Worldwide Chicken Prices increases rapidly
Due to inflation and disrupted supply chains, red meat has become more expensive. The popularity of chicken as a source of protein has also grown. Moreover, with the cost of chicken feed increasing and energy costs rising along with transportation costs, Omicron disrupts every part of the production line. Labor shortages and lack of truck drivers have led to a worldwide shortage of chicken, which has contributed to the rapid surge in prices. In May 2022, US retail chicken prices reached their highest point in 15 years ($3.70 per kilogram) and were about 20% higher than the last 10-year average price. As demonstrated by Trade Data Pro’s database statistical-analyze chart below:
Month/Year
|
Chicken Retail Price(USD/kg)
|
10/2021
|
2.33
|
11/2021
|
2.34
|
12/2021
|
2.74
|
1/2022
|
2.88
|
2/2022
|
2.83
|
3/2022
|
3.34
|
4/2022
|
3.67
|
5/2022
|
3.70
|
*Data Source from theglobaleconomy: Chicken Meat Prices
13,326,000 metric tonnes of broiler meat will be exported globally in 2021, with Brazil and the United States being the main exporters. Turkey ranks 11th globally in terms of exports and consumption of chicken meat, and over the previous five years, the country’s exports of chicken meat have hit a record high (485,100 metric tonnes). Our import/export trade database estimated that Turkey’s export of chicken will rise by almost 10% to 539,000 metric tonnes in 2022.
The increase in demand in China and Turkey’s neighbouring nations, as well as the uncertainty surrounding Ukrainian chicken exports, are the main causes of the predicted significant increase in Turkish broiler meat export. Turkey’s domestic consumption of chicken meat remains largely stable from year to year despite an increase in chicken exports. Turkey produced 2,136,000 MT of chicken meat in 2020, however it only consumed 1,696,000 MT. Turkey produced 2,246,000 MT of chicken meat in 2021, however it only used 1,683,000 MT.