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Bacon prices soar as post-Brexit demand from China increases

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Bacon prices soar as post-Brexit demand from China increases
Written by:

The price of British bacon could be about to soar due to increased demand from China and the impact of Brexit, according to purchasing company Beacon.
 
The firm has reported that exports of British pig meat have increased by 40,000 tonnes in the first six months of 2016 compared with the same period last year.

Recent floods in China have caused a surge in demand, with more than half of EU pork exports – around 1.2m tonnes – having been sent to the country.

That’s an increase of 60% compared with the first six months of 2015, based on figures from AHDB Export Bulletin for August 2016.

The flooding in China has devastated the Chinese domestic pork industry, while the depleted value of the pound following the Brexit vote has made British bacon more attractive and affordable to import.

The Chinese spike in demand has seen some suppliers increase their prices for smoked bacon by as much as 38%.

Beacon, which works with a range of butchery suppliers, reported an increase in price of up to 19% per lb for bacon products, which they predict will continue for the foreseeable future.

Emma Warrington, senior food buyer at Beacon, said: “The combination of such huge demand for British pork from China and the devaluing of sterling following Brexit is impacting our breakfast tables.
 
“Figures from our butchery suppliers show the price of British bacon rising, in some cases substantially, with data from Birtwistles showing that the spike in demand was equal to an additional 30,000 tonnes in the first six months of 2016.
 
“All of this means we might be paying a higher price for a bacon sandwich for the foreseeable future.”

Beacon works with more than 160 suppliers and supports around 2,000 customers across a range of sectors including hospitality, leisure and care home markets.

Supplier raises prices by 12% in face of weak pound >>

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