The global meat index reached USD 3.9/kg in mid-April (second week) due to a steep increase in pork, chicken, and beef prices worldwide.
In April 2022, pig meat prices registered sharp monthly increases in the top markets, underpinned by supply shortfalls of slaughter pigs in Western Europe combined with a surge in domestic demand due to the Easter holidays. The Mintec price for EU pork increased by 12.7% month-on-month (m-o-m) and by 37.1% quarter-on-quarter (q-o-q) to reach EUR 1.9/kg in April. International poultry meat prices stayed firm, fuelled by reduced supplies from leading exporting countries following Avian Influenza (AI) outbreaks. The Mintec price for chicken in the US reached a record high level of USD 3.6/kg, up 10.4% m-o-m and 65.3% year-on-year (y-o-y) during the same period. Cattle meat prices also rose in line with a tight supply of slaughter-ready cattle in key producing regions, such as Brazil, the EU, and the US, while global demand remained strong. The Mintec price for beef in Brazil reached BRL 8.1/kg, up 6.5% m-o-m and 9.9% y-o-y.
Global meat prices were also supported by a persistent rise in feed prices, which are highly correlated to different meat categories. Feed grain prices have been on an upward trend since Q3 2020 due to supply tightness in the key regions. The Russia-Ukraine war further exacerbated this, as both regions combined account for a substantial hare in the grains market. Labour and energy also account for a vital share in chicken production costs, and prices of both inputs have been rising steadily, adding upward pressure to meat prices.