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Chicken Meat Price in the U.S. Stabilizes near $1,470 per Ton, Remaining Stable in August

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Chicken Meat Price in the U.S. Stabilizes near $1,470 per Ton, Remaining Stable in August

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U.S. Chicken Meat Export Price per Ton August 2022

In August 2022, the chicken meat price per ton amounted to $1,471, remaining constant against the previous month. Over the period from January 2022 to August 2022, it increased at an average monthly rate of +2.1%. The most prominent rate of growth was recorded in June 2022 an increase of 18% m-o-m. As a result, the export price attained the peak level of $1,507 per ton; afterwards, it flattened through to August 2022.

There were significant differences in the average prices for the major foreign markets. In August 2022, the country with the highest price was Canada ($3.3 per kg), while the average price for exports to Georgia ($1 per kg) was amongst the lowest.

From January 2022 to August 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+4.8%), while the prices for the other major destinations experienced more modest paces of growth.

U.S. Chicken Meat Export Prices by Type

Average prices varied somewhat for the major types of exported product. In August 2022, the highest price was recorded for prices to frozen whole chickens ($2 per kg) and fresh or chilled whole chickens ($1.9 per kg), while the average price for exports of frozen cuts of chicken ($1.4 per kg) and fresh or chilled cuts of chicken ($1.6 per kg) were amongst the lowest.

From January 2022 to August 2022, the most notable rate of growth in terms of prices was recorded for the following types: frozen whole chicken (+12.0%), while the prices for the other products experienced more modest paces of growth.

U.S. Chicken Meat Exports

In August 2022, overseas shipments of chicken meat were finally on the rise to reach 308K tons for the first time since May 2022, thus ending a two-month declining trend. The total export volume increased at an average monthly rate of +1.3% from January 2022 to August 2022; the trend pattern remained consistent, with only minor fluctuations in certain months. The growth pace was the most rapid in February 2022 with an increase of 13% m-o-m. The exports peaked at 338K tons in May 2022; however, from June 2022 to August 2022, the exports stood at a somewhat lower figure.

In value terms, chicken meat exports rose notably to $453M (IndexBox estimates) in August 2022. The total export value increased at an average monthly rate of +3.3% over the period from January 2022 to August 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain months. The most prominent rate of growth was recorded in June 2022 with an increase of 10% month-to-month. As a result, the exports attained the peak of $477M. From July 2022 to August 2022, the growth of the exports failed to regain momentum.

U.S. Chicken Meat Exports by Type

Frozen cuts of chicken (251K tons) was the largest type of chicken meat exported from the United States, accounting for a 82% share of total exports. Moreover, frozen cuts of chicken exceeded the volume of the second product type, fresh or chilled cuts of chicken (55K tons), fivefold. The third position in this ranking was taken by frozen whole chickens (1.6K tons), with a 0.5% share.

From January 2022 to August 2022, the average monthly rate of growth in terms of the volume of export of frozen cuts of chicken stood at +1.4%. With regard to the other exported products, the following average monthly rates of growth were recorded: fresh or chilled cuts of chicken (+2.2% per month) and frozen whole chickens (-17.3% per month).

In value terms, frozen cuts of chicken ($364M) remains the largest type of chicken meat exported from the United States, comprising 80% of total exports. The second position in the ranking was taken by fresh or chilled cuts of chicken ($85M), with a 19% share of total exports. It was followed by frozen whole chickens, with a 0.7% share.

From January 2022 to August 2022, the average monthly rate of growth in terms of the export volume of frozen cuts of chicken amounted to +3.3%. With regard to the other exported products, the following average monthly rates of growth were recorded: fresh or chilled cuts of chicken (+4.1% per month) and frozen whole chickens (-7.4% per month).

U.S. Chicken Meat Exports by Country

China (62K tons), Mexico (57K tons) and Cuba (21K tons) were the main destinations of chicken meat exports from the United States, together accounting for 45% of total exports. These countries were followed by the Philippines, Vietnam, Taiwan (Chinese), Angola, Canada, Guatemala, Georgia, Congo, Haiti and Colombia, which together accounted for a further 35%.

From January 2022 to August 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +20.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for the meat exported from the United States were China ($106M), Mexico ($65M) and Canada ($42M), with a combined 47% share of total exports. Cuba, the Philippines, Taiwan (Chinese), Angola, Vietnam, Guatemala, Congo, Georgia, Colombia and Haiti lagged somewhat behind, together accounting for a further 33%.

