The countries of the European Union, due to COVID-19, as well as related restrictive measures, met with a high level of meat surplus.
According to Bloomberg, the demand for all meat products in Europe fell to the level of seven years ago, including pork. Demand for it is 0.6% - such a decline in demand was only in 2013.
Consumption of beef and chicken decreased to a record low for all previous years. Therefore, meat producers had to low prices for their entire assortment.
In France and Germany, pork prices fell to an annual minimum. Previously, the cost was supported by exports to China.
According to the French Federation of deli meats (FICT), their profit fell 30% since the pandemic.
According to the US Department of Agriculture, 63% of German residents plan to reduce consumption of meat and meat products.
Information source - ukragroconsult.com