Australian sheep sector to remain strong in the next five years
Global consumption of sheep meat is expected to increase at a 1.6% CAGR over the next five years with prospects for value growth in new markets.
There will be limited volume growth in wool consumption as supply remains under pressure from the current dry conditions, but Rabobank believes that continued demand from both traditional markets and new consumers will help sustain the value growth for wool seen since 2015. "Wool and lamb are well placed to leverage existing characteristics and target new consumers," according to Angus Gidley Baird, RaboResearch Senior Analyst – Animal Protein.
Millennials would pay more for sheep meat and other produces resulted from this sector as long as those items will respond to their demand in terms of quality, authenticity, and transparency. "Australian sheep producers are already well placed to capitalise on these new markets as they have a good reputation for quality. However, there will be strong competition from alternative fibres and proteins for these same markets and producers will need to continue to look for improvements in the areas of transparency, quality, and flexibility", added the analyst.
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