In January 2022, U.S. meat prices grew tangibly compared to January 2021: beef prices soared by 30%, pork by 11%, turkey gained 18%, and broiler prices skyrocketed by 62%. Due to rising feed costs, prices are set to accelerate, spurred by low hay stocks.
LOS ANGELES, Jan. 31, 2022 (GLOBE NEWSWIRE) -- In early 2022, U.S. meat prices continue rising, according to a new report from market research company IndexBox. Wholesale prices for boxed select beef cutouts reached $270 per cwt, rising by 6% from December 2021 to January 2022. Over the same period, pork cutouts prices grew by 3% to $89 per cwt, while broiler prices picked up 7% to $133 per lb. By contrast, turkey prices decreased by 1.5% to $128 per lb.
Compared to the same period of 2021, wholesale beef prices grew by 30% in January 2022. Pork prices rose by 11%, and turkey prices increased by 17%, while broiler prices saw a massive jump over the last year, surging by 62% against January 2021.
IndexBox forecasts that meat and poultry prices will moderately grow in the coming months due to the expected rise in feed cost. Notably, U.S. hay stocks hit a 10-year low in December 2021, as the production sharply reduced due to continuing drought in the U.S. Western regions.
U.S. Meat and Poultry Exports
Meat and poultry exports from the U.S. amounted to 7.1M tonnes in 2020, increasing by 7.5% on 2019 figures. In value terms, meat and poultry exports expanded slightly to $16.4B.
Mexico (1.5M tonnes), China (1.3M tonnes) and Japan (625K tonnes) were the main destinations of meat and poultry exports from the U.S., together accounting for 49% of total exports.
In value terms, Japan ($3.1B), China ($2.7B) and Mexico ($2.4B) constituted the largest markets for meat and poultry exported from the U.S. worldwide, with a combined 50% share of total exports.
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Companies Mentioned in the Report
Tyson Foods, Cargill, Sysco, Pilgrim’s, Hormel, Perdue Farms, OSI Group, Koch Foods, Wayne Farms, Mountaire Farms, Keystone Foods, Peco Foods, House of Raeford Farms, Sanderson Farms, Perdue Foods, LDC, Plukon Food Group, PHW Group, Agricola Italiana Alimentare, 2 Sisters Food Group, SV Industries, Maspack Limited, Muyuan Foodstuff Co., Wens Group, Smithfield Foods/WH Group, Zhengbang Group, New Hope Group, Charoen Pokphand Foods, Techbank Food Co., Triumph Foods, Sichuan Dekon Group, BRF S.A., Pipestone System, Seaboard Foods, Twins Group, Yangxiang, Cooperl, Iowa Select Farms, DaBeiNong, COFCO, Vall Companys Group, Seara Foods, Aonong Group, The Maschhoffs, Miratorg, Aurora Alimentos COOP, Prestage Farms, JBS, Prestage Farms, Carthage System, AMVC Management Services, Maxwell Foods, TriOak Foods, Schwartz Farms, Country View Family Farms, Holden Farms
Sources
World – Meat and Poultry - Market Analysis, Forecast, Size, Trends and Insights
World - Chicken Meat - Market Analysis, Forecast, Size, Trends and Insights
World – Beef (Cattle Meat) - Market Analysis, Forecast, Size, Trends and Insights
World - Pork (Meat of Swine) - Market Analysis, Forecast, Size, Trends and Insights
World - Lamb and Sheep Meat - Market Analysis, Forecast, Size, Trends and Insights
Contact Information
Mekhrona Dzhuraeva
Editor
media@indexbox.io
