European Easter Protein Index
European Easter Protein Index:
Lamb, beef, pork, salmon, cod & egg
Expana’s European Easter Protein Index rose by 5.3% YOY to €8322.1/MT in March 2026, mainly influenced by firm salmon, cod, beef, and egg prices.
Breakdown by components:
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European Protein Index Ingredients
Lamb, beef, pork, salmon, cod & egg
Lamb
In March, the EU lamb average price was recorded at €10,000/MT, down by 0.7% month over month (MOM) and 2.3% YOY. On the supply side, higher slaughter throughput in early 2026, particularly in key producing countries such as France and Spain, has increased market availability. This increased supply coincides with steady import flows from New Zealand, where favourable exchange rates have maintained competitive pricing pressure in the European market.
EU lamb prices are benefiting from seasonal demand, particularly as Ramadan and Easter fall in close succession this year, sustaining consumption across March and April. Historically, demand for lamb roasting joints peaks between February and March, as these cuts are central to traditional Easter consumption, according to AHDB.
At the same time, domestic supply remains constrained. EU sheep meat production declined by around 2.5% YOY in 2025, while breeding flock contraction and disease pressures continued to limit availability across EU Member States. The market has therefore remained reliant on imports, with EU lamb imports increasing by 11.7% YOY in 2025, although additional volumes have not been sufficient to ease underlying tightness.
According to market participants, firm seasonal demand combined with structurally tight domestic supply is expected to keep EU lamb prices supported in the run-up to Easter, with limited downside in the near term.
Beef
The surge in European Union (EU) beef prices has played a pivotal role in driving the increase in the European Easter Protein Index, reflecting broader underlying market dynamics. In March 2026, the average price of beef in the EU rose sharply by 5.9% MOM and 14.5% YOY, reaching €18,275/MT. This increase was primarily driven by persistent supply tightness within the EU market, alongside a seasonal uptick in demand for specific beef cuts. Roasting joints, mince, and burgers have experienced steadily rising wholesale demand since early 2026.
Market fundamentals indicate that tightening supply conditions have further amplified price escalation. Industry participants also note that the deadweight beef segment continues to demonstrate resilience,
supported by limited cattle availability and stable demand from key buyers across mainland Europe and the UK. Structural constraints within the supply chain have been exacerbated by the early slaughtering of cattle, as farmers seek to capitalize on elevated market prices. However, this practice has resulted in reduced carcass weights, signalling potential supply challenges ahead.
According to market participants, if herd contraction persists and production efficiency remains constrained, the European beef market may face sustained upward price pressures, with potential ripple effects on consumer affordability.
Pork
The surge in European Union (EU) beef prices has played a pivotal role in driving the increase in the European Easter Protein Index, reflecting broader underlying market dynamics. In March 2026, the average price of beef in the EU rose sharply by 5.9% MOM and 14.5% YOY, reaching €18,275/MT. This increase was primarily driven by persistent supply tightness within the EU market, alongside a seasonal uptick in demand for specific beef cuts. Roasting joints, mince, and burgers have experienced steadily rising wholesale demand since early 2026.
Market fundamentals indicate that tightening supply conditions have further amplified price escalation. Industry participants also note that the deadweight beef segment continues to demonstrate resilience, supported by limited cattle availability and stable demand from key buyers across mainland Europe and the UK.
Structural constraints within the supply chain have been exacerbated by the early slaughtering of cattle, as farmers seek to capitalize on elevated market prices. However, this practice has resulted in reduced carcass weights, signalling potential supply challenges ahead.
According to market participants, if herd contraction persists and production efficiency remains constrained, the European beef market may face sustained upward price pressures, with potential ripple effects on consumer affordability.
Norwegian Atlantic Salmon
The average price of Norwegian Atlantic salmon in week 12 (March 15-22), 4-5 kg FOB Oslo, was €8.65/kg, an increase of 21.0% MOM and 18.1% YOY. Norwegian Atlantic salmon prices were weak during January and part of February 2026, trading below the five-year weekly average, particularly in February, as market participants reported fair demand while farmed Atlantic salmon supply remained fully adequate to adequate, contributing to downward price pressure.
Since the beginning of March 2026, a barely adequate supply has positively influenced upward price movement as market participants reported a more active market. According to Statistics Norway, fresh salmon exports declined 9.7% WOW and 5.9% YOY in weeks 9-10 (February 23-March 1), reflecting continued decreases in overall export volumes despite some recovery in week 11, with exports up 6.2% WOW, though YOY comparison remained lower by 2.0%.
Norwegian Atlantic Cod
The Norwegian Atlantic cod price increased 29.5% YOY in week 12 (March 15-22), at € 8,185 /MT, accounting for a growth of 2.4% MOM. One of the key factors influencing this higher YOY price is the 16% reduction in Atlantic cod quota in 2026 compared to last year. The current quota is the lowest since 1991. According to market participants, a significant increase in landings has been observed between January and February 2026.
According to the Directorate of Fisheries, catches increased 152.1% in February 2026, but accumulated catches through February declined 4.1% year to date (YTD). Additionally, market participants are reporting a potential risk of demand reduction if the current price trend continues, as the market registered its highest point ever recorded in December 2025.
Eggs
The average weekly price of EU medium/large eggs as of 11th March 2026 increased by 2.34% MOM and 8.3% YOY, reaching €2,993.1/MT. Market conditions in the first quarter of 2026 showed a clear shift from early-year softness to firmer momentum ahead of Easter.
January began on a weaker footing as post-holiday demand faded and inventories built up across several Member States, easing immediate market pressure while leaving underlying structural tightness unresolved. Supply conditions remained uneven, however, as disease-related disruptions continued to hinder flock renewal and keep prices elevated compared with a year earlier.
In February, these constraints became more pronounced, reinforcing a steadily tightening market. Egg availability declined further, particularly in cage-free segments, while retail demand strengthened in the run-up to Easter, drawing additional volumes away from the industrial sector and supporting firm market sentiment.
By mid-March, activity had reached its seasonal peak, with market attention centered on fulfilling ongoing retail programs. Industrial demand eased temporarily as most Easter-related requirements had already been met, but the broader supply picture remained fragile. Continued disease risks, including renewed Newcastle detections, kept market confidence cautious.
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