Just Provisions always keep a close eye on the global food market
Turmoils have heavily affected the meat & fish markets over the past few years. Brexit, covid and now the war in Ukraine have, without surprise, driven the market to spectacularly take off. Producing, feeding and transporting costs have had a major impact; both professionals and households are feeling the repercussions
Since 2020 the price of meat & fish has significantly increased with the 1st quarter of 2022 going through the roof. Up to 30% in some cases
POULTRY MARKET SITUATION
Ukraine, the 3rd largest importer by volume, was one of the main suppliers of poultry products for the European market. In 2020 they exported 108.7 thousand tonnes of chicken to the EU, and their industry is now decimated. Brazil and Thailand being the 1st and 2nd largest importers to the EU won’t be able to compensate for that volume.
BEEF & VEAL MARKET SITUATION
Even though the production has remained fairly stable, the prices don’t reflect that. Historically, our suppliers could guarantee prices for a 6 month period, whereas at the moment we need to review the prices on a weekly or fortnightly basis because the market is very volatile.
The pork and lamb sector have, without surprise, followed the same trend.
Adding to the pork sector, on top of the rest the African flu outbreak, in China. Forcing them to slaughter millions of heads when they are the biggest producers and consumers on the planet. They naturally turned to other markets to buy, therefore forcing the prices up.
FISH MARKET SITUATION
On top of all the sanitary and geopolitical factors mentioned above, the fish industry also faces a shortage of supply, mainly for wild-caught fish, with farmed production being stable. EU aquaculture accounts for approximately 20% of the fish and shellfish supply in Europe. That leaves us with 80% of the fish we consume that need to be caught. There is a big imbalance in that respect.
Again it is not a surprise to see the prices go up.
If you are interested to find out more about the global food market prices check the link below: