The latest global sheep price update published by Bord Bia shows hogget prices in the majority of the main sheep-producing nations listed running in the region of 85c/kg to €1.50/kg higher than the corresponding period in 2024.

Irish farmgate returns recorded the greatest year-on-year increase for the week ending 22 February 2025, with the average price of €8.87/kg running €1.55/kg higher.

This price is exclusive of VAT for comparison purposes. When the 5.1% flat rate addition is included, it brings prices to €9.31/kg, although it should be noted that not all sales are eligible for the flat rate addition.

As detailed in Figure 1, French farmers continue to enjoy the highest prices paid domestically in the main sheep-producing countries in Europe at an average of €9.78/kg.

The differential between prices in France and Spain has narrowed to just 29c/kg compared with 47c/kg in 2024 and 80c/kg in 2023.

Spanish production fell by over 15% in 2024, with tighter supplies fuelling higher domestic returns. British farmgate returns recorded the lowest year-on-year increase of 60c/kg.

The low level of increase means that there is now a much narrower differential of 38c/kg with prices in Northern Ireland, while Irish prices surpassed British farmgate returns in the week of 22 February 2025.

A wide gap remains between prices in Europe and in Australia and New Zealand. The average price in Australia is €4.77/kg, equating to a year-on-year increase of 84c/kg, while New Zealand farmgate returns, at an average of €4.46/kg, are running 99c/kg higher.