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Pig Farm Business Income Forecast – Defra Research 2024

Farm Business Income Research For Pig Farmers

Specialist pig farms are poised for a notable upturn in the 2023/24 period, with the average Farm Business Income (FBI) forecasted to surge by an impressive 34%, reaching £91,000. This optimistic projection reflects a combination of factors contributing to improved financial performance within this sector.

A Promising Outlook – Key Drivers of Growth

Lower input costs emerge as a significant driver of the projected increase in FBI, with a notable 23% decrease expected in feed costs. This reduction, particularly significant for pig farms given the substantial proportion of expenses dedicated to feed, is attributed to price declines in feed wheat and barley. Additionally, while some input costs such as general farming and property expenses may see slight increases, overall input costs are forecasted to be 12% lower than the previous period.

Balancing Output Dynamics

While total output is also expected to decline, the reduction is outweighed by the substantial decrease in input costs. Finished pig prices are forecasted to rise by approximately 15% compared to 2022/23, albeit with a decrease in throughput. Similarly, store pigs and cull sows are expected to command higher prices. However, for pig farms engaged in crop enterprises, output from crop production is anticipated to decline by nearly a third.

Government Support and Sustainability Initiatives

Despite the overall positive trajectory, there are notable shifts in government support and agri-environment payments. The average Basic Payment for pig farms is forecasted to decrease by approximately £6,600 compared to the previous period, amounting to £11,400. Conversely, average agri-environment payments are expected to rise by approximately £600, reaching £4,600. This underscores the evolving landscape of government support mechanisms and the increasing emphasis on sustainability initiatives within the agricultural sector.

In conclusion, the forecasted outlook for specialist pig farm business income in the 2023/24 period presents a promising narrative of growth and resilience. With strategic management, prudent financial planning, and a commitment to sustainable practices, pig farmers can capitalize on the opportunities presented by shifting market dynamics. As we embark on this journey, let us remain vigilant, adaptable, and united in our pursuit of prosperity and sustainability within the specialist pig farming sector.

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