The National Pork Producers Council (NPPC) released its latest pork industry economic update that summarizes key pork industry market indicators through January 2023.
Q1 takeaways include:
- After declining 2.5% in 2022, USDA projects growth in pork production for 2023.
- Retail pork prices increased by 1.5% from December 2021 to 2022.
- The cost of raising pigs was record high in 2022, increasing 21% from the previous year.
- Labor market conditions and changing demographics are exacerbating the rural labor shortage.
“The U.S. pork industry is a pillar of the U.S. economy, supporting jobs, sales, and value-added activity throughout the pork supply chain,” said Lori Stevermer, NPPC vice president and pork producer from Easton, Minnesota. “It is important to raise awareness of the economic contributions made by pork production and highlight the current economic and policy issues impacting producer success.”
In addition to the quarterly update, NPPC released a national and 22 state-level economic reports last year. These reports highlight how the pork industry contributes at a grassroots level and illustrate the breadth of the industry producing affordable, safe, and nutritious pork for consumers worldwide.
To learn more about the impact of pork production on the U.S. economy, click here: https://nppc.org/the-pork-industry/.