Pig prices at the end of 2024 are soaring across all three regions, creating attractive profit opportunities for farmers. However, is this a "golden opportunity" or just a "temporary spike"?
Current Pig Price Situation in the Regions
At the end of 2024, pig prices in all three regions—North, Central, and South—are experiencing significant increases, creating a lively atmosphere in the livestock market. According to the latest data, the average pig price in the North ranges from 54,000 - 56,000 VND/kg, in the Central region from 52,000 - 54,000 VND/kg, and in the South from 55,000 - 57,000 VND/kg.
Average Pork Price Nationwide in 2024
The end of the year is when pork consumption demands rise sharply due to preparations for holidays and the Lunar New Year. Additionally, consumer behavior, particularly the tendency to hoard goods, also pushes prices higher compared to other times of the year.
Why Are Pork Prices Increasing?
If we compare the fluctuation of pork prices to a train, then 2023 was a long journey full of bumpy turns, with pork prices dropping sharply and showing no signs of recovery, leaving the market stagnant and uncertain. However, 2024 represents a new, exciting journey, with strong growth in pork prices, offering a hopeful outlook and new opportunities.
Unlike in 2023, the pig market in 2024 is expected to become much more vibrant, especially toward the end of the year
Unlike 2023, the pork market in 2024 is much more vibrant, especially at the year's end. The main reason for this lies in the imbalance between supply and demand. While the demand for pork is increasing, supply is decreasing due to many small-scale farmers having to cease operations or scale back after a long period of losses in 2023.
Ensuring biosecurity in livestock farming
In addition, the cost of animal feed remains high, putting significant pressure on businesses and farmers. This leads to increased production costs, driving up the price of finished products.
Decreased Supply: How to Ensure Safety and Control Diseases?
Another key factor driving the increase in live hog prices is the decreased supply. Disease outbreaks in the pig herd, especially African Swine Fever, remain a major threat to the livestock industry. Despite strict disease control measures, many farmers are still reluctant to restock due to the high risks involved.
Great opportunities and also bring many challenges for farmers and businesses
Furthermore, stricter food safety and quality control standards have contributed to a reduction in market supply. Large enterprises have invested heavily in closed-loop farming systems to ensure biosecurity, but this has also significantly raised production costs.
How Can Farmers and Businesses Stay Resilient in the Face of Volatile Markets?
In the face of fluctuating pig prices, farmers and livestock businesses need to adopt appropriate strategies to capitalize on opportunities while minimizing risks.
For Small-Scale Farmers:
Focus on restocking at a moderate scale, avoiding the temptation to follow trends when prices spike.
Invest in disease prevention measures, such as improving barns, regular disinfection, and using high-quality pig breeds.
For Large Enterprises:
Increase the use of modern technology in livestock farming to reduce costs and boost productivity.
Build a sustainable value chain from production to distribution, ensuring stable supply and product quality.
Take Advantage of Market Forecasts:
Closely monitor market signals and government policies to develop appropriate production plans.
Collaborate with domestic and international partners to expand consumption markets.
As Mr. Le Minh Hoan, Minister of Agriculture and Rural Development, once emphasized: "The livestock industry needs to transition from quantity-based production to quality-based production, while adapting to the trend of sustainable development."
The increase in live pig prices presents a great opportunity for farmers and businesses, but it also brings challenges related to costs and disease risks. Effectively capitalizing on this opportunity requires careful preparation, from improving productivity and ensuring biosafety to expanding consumption markets. Only through these measures can the livestock industry develop sustainably and meet the increasing demands of the market.
