In terms of domestic production, Queensland was the largest beef-producing state, with production of both grass and grain-fed beef common. Surprisingly, the forecasted per capita consumption of beef in Australia was expected to decrease over the next few years. While local demand may drop, the global meat demand will likely more than compensate for the difference. In fact, Australia already exports the majority of the meat it produces. The primary export markets for beef include Korea, Japan, China, and the U.S.
Although wheat exports are a significant segment of the market, the wheat yield decreased in 2020. In recent years, there has been a decline in the land area dedicated to wheat production. Climate conditions, such as ongoing drought, have negatively affected many Australian crop farms, particularly in New South Wales.
With Australia looking set to establish itself as an even bigger contributor to the global market, adoption of new technologies will be important in order to ensure production can keep up with demand. Challenges revolve around having a large enough semi-skilled workforce, accurately forecasting yield and harvest timings, and reliance on seasonal workers. Agriculture technology, or AgTech, may hold the solutions. Globally, the value of this type of technology looks set to expand to a multi-billion-dollar market. Australia may need to quicken the pace of AgTech adoption in order to stay competitive in this market.