The American Sheep Industry Association prepares an annual market report for the American Lamb Board that summarizes key statistics and trends in the sheep industry. Among the report highlights, the industry saw an increase in inventory.
On January 1, the sheep and lamb industry 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. 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 prices increased by 2.4 percent, driven by higher slaughter volumes. The 2024 lamb crop experienced an increase, with a lambing percentage of 105.9 percent, the highest since 2020.
