In 2026, global prices for beef and lamb may reach record levels. Analysts predict that over the next two years, the cost of these types of meat will increase, before gradually starting to decline.
This is reported by Finway
Experts’ Price Forecasts for Meat
Owners of the American company Global AgriTrends, Brett Stuart and Simon Quilty, note that in more than two decades of observation, they have not seen “such an extraordinary period” for the global meat market. According to them, current beef prices remain consistently high. In June, the global beef price index calculated by the Food and Agriculture Organization of the United Nations (FAO) reached a record 139.4 points.
“A similar situation is observed in the lamb sector. We have not yet reached record prices, but we are a millisecond away from it… They have increased by 68% from the minimum levels of October/November 2023. I truly believe that the market peak will likely occur next year. The sheep meat sector will probably reach its peak first, followed by the beef sector in the second half of next year,” said Simon Quilty.
Analysts predict that by mid-2026, prices for New Zealand steers will rise by another 15%. The cost of premium New Zealand lamb may reach $10–11 per kilogram. The highest prices and lowest supply are expected in 2027–2028, after which prices will begin to decline from 2029 to 2030 amid increased production volumes.
Dynamics of Global Meat Prices
In July, the FAO food price index reached 130.1 points, which is 1.6 points higher than the previous month. However, this level is still 18.8% lower than the peak values recorded in March 2022 – immediately after the start of Russia’s full-scale invasion of Ukraine.
The meat price index in July rose to 127.3 points, exceeding the June figure by 1.2% and the July 2024 level by 6%. This marked a new historical high. Beef saw the largest price increase, driven by high demand from countries such as China and the USA. Prices for lamb and poultry also rose. Meanwhile, due to oversupply in the EU and weak external demand, pork prices decreased.