Bacon lovers around the world will be saddened with the news that a global bacon shortage for the coming year is forecasted.
The National Pig Association in Britain released a press release that documented declining pig herds across the European Union and confirmed that the decline is being seen around the world. Because of draught that ruined corn and soybean crops this year, smaller pig herds are noticeable since their feed has now become much more expensive.
Smaller herds mean less pork products, and yes, less bacon. Consumers may have to hold off on BLT's for a while. The National Pig Association believes that the number of pigs that are slaughtered could fall by 10 percent by the middle of next year. This would result in an increase in prices for pork.
Pork is in high demand in the U.S. with 580.8 million pounds supplied to the U.S. last month. The prices of wheat and soy which is a major source of pig feed has increased in Britain by over 25 percent in recent weeks due to poor crop growing, particularly in the U.S.
"A world shortage of pork and bacon next year is now unavoidable," the National Pig Association in the UK said this week in a press release.
They also added of the predicted pork shortage, "Around the world, pig farmers are selling their herds because they can no longer afford to feed their pigs. In the United States the government has introduced a pork-buying programme in a bid to keep its pig farmers in business. And the Chinese government is putting pork into cold storage, as a buffer against shortages and high prices next year."
U.S. hog farmers have been reducing their herds as well because of high feed costs, but some industry professionals say the situation in the U.S. is not as severe as it is in the UK.
"A global reduction in supply is almost unavoidable but I don't think we're going to have lines for bacon the U.S," said Steve Meyer, the president of Paragon Economics and a consultant to pork industry to CNBC.com.
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