U.S. Meat Price Averages $6,587 per Ton, Rising Moderately During 2022

U.S. Meat Import Price per Ton July 2022

In July 2022, the meat price per ton stood at $6,587, growing by 1.8% against the previous month. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in March 2022 an increase of 2.7% m-o-m. Over the period under review, average import prices hit record highs in July 2022.

There were significant differences in the average prices amongst the major supplying countries. In July 2022, the country with the highest price was Australia ($10,054 per ton), while the price for Brazil ($4,542 per ton) was amongst the lowest.

From January 2022 to July 2022, the most notable rate of growth in terms of prices was attained by Australia (+3.4%), while the prices for the other major suppliers experienced more modest paces of growth.

U.S. Meat Import Prices by Type

There were significant differences in the average prices amongst the major supplied products. In July 2022, the product with the highest price was lamb and sheep meat ($10,654 per ton), while the price for horse, mule and donkey meat ($3,058 per ton) was amongst the lowest.

From January 2022 to July 2022, the most notable rate of growth in terms of prices was attained by rabbit meat (+3.9%), while the prices for the other products experienced more modest paces of growth.

U.S. Meat Imports

Meat imports into the United States reduced to 134K tons in July 2022, waning by -6.9% against the previous month. In general, imports showed a perceptible reduction. The most prominent rate of growth was recorded in March 2022 when imports increased by 23% against the previous month. As a result, imports attained the peak of 180K tons. From April 2022 to July 2022, the growth of imports failed to regain momentum.

In value terms, meat imports fell to $881M (IndexBox estimates) in July 2022. Overall, imports recorded a pronounced reduction. The most prominent rate of growth was recorded in March 2022 with an increase of 27% m-o-m. As a result, imports reached the peak of $1.2B. From April 2022 to July 2022, the growth of imports failed to regain momentum.

U.S. Meat Imports by Type

In July 2022, beef (cattle meat) (81K tons) constituted the largest type of meat supplied to the United States, with a 60% share of total imports. Moreover, beef (cattle meat) exceeded the figures recorded for the second-largest type, pork (39K tons), twofold. The third position in this ranking was taken by lamb and sheep meat (13K tons), with a 9.4% share.

From January 2022 to July 2022, the average monthly growth rate of the volume of import of beef (cattle meat) amounted to -5.1%. With regard to the other supplied products, the following average monthly rates of growth were recorded: pork (-1.1% per month) and lamb and sheep meat (-1.1% per month).

In value terms, beef (cattle meat) ($586M) constituted the largest type of meat supplied to the United States, comprising 67% of total imports. The second position in the ranking was taken by pork ($149M), with a 17% share of total imports. It was followed by lamb and sheep meat, with a 15% share.

U.S. Meat Imports by Country

In July 2022, Canada (54K tons) constituted the largest supplier of meat to the United States, with a 40% share of total imports. Moreover, meat imports from Canada exceeded the figures recorded by the second-largest supplier, Mexico (21K tons), threefold. Australia (20K tons) ranked third in terms of total imports with a 15% share.

From January 2022 to July 2022, the average monthly growth rate of volume from Canada was relatively modest. The remaining supplying countries recorded the following average monthly rates of imports growth: Mexico (-4.1% per month) and Australia (-4.8% per month).

In value terms, Canada ($286M), Australia ($202M) and Mexico ($135M) constituted the largest meat suppliers to the United States, with a combined 71% share of total imports. New Zealand, Uruguay, Brazil and Denmark lagged somewhat behind, together accounting for a further 22%.

In terms of the main suppliers, Uruguay, with a CAGR of +11.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform