Reduced supplies coupled with strong demand – domestically and internationally – are expected to support new season lamb prices as the year progresses.

According to Quality Meat Scotland’s Iain Macdonald the average price of prime lambs sold in the second week of May was 436p per live kg – up 26% on the year and 54% on the five year mean. Hoggs averaged 370p which represents an increase of 35% on the previous 12 months.

He added that these higher values are mostly attributable to last year’s smaller GB lamb crop which was down around 6% on 2022. Add in this year’s poor spring, a reduced national flock and schmallenberg south of the Border, and the number of new season lambs coming to the market remains low, which combined with a strong export trade is adding value to the spring crop.

READ MORE | Lamb supplies are likely to remain relatively tight for 2024

“From mid-April to mid-May, the total number of lambs sold was 25% lower compared to the same period last year,” said Mr Macdonald.

“A notable feature of the UK sheepmeat market is that a significant rebound in imports from Australia and New Zealand at highly competitive prices has been absorbed by the market without any signs of dampening farm-gate prices. This points to a strong level of demand.”

GB retail sales data from Kantar has shown consistent year-on-year growth in spending on lamb and the volume sold since summer 2023, underpinned by a higher share of households buying lamb.

“Domestic supply is likely to remain tight until the 2024 lamb crop reaches the market in greater numbers, given the much smaller carry over of hoggs into this year.”

Adding to the competition in the UK, is a growing export market due to the continued contraction of the EU flock.