Major German meat processor, Toennies has recently reported 9.8% rise in sales to US$8.24 billion, mainly attributed to rising demand from China and Asia in general.
Toennies CEO Andres Ruff said, “Since autumn 2019 we have experienced a very strong rise in pig prices largely because of the high demand from Asia.” The African swine fever (ASF) outbreak has slashed China’s hog herd since August 2018, pushing Chinese pork prices to record highs, while reshaping global meat and feed markets as China and other Asian consumers increased imports.
Mr Ruff added that the meat markets will remain stable despite the current challenging environment and it expects positive development in 2020.
However, the company is wary that China regularly imposes import bans on pork whenever a new ASF or other outbreaks are discovered, and this could pose a risk to its exports.
German meat processor benefits from rising demand in China, Asia
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