Outlook for livestock and livestock products

The forecast decline in pork and poultry meat prices in 2023-24 follows a two-year period of significant price rises relative to the long-term trend (Figure 4.5). [...]Australian consumers substituted towards consuming more pork and poultry which increased demand and in turn raised prices by 15-20%...

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Bibliographic Details
Published inAgricultural commodity statistics pp. 30 - 43
Main Authors Read, Alistair, Rollan, Jasmine, Xia, Charley, Litchfield, Fred
Format Journal Article
LanguageEnglish
Published Canberra Australian Bureau of Agricultural and Resource Economics and Sciences, ABARES 01.06.2023
Subjects
Beef
Cattle
Competition
Consumers
Cost control
Dairy products
Exports
Feeds
Food prices
Livestock
Meat processing
Milk
Milk production
Pandemics
Pork
Poultry
Prices
Seasons
Sheep
Wool
China
Australia
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Summary:The forecast decline in pork and poultry meat prices in 2023-24 follows a two-year period of significant price rises relative to the long-term trend (Figure 4.5). [...]Australian consumers substituted towards consuming more pork and poultry which increased demand and in turn raised prices by 15-20% since June 2018. Competition between processors at the start of the 2023-24 season is expected to remain high driven by low levels of domestic milk production and larger than usual excess capacity in dairy processing facilities. Export prices for all Australian dairy products are expected to fall in 2023-24 as rising global milk production more than offsets the rebound in Chinese demand following the lifting of pandemic restrictions in December 2022 (Figure 4.7).
ISSN:1839-8235
1839-8391