A mixed bag for global pork demand
Economic factors are creating a mixed bag for global pork demand.
Christine McCracken, Senior Protein Analyst with RaboResearch tells Brownfield as beef and poultry prices rise, they are seeing strong support for pork in the US market.
“The big question now is, will we see stronger demand into exports? I think that really reflects some uncertainty in global markets as we think through where the economy sits and some of the geopolitical tensions that are rising.”
She says consumers are entering a more challenging economic period, which could create increased competition from other proteins.
“The good news is we are relatively short on overall protein supplies, so there is a fairly good balance, just a challenging environment when you think through where the consumer might be in six months or so.”
The newest quarterly pork report from RaboResearch shows China’s pork imports are down 65% year over year due to COVID-19 related lockdowns but are expected to pick up in the second half of 2022 as businesses reopen.
Meanwhile, Mexico has increased pork imports which are expected to remain above year ago levels as domestic supply falls short and Highly Pathogenic Avian influenza has reduced availability of US turkey.