Lamb prices soar as supply tightens and demand rises
Deadweight lamb prices have soared by more than 20 per cent in the last nine weeks with increased consumer demand around religious festivals and a tightening of supply to market playing a significant part.
Nine consecutive weekly price rises have carried the current deadweight SQQ average for lambs across GB to almost £7.90/kg, an increase of £1.74 since the first week of 2024, the new edition of Hybu Cig Cymru-Meat Promotion Wales’ (HCC) Market Bulletin reveals.
The latest figure, for the week ending 16th March, exceeded the highest price recorded last year of around £7.43/kg in May and is notably higher than historical averages by some 50 per cent.
A tightening of supply and seasonal religious festivals, where lamb is traditionally eaten, have contributed to the escalating prices, reported Glesni Phillips, HCC’s Intelligence, Analysis & Business Insight Executive.
“Peak consumption of lamb is usually seen during religious festivals, and this year both Easter and Ramadan – the Islamic festival which drives demand for proteins such as chicken and lamb- occur in March,” she explained.
“These events, coupled with both the UK and Welsh sheep breeding flocks being in decline, mean the supply of lambs coming on to the market at the moment is tight when compared to year-earlier levels and current demand levels.”
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