Key Highlights:
- Consumption and Demand:
- Canadian pork consumption increased by over 14% in 2023, reaching nearly 23 kilograms per person, the highest since 2015.
- Pork demand surged by over 10%, the largest increase since 1984.
- Price Trends:
- Retail pork prices in Canada rose by 1% in 2023, while beef and chicken saw higher increases.
- Pork maintained a price advantage over competing meats in both Canada and the U.S.
- Market Dynamics:
- Increased imports (+13%) and reduced exports (-6%) supported domestic consumption.
- Early 2024 shows a decline in pork consumption due to lower production and exports, with prices remaining steady.
- Industry Insights:
- Retailers increased pork promotions in 2023 due to higher beef and chicken prices.
- Current market challenges include a sluggish start to 2024 and fluctuating prices and demand.
- Future Outlook:
- Mixed forecasts for hog prices and demand.
- Continued monitoring of production, exports, and consumer demand essential for market stability.
Conclusion: The Canadian pork market experienced significant growth in 2023, driven by increased consumption and favorable price dynamics. However, early 2024 shows a more challenging environment with lower consumption and stable prices. Ongoing industry monitoring and strategic adjustments are crucial for sustaining market health.