The strong lamb market is expected to continue as global demand outstrips supply, EBLEX predicts in its latest International Meat Market Review.
Important factors behind this optimistic outlook include flock rebuilding in Europe, harsh lambing weather in New Zealand and growing demand in the Far and Middle East.
Thirty percent of English lamb production is exported and this is a growing market for UK beef too. World beef supplies were stable in 2010, despite higher production in many of the main producer countries.
“Recent herd rebuilding in Brazil and an improved growing season in Australia resulted in higher beef production, but these increases were offset by a 22% decline in Argentinean beef production due to drought conditions combined with an increase in heifer retentions,” said the report.
“Overall, for 2011, there will be an expected slight decline in EU beef and veal production, which is down to tighter numbers, as well as the impact of higher cereal prices,” said the report.