The National Pork Producers Council (NPPC) released its second quarter pork industry economic update that provides a snapshot of top pork industry issues, current trends, and market conditions impacting pig farmers.
2023 Q2 key takeaways include:
- Pork production increased 2.3% through the first quarter, with the USDA now projecting a 1.4% annual increase in pork production in 2023.
- Retail, wholesale, and farm level prices show year-over-year decline.
- Pork and variety meat exports gained momentum in Q1.
- From September 2021 to 2022, the total value of wages paid to workers on U.S. pig farms increased 12.1%, while the number of workers declined by 0.4%.
- Pork producer returns for the remainder of 2023 will be influenced by various factors, including domestic and export pork demand and input prices.
“The United States is a worldwide leader in pork production and a significant contributor to the U.S. economy,” said Duane Stateler, NPPC vice president and pork producer from Ohio. “While many factors can impact our business, especially during this period of high inflation and difficult market conditions, pork producers around the country will continue navigating the economic challenges to ensure we raise safe, wholesome, affordable food for communities here and around the world.”
NPPC’s quarterly reports and new online dashboard track key market indicators and trends that highlight important industry dynamics that impact pork production. The full Q2 economic update report can be found at nppc.org/the-pork-industry/economic-update.