Pork has always been a cheaper source of protein compared to beef and lamb, which coupled with the cost of living crisis and reduced supplies of pig meat, is resulting in increased demand and record prices.

Latest figures reveal the EU-spec SPP increased a further 1.66p last week to reach 211.41p per kg for 156,100 slaughtered. This is up a massive 72.90p per kg on the year and for 41,100 less.

However, losses in the pig industry are estimated to have totalled £750m over the past two years according to the National Pig Association with the number of breeding pigs falling 17% on the year by June 2022. The decline in potential replacements has also been significant at 26% over the same period, which in turn is having an impact on the number of pigs available for slaughter. Figures from AHDB show throughputs in January 2023 were down by more than 10% on 2022 levels.

Prices in Europe have also reached record levels due to tighter supplies, along with reasonable export sales, with figures for the first week in March of 200.79p, up a massive 80.21p per kg.

Such has been the increase in demand that values have risen by 11p per kg in the UK over the last nine weeks, while those on the continent have soared by 14p in the space of just 21 days.

Pig meat production in the EU reached it's lowest level in 2022 since 2014, totalling 22.1m tonnes (-1.3m tonnes) as a result of falling pig numbers and herds in all countries. The last 12 months have also been more challenging due to African Swine Fever and the cost of living crisis.