Riding on improved employment rate coupled with growing household consumption, the Australian meat market is expected to grow at a compound annual growth rate (CAGR) of 2.3% from A$18.3bn (US$13.9bn) in 2018 to A$20.4bn (US$15.9bn) in 2023, says GlobalData, a leading data and analytics company.

GlobalData’s latest 2019 report, ‘Country Profile: Meat in Australia’, reveals that fresh meat available in retail counters was the largest category with value sales of A$7.3bn (US$5.5bn), followed by chilled raw packaged meat – whole cuts, which accounted for A$3.4bn (US$2.6bn) sales in 2018.

GlobalData predicts the ambient meat category to grow at the fastest value CAGR of 4.7% while the processed chilled raw packaged meat category to record a CAGR of 3.9% during 2018–2023.

Srimoyee Nath, Consumer Analyst at GlobalData, says: “Growing population driven primarily by increasing immigrants, decreasing unemployment rates and the availability of convenient and time-saving options will drive the growth of the meat sector in Australia.”

However, Australia’s value share in the APAC region, which stood at 4.8% in 2018, is anticipated to decline to 4.6% in 2023, mainly attributed to the projected faster growth of meat products in other leading countries in the region such as India and Indonesia.

According to the report, the per capita consumption (PCC) of meat in Australia, which is higher compared to both APAC and global levels, is set to marginally decrease from 48.22kg in 2018 to 48.18kg in 2023.

IMAGE FOR PUBLICATION: PLEASE CLICK HERE: ‘PCC Comparison of Meat in Australia, APAC and Global, 2013-2023’

Australia has a fragmented meat sector with Primrybsnab, Hans Continental Small Goods and Associated British Foods Plc. being the leading market players while Primo, Hans and Ingham were the top brands. Private label meat products grew at a faster CAGR (3.6%) than branded products (2.7%) during 2013–2018. Private label products were supported by a well-developed distribution network of hypermarkets and supermarkets, and consumers’ positive perception around them.

Nath concludes: “The availability of meat products with claims of ‘reduced fat’ suiting the needs of health conscious consumers will spur the growth of the market in the coming years.”