According to the Russia’s National Union of Pig Breeders, the industry showed significant growth in the first quarter of 2020, continuing the positive trend of 2019.
The National Union of Pig Breeders estimates an increase of at least 7% in pig production since the beginning of the year, while pork production has increased by more than 10%.
According to the Union’s General Director, Yuri Kovalev, there is currently a high supply of pork on the market, which results in increased competition. In this regard, there has been a decline in wholesale prices: in 2019 it was down by 8%, and at the end of the first quarter of 2020 it dropped 10% compared to the same period last year.
There are currently no grounds for an increase in pork prices, and the Union expects them to decline further even in the face of increased demand. “The short-term hype that arose in March did not lead to significant changes in either retail or wholesale prices. There is no doubt that we will fully provide ourselves with pork in the face of any demand,” said the General Director.