Pork prices in the EU continue to fall

Prices fell in all key producing countries. The Netherlands saw its worst decline in a four-week period, following some relative stability since October. Prices fell 24p/kg in the four weeks ending January 28 and are 11p/kg below their levels a year ago. In contrast, in France and Spain prices fell by just 2p/kg and 3p/kg respectively over the four-week period. Price declines in these two countries appear to have stabilized since mid-December, but are lower year-on-year after falling sharply in the summer and autumn months. Belgium and Denmark are the only key producing countries where prices remain above those seen last year .

EU pork production volumes have been declining throughout 2023. The latest forecast from the European Commission says production will continue to decline by around 1% annually until 2035. This reduction in supply could support prices if consumer demand improves.

Although pork consumption on the continent has been declining over the long term and is expected to continue this trend, this change in consumer behavior has been gradual, driven largely by HEALTH and environmental concerns. According to the European Commission, the rising cost of living, which affected consumer spending in the second half of 2022 and throughout 2023, led to a significant fall in per capita consumption in the EU of 5%. Many consumers have abandoned pork and switched to poultry due to lower prices.