Demand for Lamb Meat Outpacing Projected Domestic Supply

DENVER, CO – Growing demand for lamb meat is leading to higher prices for producers, according to data collected by the U.S. Meat Export Federation (USMEF).

In the second quarter of 2021, lamb prices have climbed to almost $212 per hundredweight (cwt), a gain of between $30 and $80 (cwt) over the past six years.

Since production has been consistent with expectations, and there are no forecasts to anticipate an increase in supply (139 million pounds), economists believe lamb imports will continue to expand as well, reaching more than 266 million pounds for 2021 – an increase of 12 million pounds from the previous forecasts from USDA.

With the majority of lamb consumption at the restaurant level, economists also believe a reopening economy will support higher prices throughout the rest of the year, $185 in the third quarter and $180 (cwt) in the fourth quarter.
(SOURCE: All Ag News)