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

“The U.S. pork industry is a pillar of the U.S. economy, supporting jobs, sales and value added activity throughout the pork supply chain. It is important to raise awareness of the economic contributions made by pork production and highlight the current economic and policy issues impacting producer success.”