Will Pork Prices Go Up in 2024?

Yes, pork prices are expected to increase in 2024. According to a report by Steiner Consulting Group, hog prices are expected to average $60.00 per hundredweight in 2024, which is $1.41 more than what the market saw in 2023. This increase in price is due to a number of factors, including:

• Increased demand for pork: Pork exports are forecast to increase by 4% in 2024, driven by growing demand from China and other Asian countries.
• Tight supplies: The US pork industry is facing a number of challenges that are limiting production, including the ongoing African swine fever outbreak in China and the impact of Hurricane Ian on US hog farms.
• Rising costs of production: The cost of feed, labor, and other inputs is rising, which is putting pressure on pork producers’ margins.

What does this mean for consumers?

Consumers can expect to pay more for pork in 2024. The price of pork products, such as bacon, sausage, and ham, is likely to increase at the grocery store.

What can pork producers do to prepare for higher prices?

Pork producers can take a number of steps to prepare for higher prices in 2024, including:

• Increase production: Producers can increase production by expanding their herds and improving their productivity.
• Reduce costs: Producers can reduce costs by negotiating better prices for feed and other inputs, and by improving their efficiency.
• Market their products effectively: Producers can market their products effectively by targeting high-value markets and by developing new products that meet consumer demand.

Pork prices are expected to increase in 2024 due to a number of factors, including increased demand, tight supplies, and rising costs of production. Consumers can expect to pay more for pork products at the grocery store. Pork producers can prepare for higher prices by increasing production, reducing costs, and marketing their products effectively.