Looking sheepish: Volatile prices, weak demand and falling flock numbers have limited growth
Variations in turn-off rates and wool production volumes have seen sheep farming revenue fluctuate but fall overall. Farmers have continued to focus on export markets to expand revenue in recent years. However, prolonged pandemic lockdowns in China have weakened demand for wool, leading to an oversupply and lower prices. Sheep farming revenue is expected to drop at an average annual rate of 4.1% over the five years through 2022-23, to total $3.1 billion. Revenue is anticipated to plunge by 9.8% in the current year, driven by a sharp drop in the prices of sheep, lambs and wool.
The industry consists of farms that primarily undertake sheep farming. Sheep are farmed for their meat and wool.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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