Vietnam, with a CAGR of +24.6%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Source: https://www.indexbox.io/blog/chicken-meat-price-per-ton-august-2022/

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The Global Chicken Meat Market Hit Record Highs

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IndexBox invites everyone interested in the relevant data and the actual trends regarding the global chicken meat market to join our webinar: ‘Global Chicken Meat Market – Statistics, Trends, and Outlook’. Here are some facts and figures from the webinar.

For the fourth year in a row, the global chicken meat market recorded growth in sales value, which increased by 3.8% to $192.3B in 2019. The market value increased at an average annual rate of +4.2% over the period from 2007 to 2019; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2008 with an increase of 14% year-to-year. Global consumption peaked in 2019 and is likely to see further growth in years to come.

Consumption by Country

The countries with the highest volumes of chicken meat consumption in 2019 were the U.S. (17M tonnes), China (15M tonnes) and Brazil (12M tonnes), together accounting for 37% of global consumption. These countries were followed by Russia, Mexico, India, Japan, Indonesia, Iran, South Africa, Argentina and Malaysia, which together accounted for a further 23%.

From 2007 to 2019, the biggest increases were in India, while chicken meat consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($39.2B) led the market, alone. The second position in the ranking was occupied by Brazil ($19.1B). It was followed by the U.S..

The countries with the highest levels of chicken meat per capita consumption in 2019 were Malaysia (59 kg per person), Brazil (55 kg per person) and the U.S. (50 kg per person).

Production

In 2019, the global production of chicken meat amounted to 119M tonnes, increasing by 4% compared with 2018. The total output volume increased at an average annual rate of +3.7% from 2007 to 2019; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The generally positive trend in terms output was largely conditioned by a measured increase in the number of producing animals and a relatively flat trend pattern in yield figures.

Production by Country

The countries with the highest volumes of chicken meat production in 2019 were the U.S. (20M tonnes), Brazil (16M tonnes) and China (14M tonnes), together comprising 42% of global production. These countries were followed by Russia, India, Mexico, Indonesia, Japan, Turkey, Iran, Argentina and Myanmar, which together accounted for a further 22%.

From 2007 to 2019, the biggest increases were in Russia, while chicken meat production for the other global leaders experienced more modest paces of growth.

Producing Animals and Yield

In 2019, approx. 71B heads of animals were slaughtered for chicken meat production worldwide; growing by 3.1% in 2018. This number increased at an average annual rate of +2.7% from 2007 to 2019; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period.

The global average chicken meat yield stood at 1,7 kg per head in 2019, remaining relatively stable against 2018. Over the period under review, the yield saw a relatively flat trend pattern.

Exports

For the fourth consecutive year, the global market recorded growth in overseas shipments of chicken meat, which increased by 3.7% to 16M tonnes in 2019. The total export volume increased at an average annual rate of +4.2% from 2007 to 2019; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. In value terms, chicken meat exports rose modestly to $23.7B (IndexBox estimates) in 2019.

Exports by Country

Brazil (4M tonnes) and the U.S. (3.3M tonnes) represented roughly 47% of total exports of chicken meat in 2019. The Netherlands (1.5M tonnes) occupied a 9.8% share (based on tonnes) of total exports, which put it in second place, followed by Poland (7.7%). The following exporters – Thailand (510K tonnes), Belgium (489K tonnes), Turkey (478K tonnes), the UK (356K tonnes), Germany (350K tonnes), Ukraine (338K tonnes), Hong Kong SAR (311K tonnes) and France (251K tonnes) – together made up 20% of total exports.

From 2007 to 2019, the biggest increases were in Ukraine, while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest chicken meat supplying countries worldwide were Brazil ($6.4B), the U.S. ($3.3B) and the Netherlands ($2.7B), together accounting for 53% of global exports. Poland, Belgium, Thailand, Germany, Turkey, Ukraine, France, Hong Kong SAR and the UK lagged somewhat behind, together comprising a further 28%.

Export Prices by Country

The average chicken meat export price stood at $1,518 per tonne in 2019, waning by -2% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2008 an increase of 12% year-to-year. Global export price peaked at $1,792 per tonne in 2013; however, from 2014 to 2019, export prices remained at a lower figure.

Prices varied noticeably by the country of origin; the country with the highest price was France ($1,853 per tonne), while the UK ($924 per tonne) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by Turkey, while the other global leaders experienced more modest paces of growth.

Source: IndexBox AI Platform

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Africa’s Chicken Meat Market to Reach 11M Tonnes by 2030

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IndexBox has just published a new report: ‘Africa – Chicken Meat – Market Analysis, Forecast, Size, Trends and Insights’. Here is a summary of the report’s key findings.

The revenue of the chicken meat market in Africa amounted to $11.4B in 2018, jumping by 6.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price).

The market value increased at an average annual rate of +1.8% over the period from 2013 to 2018; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 when the market value increased by 8% y-o-y. Over the period under review, the chicken meat market reached its peak figure level in 2018 and is likely to see steady growth in the near future.

Consumption by Country

The countries with the highest volumes of chicken meat consumption in 2018 were South Africa (2.1M tonnes), Egypt (1.1M tonnes) and Morocco (720K tonnes), with a combined 52% share of total consumption. Angola, Algeria, Ghana, Libya, Nigeria, Malawi, Tunisia, Congo and Democratic Republic of the Congo lagged somewhat behind, together comprising a further 27%.

From 2013 to 2018, the most notable rate of growth in terms of chicken meat consumption, amongst the main consuming countries, was attained by Malawi, while chicken meat consumption for the other leaders experienced more modest paces of growth.

In value terms, the largest chicken meat markets in Africa were South Africa ($3.3B), Egypt ($1.8B) and Morocco ($1.1B), together accounting for 54% of the total market. Nigeria, Angola, Malawi, Libya, Ghana, Tunisia, Algeria, Democratic Republic of the Congo and Congo lagged somewhat behind, together accounting for a further 24%.

The countries with the highest levels of chicken meat per capita consumption in 2018 were Libya (39 kg per person), South Africa (36 kg per person) and Congo (23 kg per person).

Market Forecast to 2030

Driven by increasing demand for chicken meat in Africa, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.1% for the period from 2018 to 2030, which is projected to bring the market volume to 11M tonnes by the end of 2030.

Production in Africa

In 2018, the amount of chicken meat produced in Africa totaled 5.7M tonnes, surging by 4.2% against the previous year. The total output volume increased at an average annual rate of +2.4% over the period from 2013 to 2018. The general positive trend in terms of chicken meat output was largely conditioned by a moderate expansion of the number of producing animals and a relatively flat trend pattern in yield figures.

Production By Country in Africa

The countries with the highest volumes of chicken meat production in 2018 were South Africa (1.8M tonnes), Egypt (1.1M tonnes) and Morocco (720K tonnes), with a combined 62% share of total production. Algeria, Nigeria, Malawi, Tunisia, Libya, Tanzania, Sudan and Mozambique lagged somewhat behind, together accounting for a further 21%.

From 2013 to 2018, the most notable rate of growth in terms of chicken meat production, amongst the main producing countries, was attained by Malawi, while chicken meat production for the other leaders experienced more modest paces of growth.

Imports in Africa

In 2018, approx. 1.9M tonnes of chicken meat were imported in Africa; picking up by 23% against the previous year. In value terms, chicken meat imports amounted to $1.9B (IndexBox estimates) in 2018. In general, chicken meat imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when imports increased by 21% against the previous year. The level of imports peaked at $2B in 2013; however, from 2014 to 2018, imports remained at a lower figure.

Imports by Country

Angola (432K tonnes) and South Africa (370K tonnes) represented the major importers of chicken meat in 2018, accounting for near 23% and 20% of total imports, respectively. Ghana (213K tonnes) ranks next in terms of the total imports with a 12% share, followed by Libya (6.6%), Congo (6.2%) and Democratic Republic of the Congo (5.8%). Benin (77K tonnes), Gabon (67K tonnes), Egypt (45K tonnes) and Guinea (37K tonnes) followed a long way behind the leaders.

From 2013 to 2018, the most notable rate of growth in terms of imports, amongst the main importing countries, was attained by Guinea, while imports for the other leaders experienced more modest paces of growth.

In value terms, Angola ($465M), South Africa ($372M) and Ghana ($188M) appeared to be the countries with the highest levels of imports in 2018, together accounting for 53% of total imports. Libya, Democratic Republic of the Congo, Congo, Egypt, Benin, Gabon and Guinea lagged somewhat behind, together comprising a further 31%.

Import Prices by Country

The chicken meat import price in Africa stood at $1,038 per tonne in 2018, approximately reflecting the previous year. Overall, the chicken meat import price continues to indicate a pronounced decline. The pace of growth was the most pronounced in 2017 an increase of 9.1% against the previous year. The level of import price peaked at $1,266 per tonne in 2013; however, from 2014 to 2018, import prices stood at a somewhat lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was Egypt ($1,705 per tonne), while Congo ($835 per tonne) was amongst the lowest.

From 2013 to 2018, the most notable rate of growth in terms of prices was attained by South Africa, while the other leaders experienced a decline in the import price figures.

Source: IndexBox AI Platform