Since reaching peak numbers in 2016, the New Zealand national cattle herd has been gradually declining, and this is expected to continue in 2024. In recent years, government policies associated with waterway exclusions, winter grazing restrictions, and mitigating nitrogen leaching have been the main contributors to the decline. In the long term, the national beef industry faces an immense challenge due the New Zealand Government’s intent to price agricultural emissions by 2025. On-farm inflation is forecasted to be the biggest non-climate-related challenge in the next 18 months. Prices for livestock farm inputs increased 16.3 percent between March 2022 and March 2023 – representing the highest on-farm inflation rate for livestock farmers in 40 years. Export volumes to global markets in the first half of 2023 were up 8 percent on the previous year, with strong demand in the United States and China. However, global inflation and recession have seen prices soften by over 7 percent.