Shifting exchange rates cause 2017’s biggest hiccup in meat industry

By Ashley Williams contact

- Last updated on GMT

The report is designed to help businesses prepare for the challenges ahead
The report is designed to help businesses prepare for the challenges ahead
Currency fluctuations are putting margin pressures on meat businesses, according to an exclusive GlobalMeatNews survey.

The State of the Industry: Global Meat 2018​ report highlights what the future may hold for the meat industry, as well as looking back at some of the main talking points over the past 12 months, based on views from reputable meat industry professionals.

The report is split into two parts: firstly discussing the key markets, based on export and import data, provided by World Trade Stats and comment from top government and market analysts; and secondly, polling 423 public and private sector industry stakeholders on the crucial issues their businesses face and the challenges impacting the industry.

The shifting exchange rate system was found to be causing sales disruptions with businesses and affecting international trading, which is set to continue throughout 2018.

Just over a quarter (27%) expected raw material prices to decrease this year and less than a third (29%) expected the impact of US President Trump’s trade policies and the UK’s exit from the EU to improve global business in 2018.

Trade talks have been among one of the biggest discussion points in the industry, with Trump entering a trade war with China by introducing tariffs and causing tensions with the Russian industry by imposing international sanctions.

However, respondents showed optimism in the marketplace, with 58% looking to target new trade areas in 2017. EU was top of the target list, followed closely by the Far East and the Middle East.

The optimism flowed into employment, with over 55% of participants planning to take on more staff in 2018 compared to last year amid the struggles of work in the agricultural sector, while 59% said they planned for more capital investment in 2018 than last year.

Education on alternative meats, such as lab-grown meat, was also flagged up by respondents, with the majority of participants seeking to learn more and only 40% actively exploring the topic.

The State of the Industry: Global Meat 2018​ report is designed to help businesses prepare for the challenges ahead and take advantage of opportunities in the market.

You can purchase the report online here

 

Related topics: Industry & Markets

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