Pigmeat value rose by 21% in 2017, Defra figures show
4th May 2018 / By Alistair Driver
The value of pigmeat produced in the UK rose by £230 million to £1,329 million, a 21% rise, on the back of higher prices in 2017, the latest Defra farm income estimates show.
Production levels fell by 1.6% although carcase weights were slightly heavier. But the significant rise in the value of the final product was entirely due to the welcome 23% rise in price, driven, in turn, by tightening EU supplies.
Overall, the latest Total Income from Farming (TIFF) figures showed that farming’s total contribution to the economy rose risen to £10.3bn, an increase of 20%, while farming’s profitability increased by a substantial 41%, £1.7bn, to £5.7bn.
There was an increase of £2,478 million (10%) in gross output to £26.3bn. This included:
- A 12% increase in crop output driven by increases in both prices and production for cereals and industrial crops
- A 7% increase in livestock for meat driven by price increases
- A 24% increase in livestock products driven by an increase in milk price.
Total Income from Farming per annual work unit (AWU) 1 of entrepreneurial labour (farmers and other unpaid labour) rose by 41% in real terms to £29,794.
The downside, however, was that the cost of intermediate consumption rose by 5.1%, driven, by higher prices, in particular rising animal feed, energy and fertiliser prices.