JAPAN - The Japanese pork market is experiencing strong growth, according to Rabobank’s latest first quarter of 2015 report.
According to Alan O'Brien from the Shanghai Office of Bord Bia – Irish Food Board, aided by increasing beef prices, and despite a rise in pork prices, consumption jumped by six per cent in the first 10 months of 2014.
Retail prices for domestic shoulders, loins and hams surged by 7.6 per cent, 6.1 per cent and five per cent in October, whilst the price of imported pork grew by 10 per cent in the same month.
The Japanese pork sector, similar to neighbouring South Korea, has been impacted strongly by the outbreak of PEDv last year, leading to a drop in domestic production of around 2.3 per cent, which has led to increased import demand.
According to Rabobank, another key catalyst to import growth has been the strong depreciation of the JPY (-16 per cent in 2014), which increased the price of pork at retail level by as much as 4 per cent, encouraging import growth of 16 per cent in the first 10 months of 2014.TheMeatSite News Desk