Prices at supermarkets for pork, other meat could be going up
There is a looming bull run on pork and meat products in general, with the potential for higher prices as growing demand from China threatens global supply. The demand for meat from Asia might cause a ripple effect that could hit American shoppers at the food store.
African swine fever hit China hard in recent months, causing the loss of more than 300 million pigs, representing roughly one-fourth of the world’s pork supply. European and South American markets have stepped in and seen export prices tick up in light of China’s demand as the world’s largest population is desperately importing protein.
And with the Wall Street Journal reporting on Monday that China’s expected pork production expected to drop 35.7 billion pounds this year, the American market at some point might go from yelling "sooie" to "owie" in the supermarket.
As of now, things have remained relatively calm for most consumers. The cost of bacon is down the past two months and considerably lower than a spike seen at the end of 2017. Pork chops, both center cuts and boneless, are down from July’s prices. There are indicators that this may not last long as the price of ham, however, is up 6.5 percent since last August.
It all spells something to watch for consumers and the effect of pork prices might also hit other meat products as well. Ground chuck is up 7.5 percent over last year, pointing toward greater demand at the meat aisle. Per the Journal, China’s imports aren’t just limited to pork. The country’s import of “chicken, beef and sheep meat jumped nearly 70%, totaling more than $5 billion in value” from May through July.
In search of alternatives, one area that could be poised to see growth at the supermarket is the plant-based meat market. The popularity of products such as the Impossible Burger could help supply protein demand if the market begins to feel a supply pinch.