November 5, 2012
Australia predicts a rise in beef demand by Asian market
A new Australian Government White Paper predicted that there will be a significant increase in the amount of beef produced by Australia to supply the burgeoning Asian market.
Running to more than 300 pages, the report sets out opportunities in Asia for Australian business and industry. It says the value of beef produced is likely to rise to AUD10 billion (US$10.4 billion) by 2025 and to AUD15 billion (US$15.5 billion) by 2050. In 2007 it stood at just over AUD7 billion (US$7.3 billion).
Launching the White Paper, Prime Minister Julia Gillard said Asia's rise was not only unstoppable but gaining pace. Asia will become home to most of the world's middle classes by early 2025, she said, with the region not only becoming the world's biggest producer, but the largest consumer too.
The White Paper said Australia was in a good position to benefit from the growth. Although Australian farm production only accounts for about 3% of the country's GDP, added-value production, including food processing, boosts its GDP to nearly 12%. Some 60% of food grown in Australia is exported, with the proportion likely to increase.
