Annual Sheep Industry Market Report Now Available

March 11, 2025

The American Sheep Industry Association prepares an annual market report for the American Lamb Board summarizing key statistics and trends in the sheep industry. Here are some highlights from the 2024 report:

Sheep & Lamb Inventory

The industry saw an increase in inventory for the first time since 2016. On January 1, 2025, the sheep and lamb inventory totaled 5.05 million head, an increase of 20,000 head. Market lambs were up 9,000 head for a total of 1.288 million. The total breeding flock grew by 10,000 head to 3.68 million.

Production & Consumption

While wholesale lamb prices remained stable due to favorable cuts, feeder and slaughter lamb prices fluctuated, especially in the latter half of the year, due to larger supplies. Retail lamb prices remained high, reflecting steady consumer demand despite inflationary pressures.

Overall, lamb and mutton production increased by 2.4%, driven by higher slaughter volumes. While lamb and yearling slaughter levels were 1% lower than the 2018-2022 average last year, federally Inspected (FI) lamb and yearling slaughter was up 3.8% at 1.79 million head in 2024.

Per capita lamb consumption was 1.3 pounds in 2024, an increase attributed to a larger supply of lamb (American and imported). Based on lamb prices relative to supplies, consumer demand for lamb was stronger in 2024.

Lamb Crop & Trends

The 2024 lamb crop experienced an increase, with a lambing percentage of 105.9%, the highest since 2020. An increase in breeding stock, along with the higher lambing percentage, led to growth in the market lamb crop, marking 2024 as the first year-over- year increase in two decades. Regions such as the Corn Belt, Midwest, Northeast, and Southeast saw an uptick in sheep numbers, while the Mountain and Western regions encountered declines.

2025 Outlook

The report highlights a modest increase in demand, especially from direct-to-consumer and ethnic markets, which contributes to a positive outlook for the sheep industry moving forward. Overall, the sheep industry continues to demonstrate signs of recovery with rising inventory, stable prices, decreasing feed costs, and growth in various market segments, despite ongoing inflation challenges.

Download the full report with more information and insights at LambBoard.com

Source: ALB

Annual Sheep Industry Market Report Now Available

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