The Ministry of Agriculture said last week that a preliminary estimate forecasts pork prices to rise more than 70% year-on-year in the second half of 2019, due to the African swine fever crisis, reported the Financial Times.
China’s pig population, the largest in the world, is likely to shrink by almost a third, losing 130 million animals as African swine fever ravages the country’s farms.
The outbreak will reshape protein markets across the globe, driving up meat prices, as China–the leading consumer and producer of pork–braces for years of shortages and disruptions to its food supply, reported the Financial Times.
“This has been a game-changer,” says Jais Valeur, group chief executive at Danish Crown, Europe’s leading pork processor. “We’re only starting to see the real impact of African swine fever.”