Report highlights potential

AUSTRALIA’S $6.5 billion sheep industry needs 22 million more sheep just to maintain its current share of global production, according to an agricultural research paper released by ANZ last week.

The paper, titled The Sheep’s Back, paints a positive picture for sheep farming but reveals improved productivity gains – supported by the growth of the national flock number from its near record low – are critical to realising the 21 per cent increase in global demand for meat and 9 per cent rise for wool by 2040.

“Economic growth in developing nations and consumption patterns give rise to optimism for sheep farming, with forecasts showing the total value of sheep meat produced could increase by 30 per cent by 2040,” ANZ’s head of agribusiness Mark Bennett said.

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