Against a backdrop of punitive market access, Australian branded beef exporters continue to eye off Europeans such is the high-value nature of their custom.
The European Union makes up only a very small proportion of Australia's total beef exports but on a dollar-per-kilogram basis it is referred to as the highest value market.
The relative affluence of EU citizens, alongside stringent import requirements and a growing tendency among consumers to pay attention to sustainable production tendencies, has made beef imports to this region considerably more valuable than the global average, Meat & Livestock Australia analysis says.
Australia's current access to the EU beef market is in stark contrast to the majority of other export markets, which have largely liberalised trade.
The unwillingness of EU negotiators to address the low-volume import quotas and high out-of-quota import tariffs on red meat was a key factor leading to Australia walking away from free trade agreement talks with the bloc last year.
Branded beef owner Josie Angus says Australia did the right thing by walking away.
But she is highly critical of previous actions Australian negotiators have taken in this space, saying "we gifted away the access we had."
Europe is the single largest volume export market for the Angus family's Signature Beef.
Mrs Angus said the decision by Australia not to pursue World Trade Organisation intervention on the EU's decision to hand over the lion's share of its grain-fed quota to the United States in return for wider-spanning trade had massive impacts.
That deal was made six years ago and at the time promises were made about a better deal for Australian beef in FTA arrangements to come - something that has not eventuated.
Mrs Angus said producers and exporters asked at the time for Australia to 'get in writing' the guarantees the EU was making.
"That didn't happen and we are now faced with diminishing access every year going forward, while the US is not making use of what they were awarded," she said.
"It has turned out to be a laughable decision from Australia."
Incredible potential
Beef exporters say the potential in Europe would be incredible if the market access hurdles could be overcome.
Australian exports to Europe tend to be dominated by loin cuts and chilled beef - these premium products make up a considerably larger percentage of imports than the global average.
MLA says dietary adjustments, health and environmental considerations and convenience are key drivers that will influence the demand for meat moving forward in the EU.
Australian beef has solid credentials in this area, putting it in prime position to meet that demand.
To ship to the EU, Australian beef must be accredited under the European Union Cattle Accreditation Scheme to ensure it meets requirements, mostly for no use of hormone growth promotants.
Beef consumption per capita is high in the EU by international standards but only around 5pc of consumption is supplied by imports, MLA data shows.
The EU is a significant producer of beef, with most production derived from dairy-based herds and consumed domestically.
Mrs Angus said the EU's large, affluent red meat eating population had always been attractive to Australian beef exporters, particularly those who - like Signature Beef - have a long-term commitment to HGP-free.
"We've invested a lot into this market and we'll stick with it as long as we can but it's fair to say we are now just hanging in there," she said.
It appears an FTA between Australia and the EU could be off the table for at least three years with the EU going into election cycle this year.
South American beef exporters Argentina, Brazil, Uruguay and Paraguay concluded FTA negotiations with the EU in 2019, with an outcome that substantially increased beef access for the bloc, MLA reported. However, the agreement has met strong criticism in the EU particularly around environmental-related concerns and is yet to be ratified.
New Zealand also signed an FTA with the EU last year, with big advancements on lowering the in-tarrif quota and raising the volumes in the quota.
That agreement is also yet to be ratified.