NPPC Economic Update: Q1 2023
Stay informed on current market conditions, industry trends and key issues impacting the pork industry.
Highlighted Q1 2023 Findings:
- After declining 2.5% in 2022, USDA projects growth in pork production for 2023.
- Retail pork prices increased by 1.5% from December 2021 to 2022.
- The cost of raising pigs was a record high in 2022, increasing 21% from the previous year.
- Labor market conditions and changing demographics are exacerbating the rural labor shortage.
Pork Industry Economic Dashboard
As a worldwide leader in pork production, the U.S. pork industry is impacted by various market indicators and trends. To understand pork production dynamics and the impact of the industry as a significant contributor to the U.S. economy, view this dashboard and our quarterly report.
Monthly Pork and Variety Meat Exports
Monthly pork exports in terms of volume (metric tons) compared to last year’s monthly exports and the previous 5-year average. Source: USDA Foreign Ag Service
Quarterly U.S. Pork Production
Quarterly pork production over time, including future projections by USDA. Source: World Supply and Demand Estimates
Estimated Cost of Production
Estimated production costs for farrow to finish producers, broken down by cost category. Source: Iowa State University Extension
Retail, Wholesale, and Farm Level Prices
How pork prices at the retail, wholesale, and farm level have trended over time. Source: USDA Economic Research Service