South Korean demand for Australian goatmeat surges for second consecutive year to $48 million

South Korean demand for Australian goatmeat has continued to surge with the country becoming the second-biggest export destination for a second consecutive year, valued at $48 million.

Australian goatmeat exports to South Korea reached a record-high last year, growing 76 per cent year-on-year to reach 3756 tonnes shipped weight, following a 90 per cent growth in 2021.

The latest market insights featured in Meat and Livestock Australia’s annual Goatmeat Global Snapshot, released last week, put the total value of global goatmeat exports at about $611m.

Australian exports consisted of 44 per cent of all exports sent to South Korea.

“As the dominant player in the South Korean import market, Australian product accounted for 99 per cent of import volume in 2022,” Mr Diaz said.

“Australian goatmeat export value to South Korea also reached a record high after doubling from the previous year to total $48m.

“Indicative of the strength of demand, the South Korean import unit price is the highest among the largest import markets.”

One hundred per cent of all Australian goatmeat exported is done so frozen.

The Taiwan market has also picked up significantly in the past few years, growing since 2018 to reach a record-high of $22.8m for 2173 tonnes swt in 2022.

Last year, Trinidad and Tobago in the Caribbean represented about 4.5 per cent of Australia’s goatmeat exports, equally 976 tonnes swt, a 106 per cent year-on-year increase, valued at $11m.

The North American market has been the largest market for Australian goatmeat for more than two decades and is set to continue, with a value at $153m, driven by population growth, demographic change and evolving consumer tastes.

“While the US is Australia’s largest single export market totalling 12,505 tonnes swt in 2022, Canada is also a growing market, accounting for 6 per cent of export volume in 2022, an increase of 5 per cent on 2021,” Mr Diaz said.

He said Australian goatmeat exports to China also surged to 2,308 tonnes from January to April 2023, positioning it as the second-largest Australian export market after the US for those four months.

The surge was due to favourable prices, supported by zero tariffs from January 1 as part of the China-Australia Free Trade Agreement.

“While China stands as the world’s leading global producer of goatmeat, the majority is consumed domestically,” he said.

Despite goatmeat being a niche protein in Australia, goatmeat sales are projected to continue their upward growth trajectory of 4.9 per cent compound annual growth rate over the next five years.

An MLA 2020 survey of Australian meat consumers showed that 7 per cent consider goat among their first choice options when they think about purchasing meat.

Historically, only about 9 per cent of domestic production is consumed in Australia, with the rest exported.

Mr Diaz said Australian live goat exports accounted for 2 per cent of total goat export value in 2022, at $3.9m.

Malaysia and China are Australia’s top live goat export destinations.