Canadian Pork Market Report – Kevin Grier

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Key Highlights:

  1. Consumption and Demand:
    • Canadian pork consumption increased by over 14% in 2023, reaching nearly 23 kilograms per person, the highest since 2015.
    • Pork demand surged by over 10%, the largest increase since 1984.
  2. Price Trends:
    • Retail pork prices in Canada rose by 1% in 2023, while beef and chicken saw higher increases.
    • Pork maintained a price advantage over competing meats in both Canada and the U.S.
  3. Market Dynamics:
    • Increased imports (+13%) and reduced exports (-6%) supported domestic consumption.
    • Early 2024 shows a decline in pork consumption due to lower production and exports, with prices remaining steady.
  4. Industry Insights:
    • Retailers increased pork promotions in 2023 due to higher beef and chicken prices.
    • Current market challenges include a sluggish start to 2024 and fluctuating prices and demand.
  5. Future Outlook:
    • Mixed forecasts for hog prices and demand.
    • Continued monitoring of production, exports, and consumer demand essential for market stability.

Conclusion: The Canadian pork market experienced significant growth in 2023, driven by increased consumption and favorable price dynamics. However, early 2024 shows a more challenging environment with lower consumption and stable prices. Ongoing industry monitoring and strategic adjustments are crucial for sustaining market health.