Egg prices set to surge
Having dropped dramatically last year, egg prices are on the up thanks to increased consumer demand.
Wholesale egg prices fell by almost 30% between January and October 2016. From Q1 to Q3 2016, UK packing stations produced 21.6 million cases of eggs, an increase of 4% year on year, according to analysts Mintec.
But Mintec said prices had been on the rise since November 2016, driven by an increase in domestic consumption: “In October, UK egg sales increased 9% year on year, accounting for an extra 40 million sold eggs, mostly attributed to more eggs being used as part of a healthy diet.”
UK egg wholesale prices reached £1.09 per kg at the end of December – up 5.8% from a low of £1.03/kg at the end of October.
EU egg prices are up 16% since November as a result of strong demand and lower production. Outbreaks of bird flu in Europe at the end of last year have resulted in lower egg layer numbers, which is expected to drive an 8% year-on-year drop in EU egg production in Q1 2017.
The British Egg Industry Council expects demand for eggs to continue to rise in 2017 – it is set to spend £1m on a celebrity-led campaign to highlight the benefits of eggs, it said in a statement.
Andrew Joret, British Egg Industry Council chairman, said: “The impact of both celebrities and health experts recommending eggs as part of a healthy diet has certainly played an important part in helping to increase the number of eggs eaten in the UK.”
Want more stories like this in your inbox?
Sign up for our FREE email newsletter