Domestic price of meat in Australia - Data and Analysis (1984-2034)

IBISWorld forecasts the domestic price of meat to dip by 2.1% during 2026-27, to reach 200.7 index points. Beef and lamb prices are expected to ease from the elevated levels reached in 2025-26. Beef prices are forecast to soften as China's safeguard tariffs and weaker export demand limit processor demand at saleyards. Lamb prices are also expected to moderate from record highs, as softer export prices and price-sensitive consumers switching to alternative, cheaper protein choices weigh on demand. Pig prices are forecast to fall more sharply, owing to higher domestic slaughter and greater competition in export markets.Domestic meat prices have been highly volatile but risen overall over the past five years. Rising incomes in key export markets throughout Asia and the Middle East have improved the purchasing power of consumers in these markets. This has enabled foreign consumers to purchase higher value, premium meats. Australia's high standards of production and strict quarantine laws mean that Australian agricultural products, like beef and lamb, are generally viewed as high-value goods in export markets. As a result, increasing demand for premium meats has boded well for Australian meat producers. Robust demand for Australian beef, thanks to low US beef supply, has also supported beef exports and prices in 2025-26.Mounting demand for Australian meat in export markets saw Australian meat producers increasingly divert meat supplies to export markets in an attempt to increase earnings. This reduced the meat supplies available to the local market, placing upward pressure on local prices. Labour shortages, the disruption of processing facilities due to the pandemic and farmers rebuilding herds and flocks constrained overall production over the two years through 2021-22, placing upward pressure on meat prices and contributing to the elevated price levels in 2021-22. Prices fell over the two years through 2023-24 due to the completion of the herd and flock rebuild, and dried conditions led producers to destock, driving turnoff and slaughter rates. Meat prices have since rebounded strongly, with US demand for Australian beef amid low US cattle numbers and a shrinking sheep flock pushing beef and lamb prices upwards in 2025-26. Pig prices also rose, driven by robust domestic demand as consumers shifted towards cheaper proteins. As prices started from an elevated base in 2021-22, the overall growth rate has been relatively modest. Overall, IBISWorld forecasts the domestic price of meat to increase at a compound annual rate of 2.1% over the five years through 2026-27.