AUSTRALIA’S beef sector is entering one of its strongest cycles in a decade, underpinned by rising global demand, historic cattle prices, and sustained investor appetite for high-quality grazing land, according to new research.
National cattle prices, measured by the Eastern Young Cattle Indicator, continue to sit around historic highs. The Australian Bureau of Agricultural and Resource Economics latest Agricultural Outlook forecasts the gross value of beef production to approach $21 billion in 2025-26, with more than $17.4 billion expected from export markets.
JLL’s senior director of agribusiness, Chris Holgar, said the strength of the commodity market was flowing directly into farmland demand.
“The uplift in cattle prices, combined with resurgent export beef and lamb demand, is reinforcing the attractiveness of grazing properties as an investment class,” he said.
“We are seeing active inquiry from family operators and institutional investors positioning for the next phase of growth.”
Tim McMaster, associate director for agribusiness research with JLL, said the five-year export trajectory was one of the strongest on record.
“ABARES reports beef and veal exports to have risen by around 85 per cent over the past five years, with the growth attributed in equal parts to volume and unit price,” he said.
The United States remains Australia’s largest and most strategically important beef export market, with export volumes expected to continue to rise with the recent removal of the ten percent tariff.
Mr McMaster said the tariff gap with Brazil continues to shape global buying patterns and support higher Australian cattle prices.
“Even with Brazil’s recent removal of reciprocal tariffs, its exporters now face a 26.4pc rate after exceeding their quota into the US in January. This is redirecting demand toward Australia,” he said.
“The US is also expected to begin a long-anticipated herd rebuild soon, with herd numbers in January at their lowest since 1961.”
“While reported herd figures in July typically see a seasonal uplift, domestic processing demand continues to place downward pressure on the total herd with beef harvest figures about 5pc below the record production levels seen in 2021-22. As domestic production eases to enable rebuilding, the US will look to imports to meet domestic consumption.”
At the same time, evolving export trends are reshaping where Australian beef is headed offshore.
New data from the Australian Department of Agriculture, Fisheries and Forestry shows that the total exported volume of Australian Beef has grown to close to 1.4 million tonnes for the year to November, a more than 15 percent rise against the prior year’s comparable period.
Further to this, in export destinations, Japan has overtaken China as Australia’s second-largest market, importing close to 25,000 tonnes of Australian beef in November 2025 alone accounting for a 5000t lift in the year-to-date total over the same period in the prior year.
“Japan returning to the number two position reflects diversified demand across Asia, which provides an important buffer against volatility and reduces over reliance on any singular export market,” Mr McMaster said.
Rise in global demand
Elevated global consumption forecasts are expected to place continued upward pressure on prices.
The Organisation for Economic Co-operation and Development (OECD) and the Food and Agriculture Organisation of the United Nations predict global beef consumption will rise 13pc by 2034, driven by population and income growth. Markets across Asia and the Middle East are forecast to be the largest contributors to this lift with forecasted consumption rising by more than 0.6kg per capita annually.
Australia’s lending indicators also point to confidence in the sector, with data in the most recently released Banking in Agribusiness report release by The Australian Banking Association showing the beef industry as the second-largest agricultural lending segment and the lowest for non-performing loans.
“Producers are deploying capital effectively and maintaining strong financial discipline. The low level of non-performing loans reflects both operational strength and market confidence,” McMaster said.
Grazing land values remain a standout performer, with the ABARES Farmland Price Indicator showing the national average agricultural land price rose to $9401 /ha over 2024.
“Productive grazing properties continue to deliver strong results, supported by commodity fundamentals and long-term structural demand for Australian beef,” Mr Holgar said.
Source: JLL