Goat Meat Market

The global goat meat market is expected to see continued growth in consumption and production over the next eight years, with a forecasted increase in market volume and value. China leads in both consumption and production, with the United States and the United Arab Emirates emerging as top importers. Australia remains the largest exporter of goat meat, with Mongolia showing the highest growth rate in exports. Pricing data indicates fluctuations in import and export prices over the years, with noticeable differences based on country of origin.

Market Forecast

Driven by increasing demand for goat meat worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.6% for the period from 2022 to 2030, which is projected to bring the market volume to 7.2M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market value to $63.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Goat Meat

Global goat meat consumption amounted to 6.4M tons in 2022, leveling off at the previous year's figure. The total consumption volume increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2019 with an increase of 3.2%. Global consumption peaked in 2022 and is expected to retain growth in the near future.

The global goat meat market value fell modestly to $47.5B in 2022, reducing by -2.1% 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 market value increased at an average annual rate of +3.4% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the global market attained the maximum level at $48.6B in 2021, and then dropped in the following year.

Consumption By Country

China (2.5M tons) constituted the country with the largest volume of goat meat consumption, accounting for 39% of total volume. Moreover, goat meat consumption in China exceeded the figures recorded by the second-largest consumer, India (550K tons), fivefold. The third position in this ranking was held by Pakistan (532K tons), with an 8.4% share.

From 2012 to 2022, the average annual growth rate of volume in China stood at +2.3%. In the other countries, the average annual rates were as follows: India (+0.7% per year) and Pakistan (+2.9% per year).

In value terms, China ($26.9B) led the market, alone. The second position in the ranking was taken by Pakistan ($3.6B). It was followed by India.

In China, the goat meat market increased at an average annual rate of +4.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Pakistan (+4.2% per year) and India (-0.6% per year).

In 2022, the highest levels of goat meat per capita consumption was registered in Mongolia (35 kg per person), followed by Chad (8.5 kg per person), Sudan (2.6 kg per person) and Pakistan (2.3 kg per person), while the world average per capita consumption of goat meat was estimated at 0.8 kg per person.

From 2012 to 2022, the average annual rate of growth in terms of the goat meat per capita consumption in Mongolia totaled +5.9%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Chad (+2.6% per year) and Sudan (-1.8% per year).

Production

World Production of Goat Meat

For the eleventh consecutive year, the global market recorded growth in production of goat meat, which increased by 1.4% to 6.4M tons in 2022. The total output volume increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2019 with an increase of 3.2% against the previous year. Over the period under review, global production reached the maximum volume in 2022 and is expected to retain growth in the near future. The general positive trend in terms output was largely conditioned by a modest increase of the number of producing animals and a relatively flat trend pattern in yield figures.

In value terms, goat meat production shrank to $51.7B in 2022 estimated in export price. The total output value increased at an average annual rate of +4.2% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 22%. Over the period under review, global production reached the maximum level at $53.7B in 2021, and then reduced in the following year.

Production By Country

China (2.5M tons) constituted the country with the largest volume of goat meat production, accounting for 39% of total volume. Moreover, goat meat production in China exceeded the figures recorded by the second-largest producer, India (551K tons), fivefold. Pakistan (532K tons) ranked third in terms of total production with an 8.4% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +2.3%. The remaining producing countries recorded the following average annual rates of production growth: India (+0.7% per year) and Pakistan (+2.8% per year).

Yield

The global average goat meat yield amounted to 13 kg per head in 2022, picking up by 1.8% on the previous year. In general, the yield, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the yield increased by 3.6%. The global yield peaked at 13 kg per head in 2012; however, from 2013 to 2022, the yield remained at a lower figure.

Producing Animals

In 2022, global number of animals slaughtered for goat meat production reduced modestly to 504M heads, approximately reflecting 2021. This number increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 6.2%. Over the period under review, this number hit record highs at 506M heads in 2021, and then declined in the following year.

Imports

World Imports of Goat Meat

Global goat meat imports amounted to 61K tons in 2022, increasing by 6.5% on 2021. In general, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 39% against the previous year. Over the period under review, global imports hit record highs at 71K tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, goat meat imports rose significantly to $403M in 2022. The total import value increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 40% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the near future.

Imports By Country

The United States (21K tons) and the United Arab Emirates (16K tons) represented roughly 60% of total imports in 2022. It was distantly followed by South Korea (3.3K tons), generating a 5.5% share of total imports. Taiwan (Chinese) (2.2K tons), Canada (2.1K tons), Portugal (2K tons), Oman (1.7K tons), France (1.4K tons), the UK (1.3K tons), Italy (1.1K tons), Trinidad and Tobago (1.1K tons) and Bahrain (1K tons) held a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +15.5%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($151M), the United Arab Emirates ($84M) and South Korea ($33M) constituted the countries with the highest levels of imports in 2022, together comprising 67% of global imports.

Among the main importing countries, South Korea, with a CAGR of +23.6%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average goat meat import price stood at $6,611 per ton in 2022, increasing by 3.4% against the previous year. Over the last decade, it increased at an average annual rate of +3.0%. The growth pace was the most rapid in 2019 when the average import price increased by 7.3%. Over the period under review, average import prices attained the peak figure in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Korea ($10,066 per ton), while Bahrain ($4,041 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Trinidad and Tobago (+7.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Goat Meat

In 2022, overseas shipments of goat meat increased by 1.3% to 60K tons, rising for the second consecutive year after three years of decline. In general, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 20% against the previous year. The global exports peaked at 71K tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, goat meat exports dropped slightly to $417M in 2022. The total export value increased at an average annual rate of +2.9% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when exports increased by 37%. The global exports peaked at $419M in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports By Country

In 2022, Australia (21K tons), distantly followed by Ethiopia (13K tons), Kenya (9.9K tons) and Spain (3.6K tons) represented the main exporters of goat meat, together achieving 80% of total exports. France (2K tons), Mongolia (1.6K tons), Greece (1.6K tons) and Tanzania (1.1K tons) took a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for Mongolia (with a CAGR of +47.4%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Australia ($181M) remains the largest goat meat supplier worldwide, comprising 43% of global exports. The second position in the ranking was taken by Ethiopia ($82M), with a 20% share of global exports. It was followed by Kenya, with a 14% share.

From 2012 to 2022, the average annual growth rate of value in Australia stood at +2.8%. The remaining exporting countries recorded the following average annual rates of exports growth: Ethiopia (+3.3% per year) and Kenya (+23.6% per year).

Export Prices By Country

The average goat meat export price stood at $6,914 per ton in 2022, with a decrease of -1.5% against the previous year. Over the last decade, it increased at an average annual rate of +3.3%. The most prominent rate of growth was recorded in 2014 when the average export price increased by 14% against the previous year. Over the period under review, the average export prices hit record highs at $7,021 per ton in 2021, and then fell slightly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was France ($9,311 per ton), while Mongolia ($2,514 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tanzania (+35.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform