FAO Meat Price Index

The index is a weighted average of export quotations for beef, pork, poultry, and sheep meat, with weights reflecting each category's share of global trade. Prices are reported in US dollars and are benchmarked so that the 2014-2016 average equals 100. The series is released monthly as part of the FAO Food Price Index family.

• •Four meat categories are tracked: bovine, pig, poultry, and ovine
• •Base period is 2014-2016, set equal to 100
• •Published by the UN Food and Agriculture Organization in Rome

Feed costs, especially for corn and soybean meal, are a primary driver because they account for a large share of production expenses in poultry and pork. Animal disease outbreaks such as African swine fever, avian influenza, and foot-and-mouth disease can sharply reduce supply and push prices higher. Currency movements, energy costs, and changes in import demand from large buyers also shape the index.

• •Feed grain prices (corn, soybean meal) influence production costs
• •Animal disease outbreaks can cause sudden supply disruptions
• •Exchange rates and energy prices affect export competitiveness

The index climbed to record highs around 2022 as feed costs surged, supply chains were disrupted, and demand recovered after pandemic-related slowdowns. Prices eased through 2023 and 2024 as feed costs declined and global supply rebuilt, particularly in pork markets. The current reading near 131.0 is well below the 2022 peak but remains above the pre-2020 range.

• •Reached a multi-year peak during 2022
• •Declined through 2023 as supply normalized and feed costs fell
• •Current value of about 131.0 sits above the 2014-2016 baseline

On the supply side, production is concentrated in a handful of countries, including the United States, Brazil, China, the European Union, and Australia, which together account for the bulk of exports. Demand is led by China, the world's largest meat importer, along with Japan, South Korea, and several Middle Eastern markets. Shifts in Chinese import policy or herd rebuilding can move the index noticeably.

• •Top exporters include the US, Brazil, the EU, and Australia
• •China is the single largest importer and a key swing factor
• •Per-capita meat consumption is rising in many developing economies

Near-term direction depends on feed grain prices, disease developments, and the pace of Chinese demand. If feed costs remain contained and no major disease outbreaks occur, the index is likely to trade within a relatively narrow band around current levels. Climate-related disruptions, new trade agreements, or shifts in consumer preferences toward plant-based proteins could all alter the trajectory over the longer term.

• •Feed grain markets are a key near-term swing factor
• •Chinese import demand strongly influences global prices
• •Longer-term trends in consumption patterns may reshape demand