The Food and Agriculture Organization of the United Nations released a report in March 2021 on the global meat market. The report highlights that international meat prices fell in 2020 due to excess export supplies and widespread import curtailments. World meat output remained stable, with increased poultry meat output offsetting declines in bovine and pig meat production. World pig meat trade rose due to solid demand from East Asia, while trade in bovine and ovine meats fell due to weak demand and limited supplies. Global meat prices in 2020 averaged lower than in 2019, with a decrease of 4.5 points from 2019. This decline was primarily due to widespread import curtailments by some 14 out of the top-20 meat importing countries, severe foreign exchange limitations, and reduced inward remittances, tourism-related revenues, and export incomes. Despite these reductions, global meat imports rose in 2020, driven by China's year-on-year escalation of imports. However, these increased imports did not translate to higher world prices as most exporting countries faced excess supplies caused by reduced food services sales and lower internal demand due to pandemic-related lockdowns and economic hardships.
