Lamb prices to remain high this year - IFA

As CHINA buys more lamb from New Zealand, the EU market will increase demand for Irish lamb.

IFA Sheep Chairman Sean Dennehy said the market conditions that have supported the sheep trade for the past two years look set to continue into 2022. Mutton consumption in China has increased by 9% since 2018, he said. This change in supply structure resulted in New Zealand filling only 46% of its EU quota, the lowest in decades.

This increases opportunities for Irish exports. Sean Dennehy said that trade is forecast to remain stable in the coming months with supply and demand balanced, Easter and Ramadan in early April will be key trading factors.

The current problems with UK access to the EU market will open opportunities for Irish lamb. Referring to current prices, Sean Dennehy said that despite lower prices, lambs are priced between 6.90 euros/kg and 7.10 euros/kg.

IFA Sheep Chairman noted that the expected easing of covid-19 controls for the catering sector in the coming weeks will increase the demand for lamb in the domestic and EXPORT markets, and with a decrease in the number of cases of COVID-19, labor problems will decrease.