.2% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the number of producing animals increased by 7.5% against the previous year. The level of producing animals peaked at X heads in 2020, and then shrank modestly in the following year.

Exports of Sheep And Goat Meat

Exports in Asia-Pacific

In 2021, approx. X tons of sheep and goat meat were exported in Asia-Pacific; jumping by 29% compared with the previous year. The total export volume increased at an average annual rate of +3.4% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, sheep and goat meat exports skyrocketed to $X in 2021. Total exports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +8.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, New Zealand (X tons) and Australia (X tons) represented the key exporter of sheep and goat meat in Asia-Pacific, constituting 98% of total export.

From 2012 to 2021, the biggest increases were in New Zealand (with a CAGR of +4.4%).

In value terms, New Zealand ($X) and Australia ($X) were the countries with the highest levels of exports in 2021.

In terms of the main exporting countries, New Zealand, with a CAGR of +9.3%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per ton, increasing by 19% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.5%. The pace of growth appeared the most rapid in 2017 when the export price increased by 19%. Over the period under review, the export prices attained the peak figure in 2021 and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2021, the country with the highest price was New Zealand ($X per ton), while Australia stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by New Zealand (+4.7%).

Imports of Sheep And Goat Meat

Imports in Asia-Pacific

In 2021, approx. X tons of sheep and goat meat were imported in Asia-Pacific; growing by 8.1% compared with the year before. Total imports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +9.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +120.5% against 2016 indices. The pace of growth appeared the most rapid in 2013 when imports increased by 62% against the previous year. The volume of import peaked in 2021 and is likely to see gradual growth in the immediate term.

In value terms, sheep and goat meat imports soared to $X in 2021. Overall, imports enjoyed a resilient increase. The pace of growth was the most pronounced in 2013 with an increase of 54%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the immediate term.

Imports by Country

China dominates imports structure, recording X tons, which was approx. 73% of total imports in 2021. It was distantly followed by Malaysia (X tons), creating a 5.2% share of total imports. South Korea (X tons), Japan (X tons), Taiwan (Chinese) (X tons), Papua New Guinea (X tons), Singapore (X tons) and Hong Kong SAR (X tons) took a relatively small share of total imports.

Imports into China increased at an average annual rate of +14.2% from 2012 to 2021. At the same time, South Korea (+15.3%), Malaysia (+5.0%), Singapore (+4.2%) and Japan (+1.4%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +15.3% from 2012-2021. Papua New Guinea and Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-2.8%) illustrated a downward trend over the same period. While the share of China (+23 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Malaysia (-2.4 p.p.), Papua New Guinea (-3.4 p.p.), Japan (-3.5 p.p.), Hong Kong SAR (-3.6 p.p.) and Taiwan (Chinese) (-4.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported sheep and goat meat in Asia-Pacific, comprising 70% of total imports. The second position in the ranking was taken by Japan ($X), with a 5.7% share of total imports. It was followed by South Korea, with a 5.5% share.

From 2012 to 2021, the average annual growth rate of value in China amounted to +21.2%. In the other countries, the average annual rates were as follows: Japan (+4.7% per year) and South Korea (+22.8% per year).

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per ton, surging by 17% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.1%. The most prominent rate of growth was recorded in 2016 when the import price increased by 30% against the previous year. Over the period under review, import prices attained the peak figure in 2021 and is likely to see steady growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Japan ($X per ton), while Papua New Guinea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+6.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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