Global sheep prices

Around the world, farmgate sheep prices vary, affected by various factors, most obviously supply and demand. Some of these factors are more local in nature and might include logistical and supply chain issues. Cost of production also varies between different countries.

European lamb prices have shown mixed moves in the latest month. French and Irish prices have moved largely sideways, while Spanish prices continue to rally on constrained production.

Australian lamb prices have strengthened slightly through the period, as rainfall has improved pasture conditions and producers retain lambs to graze. National supply remains constrained relative to historical baselines, with a gradual flock rebuild anticipated through 2027–2028. Export demand and trade relations with the US and China in particular remain key watchpoints.

New Zealand lamb prices have held firm at elevated levels, supported by lower domestic supply and strong global demand. Processors are navigating the change between old and new season supply, some price softening is expected as new season lambs grow in number. Beef & Lamb New Zealand expect farmgate prices to settle in the 2026/27 season (Oct to Sep) as lower production is met by economic pressures, geopolitical uncertainty and a stronger NZD.

Figure 1. Global farmgate lamb prices, Jan 2025 –October 2026

Source: AHDB, European Commission, MLA, AgriHQ

Figure 1 compares global deadweight farmgate lamb prices for GB, Ireland, France, Spain, Australia and New Zealand.

Australia and New Zealand are the two largest exporters and therefore prices there very much reflect global supply and demand balances of sheep meat. As a global traded commodity, prices in Australia and New Zealand will also reflect changes in exchange rates.

It is also worth keeping in mind that specification variations between countries might mean the major prices quoted in each country may not be immediately directly comparable.