IndexBox has just published a new report: ‘Asia-Pacific – Goat Meat – Market Analysis, Forecast, Size, Trends and Insights’. Here is a summary of the report’s key findings.

The Asia-Pacific goat meat market expanded rapidly to $30.1B in 2019, growing by 9.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). The total market indicated a prominent expansion from 2007 to 2019: its value increased at an average annual rate of +1.8% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, consumption increased by +56.7% against 2014 indices. The level of consumption peaked in 2019 and is expected to retain growth in years to come.

Consumption by Country

The country with the largest volume of goat meat consumption was China (2.4M tonnes), comprising approx. 61% of total volume. Moreover, goat meat consumption in China exceeded the figures recorded by the second-largest consumer, India (502K tonnes), fivefold. The third position in this ranking was occupied by Pakistan (352K tonnes), with a 9.1% share.

In China, goat meat consumption increased at an average annual rate of +1.9% over the period from 2007-2019. In the other countries, the average annual rates were as follows: India (-0.5% per year) and Pakistan (+2.8% per year).

In value terms, China ($22.7B) led the market, alone. The second position in the ranking was occupied by India ($2.4B). It was followed by Pakistan.

The countries with the highest levels of goat meat per capita consumption in 2019 were Nepal (2.47 kg per person), Myanmar (1.89 kg per person) and Pakistan (1.72 kg per person).

Market Forecast 2019-2030

Driven by increasing demand for goat meat in Asia-Pacific, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.5% for the period from 2019 to 2030, which is projected to bring the market volume to 4.6M tonnes by the end of 2030.

Production in Asia-Pacific

In 2019, goat meat production in Asia-Pacific rose to 3.9M tonnes, with an increase of 2% on 2018 figures. The total output volume increased at an average annual rate of +1.8% from 2007 to 2019; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2016 with an increase of 3.4% y-o-y. Over the period under review, production reached the peak volume in 2019 and is likely to see gradual growth in the immediate term. The general positive trend in terms output was largely conditioned by a mild expansion of the number of producing animals and a relatively flat trend pattern in yield figures.

In value terms, goat meat production soared to $36.8B in 2019 estimated in export prices. Overall, production posted a remarkable increase. Over the period under review, production hit record highs in 2019 and is expected to retain growth in the immediate term.

Production by Country

China (2.4M tonnes) remains the largest goat meat producing country in Asia-Pacific, accounting for 61% of total volume. Moreover, goat meat production in China exceeded the figures recorded by the second-largest producer, India (502K tonnes), fivefold. The third position in this ranking was occupied by Pakistan (353K tonnes), with a 9.1% share.

In China, goat meat production increased at an average annual rate of +1.9% over the period from 2007-2019. In the other countries, the average annual rates were as follows: India (-0.5% per year) and Pakistan (+2.7% per year).

Producing Animals in Asia-Pacific

In 2019, the number of animals slaughtered for goat meat production in Asia-Pacific expanded to 291M heads, picking up by 1.6% compared with the previous year. This number increased at an average annual rate of +1.5% over the period from 2007 to 2019; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2009 when the number of producing animals increased by 5.3% year-to-year. Over the period under review, this number hit record highs at 291M heads in 2016; however, from 2017 to 2019, producing animals failed to regain the momentum.

Yield in Asia-Pacific

The average goat meat yield amounted to 13 kg per head in 2019, leveling off at the year before. Over the period under review, the yield saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 5.1% y-o-y. Over the period under review, the goat meat yield hit record highs in 2019 and is likely to see steady growth in years to come.

Imports in Asia-Pacific

In 2019, the amount of goat meat imported in Asia-Pacific contracted to 8.8K tonnes, waning by -9.2% on 2018. The total import volume increased at an average annual rate of +1.2% from 2007 to 2019; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when imports increased by 25% against the previous year. As a result, imports reached the peak of 12K tonnes. From 2015 to 2019, the growth imports remained at a somewhat lower figure.

In value terms, goat meat imports declined to $43M (IndexBox estimates) in 2019. Overall, imports, however, recorded buoyant growth. The level of import peaked at $57M in 2017; however, from 2018 to 2019, imports yet failed to regain the momentum.

Imports by Country

The purchases of the four major importers of goat meat, namely Taiwan, Viet Nam, South Korea and Hong Kong SAR, represented more than two-thirds of total import. It was distantly followed by Japan (460 tonnes), making up a 5.2% share of total imports. China (317 tonnes), Macao SAR (292 tonnes), India (209 tonnes), Sri Lanka (185 tonnes), Malaysia (177 tonnes) and the Philippines (169 tonnes) followed a long way behind the leaders.

From 2007 to 2019, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by India, while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest goat meat importing markets in Asia-Pacific were Taiwan ($12M), South Korea ($9.4M) and Hong Kong SAR ($6.4M), together comprising 64% of total imports. These countries were followed by Japan, Viet Nam, Macao SAR, China, Malaysia, Sri Lanka, the Philippines and India, which together accounted for a further 32%.

Among the main importing countries, India recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2019, the goat meat import price in Asia-Pacific amounted to $4,887 per tonne, waning by -2.2% against the previous year. Import price indicated a perceptible increase from 2007 to 2019: its price increased at an average annual rate of +4.5% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, goat meat import price decreased by -15.8% against 2017 indices. The growth pace was the most rapid in 2016 when the import price increased by 22% year-to-year. Over the period under review, import prices reached the peak figure at $5,802 per tonne in 2017; however, from 2018 to 2019, import prices failed to regain the momentum.

There were significant differences in the average prices amongst the major importing countries. In 2019, the country with the highest price was Macao SAR ($7,657 per tonne), while Viet Nam ($1,613 per tonne) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by Macao SAR, while the other leaders experienced more modest paces of growth.

Source: IndexBox AI Platform