How retail beef and lamb prices changed last year

In it latest look at the state of the industry, Meat and Livestock Australia say lower retail meat prices helped keep consumption high.

Retail meat prices fell in 2023, with retail lamb prices reduced 15.1 per cent in 2023 and retail beef prices were down 4.5 per cent.

Australia remains one of the largest consumers of beef and sheepmeat in the world, with lower retail prices in 2023 helping to keep consumption high.

That’s according to a Meat and Livestock Australia’s state of the industry report released last week, which examines the red meat and livestock industry’s market conditions and economic contributions for the prior calendar year.

According to the Australian Bureau of Statistics’ consumer price index data, retail lamb prices reduced 15.1 per cent in 2023 and retail beef prices were down 4.5 per cent. In contrast, seafood, poultry and pork prices rose 7.5 per cent, 3.1 per cent, and 5.5 per cent respectively.

The retail price for lamb has been cheaper than beef since mid-2023, helping to boost lamb consumption.

The industry report noted Australia’s per capita consumption of sheepmeat (lamb and mutton) was approximately 7.4kg in 2023, while the global average was 1.3kg.

“Easing prices have boosted lamb consumption, making it the highest it has been since early 2021,” the report noted.

Australia remains one of the world’s largest consumers of beef, ranked third behind Argentina and the United States, with per capita consumption in 2023 averaging 23.4kg, while the global average was 6kg.

It means Australia’s per capita beef and sheepmeat consumption continues to be one of the largest in the world, with 92 per cent of Australian households purchasing beef and 72 per cent buying lamb in the past year.

MLA’s managing director Michael Crowley said Australians love their beef and lamb, and this report emphasises the fact that we are some of the biggest per capita consumers of red meat globally.

“With 2024 set to break production and slaughter records highlighted in this 2023 analysis, there will be plenty more beef and lamb on the shelves for consumers to enjoy,” Mr Crowley said.

The report also found two thirds of Australian consumers have maintained their level of red meat consumption during the past 15 years, 28 per cent of consumers have reduced their intake and 15 per cent of consumers have increased their red meat consumption in 2023.

Meanwhile, the industry report found in 2022–23, Australia’s red meat and livestock industry turnover was $81.7 billion. This is 2.2 per cent below revised 2021–22 figures.

“Following three years of consistent growth, the red meat sector moved into a period of change, with 2023’s turn off resulting in peak production and slaughter numbers across beef cattle, sheep and goats,” Mr Crowley said.

Mr Crowley said 2023 was a year where the industry remained resilient despite volatility.