Red Meat Prices Surge 50% Year-to-Date
· GıdaTarım
Global supply chain issues and rising input costs are driving up red meat prices, with steer carcass prices exceeding the 580 TL mark.
Global Supply Issues and Costs
Global supply chain disruptions and cost pressures in the red meat market continue to drive up meat prices both worldwide and in Turkey. In the US market, beef prices have seen a 12% increase over the past year, surpassing general inflation. Despite high price levels, the expected profitability is not being achieved at any stage of the value chain, from producers to feeders and processing plants. High input costs are significantly narrowing profit margins.
Price Increases in the Turkish Market
Due to chronic input costs and insufficient production across Turkey, red meat prices have seen a hike of over 50% since the beginning of the year. According to data from the National Red Meat Council, steer carcass prices have surpassed the 580 TL mark. The Meat and Milk Board's (ESK) 24% to 28% price increase on imported meat products under its regulation has directly impacted the market. In the free market, ground beef prices have reached between 700 and 1,000 TL, while cubed beef prices are hovering between 850 and 1,200 TL.