From the start, 2022 promised to be a rough year for both consumers and commodities markets and was especially disruptive for the baking industry and ingredient prices due largely to surging inflation, stubbornly strong consumer demand and a pandemic-ravaged economy.
Not since 2015 has an outbreak of highly pathogenic avian influenza (HPAI) impacted the commercial poultry industry to such a degree that turkey prices have soared to all-time highs and egg prices have broken record highs three times with a potential to achieve a fourth record before yearend.
Since February, a viscous and enduring stain of the highly pathogenic avian influenza (HPAI) virus has devastated nearly 250 commercial flocks and close to 300 backyard flocks, resulting in the destruction of over 47 million birds, according to the Animal and Plant Health Inspection Service (APHIS) of the US Department of Agriculture.
This summer, retail shell egg prices reached record highs, piggybacking on dried, liquid and frozen egg product prices that had touched all-time highs a few months prior.