Millions of chickens have been slaughtered in the EU due to Avian Influenza (AI), leading to supply tightness in the EU chicken market. As a result, the recent three-month average price of EU chicken (Jun-Aug ‘21) reached EUR 2,035/MT, 3% higher than the previous average (Mar-May ‘21). EU chicken production, which decimated due to AI, is gradually recovering and would take some time to get back to normal levels. However, the demand for chicken has been increasing at a faster rate, thus supporting EU chicken prices.
The Jun-Aug ‘21 average price of US chicken increased to USD 2,269/MT, 9% above the previous average (Mar-May ‘21). The price increase was attributed to low US chicken stocks, strong domestic demand and high feed ingredient prices. US consumption in 2021 is forecast to stay stable at 16.9 million tonnes (CWE). Mintec expects the consumption figure to be revised upwards at some point later this year, supported by the resumption in foodservice demand.
From economical to political, all the factors impacting the poultry or chicken market have been analysed to provide a market outlook for the next three months. Mintec’s market outlooks (schedule) provide insights on factors shaping the market dynamics of various commodities, providing the opportunity for market participants to stay ahead of factors that will impact procurement decisions. Please visit our Mintec Analytics platform to find out more.