THE 2014-15 financial year was a significant one for the Australian red meat industry, with the volume of beef and lamb produced for meat and live exports reaching the highest point ever – against a backdrop of rising prices.

So how does this translate into overall industry value?

Meat & Livestock Australia estimates that the total off-farm value of the sheepmeat industry in 2014-15 was about $5 billion, up 13 percent year-on-year.

MLA broke this down as follows:

• – High slaughter and strong demand saw lamb export values increase 15pc year-on-year, to $1.8 billion, while mutton export values lifted 7pc, to $826 million (ABS/GTA data).
• – The value of live sheep exports was up 32pc on the previous financial year, to $244 million (ABS data).
• – The domestic retail value of lamb was up 10pc, to approximately $2 billion. While the retail value of mutton lifted significantly year-on-year (26pc), overall it remained only a small proportion of total value, at $71 million (MLA estimate).

Beef industry value up 20pc to $18bn

The  total off-farm value of the beef industry in 2014-15 was about $18.2 billion, up 20 percent compared to the previous financial year. That includes the total value of the domestic market, meat exports and live exports.

Record turnoff and fierce international demand for Australian beef saw export values lift 41pc year-on-year, to just over $9 billion (ABS/GTA data).

The value of live cattle exports increased 29pc on the previous financial year, to $1.4 billion (ABS data).

The domestic retail value of beef was relatively stable in 2014-15, at $7.8 billion (up 1.8pc), (MLA estimate).

Adding further value to the supply chain last year, the combined value of Australian co-product exports (hides, skins, offal and rendered product) exports was $2.4 billion, up 4pc year-on-year, driven by higher kills and assisted by the weaker A$.

Source: MLA