Red meat industry report offers key insights on global, domestic trends

The global red meat industry is undergoing significant shifts. According to the RMIS report, “China’s beef consumption grew by 5,1% annually over the past decade, driving substantial growth in global demand.” However, economic headwinds in China are expected to slow growth through 2025, impacting global consumption patterns.

Herd rebuilding efforts in the United States and Australia reveal regional contrasts. In the US, “prolonged droughts have reduced cattle inventories to their lowest since the 1960s”, whereas improved rainfall in Australia has bolstered herds and increased production.

Sheep meat dynamics mirror this variability. The report states, “In 2023, Australian lamb and mutton production surged by 12% and 42%, respectively, driven by genetic improvements and a shift towards meat production over wool.”