SYDNEY, May 26 (Xinhua) -- Australia's beef industry is set for another strong year in 2025, with production expected to approach the record levels of 2024, according to an industry report on Monday.
Driven by favorable seasonal conditions and a larger cattle inventory, beef output reached 2.57 million tons in 2024, the highest on record, according to the latest Australian Beef Seasonal Outlook from Rabobank, an agribusiness financial service provider.
Rabobank forecasts similar volumes in 2025, supported by high carcass weights and sustained cattle turnoff. Despite the bumper supply, global demand is keeping pace, which is expected to help maintain steady cattle prices, the report said.
Rabobank's senior animal proteins analyst, Angus Gidley-Baird, the report's author, said reduced production from key competitors will bolster Australia's position in export markets.
The report notes that while domestic per capita beef consumption is projected to dip slightly due to economic pressures, population growth and rising household incomes should keep overall domestic demand steady. Exports will continue to be crucial, making up around 75 percent of production.
The United States is expected to remain Australia's top beef export market, mainly for manufacturing beef, while demand from Asian markets is expected to be weak but gradually improving, the report said.
Globally, beef production is tipped to decline by 2 percent in 2025 compared to 2024, led by a 5 percent drop in Brazil. The United States is also expected to rebuild its cattle herd gradually, further boosting demand for imports, including Australian beef, it said.
While the report expects a slowdown in restocking activity due to already high cattle inventories and patchy dry conditions in parts of Victoria, New South Wales, and South Australia, producer confidence remains high, it added. ■
