Asia’s accelerating meat demand: An opportunity for Australian meat and dairy exporters

Asia’s accelerating meat demand and its proximity to Australia and New Zealand should place meat and dairy export heavyweights in good stead.

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China’s annual meat consumption per capita is still around half of what it is in countries like the US and Australia, which is around 120kg.

Meanwhile, the affluent and upper middle class – the segment with a high level of discretionary spending – is projected to grow from 17% of Chinese households in 2012 to 63% by 2022, according to a report by McKinsey & Company[2].

The OECD and the UN’s Food & Agriculture Organisation expect that consumers in large Asian economies will continue increasing their protein intake relative to traditional starches. Bovine and lamb consumption, driven by Asia and the Middle East, is expected to rise 14% and 21% respectively over 2015-2024, while global dairy consumption is projected to rise 23% over the same period.[3]

Asia’s accelerating meat demand and its proximity to Australia and New Zealand should place meat and dairy export heavyweights in good stead.

Sources:

1 -http://www.chinadaily.com.cn/life/2016-01/06/content_22952945.htm 2http://www.mckinsey.com/insights/consumer_and_retail/mapping_chinas_middle_class 3http://www.fao.org/3/a-i4738e.pdf