A4 portrait · no margins · both themes OK
AnimStok Intelligence · Annual Report
2025

Global Livestock &
Protein Markets

Full Year Review  ·  India + 44 Global Sources  ·  62 Price Series
India Broiler Avg
₹110
/kg live · Delhi NCR
▲ 8.9% vs 2024
FAO Meat Index
126.2
avg 2025 · base 2014–16=100
▲ 3.1% vs 2024
Global Corn Avg
$204
/MT · IMF/FRED
▼ 11.4% vs 2024
Brazil Broiler Avg
4.42
BRL/kg · Paraná · CEPEA
▲ 5.7% vs 2024
Norway Salmon Avg
68.4
NOK/kg · SSB Norway
▲ 12.2% vs 2024
India Egg Delhi Avg
₹154
/tray (30 eggs) · NECC
▲ 6.2% vs 2024
A full-year synthesis of live price data, trade flows, disease events, and policy shifts across India's livestock sector and 44 global intelligence sources. Covers broiler, egg, goat, salmon, shrimp, beef, pork, and feed markets — with YoY benchmarks and a 2026 outlook across 7 key variables.
AnimStok Intelligence · Global Livestock & Protein Markets
Published September 2026  ·  Confidential — Not for redistribution
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AnimStok Intelligence
Annual Report 2025
India Market Review · Global Protein Benchmarks
Confidential — Not for redistribution
A — India Annual Averages 2025
AnimStok India Network · NECC · Full year Jan–Dec 2025
Broiler Delhi Avg
₹110
/kg live
▲ 8.9% YoY
Dressed Broiler Avg
₹168
/kg · Ghazipur
▲ 7.0% YoY
Farm Egg Delhi Avg
₹154
/tray · 30 eggs
▲ 6.2% YoY
NECC Egg National
₹5.28
/egg · national avg
▲ 5.8% YoY
India Monthly Broiler Price — Delhi NCR (₹/kg live)
AnimStok India Network
Quarter Q1 Avg Q2 Avg Q3 Avg Q4 Avg 2025 Peak 2025 Trough YoY
Broiler Delhi (₹/kg) 128 102 96 115 145 (Feb) 88 (Aug) ▲ 8.9%
Dressed Broiler (₹/kg) 198 158 148 168 220 (Feb) 138 (Aug) ▲ 7.0%
Farm Egg Delhi (₹/tray) 160 148 152 158 175 (Dec) 138 (May) ▲ 6.2%
Goat Desi Ajmer (₹/kg) 452 460 472 480 510 (Oct) 430 (Feb) ▲ 4.8%
B — Global Protein Annual Averages 2025
USDA AMS · CEPEA · Eurostat · SSB · COMTRADE
Commodity 2025 Avg Unit vs 2024
USDA Broiler/Fryer 131.4 ¢/lb ▲ 3.8%
USDA Chicken Breast 118.6 ¢/lb ▲ 5.1%
Brazil Broiler (Paraná) 4.42 BRL/kg ▲ 5.7%
EU Broiler Slaughter 278.5 EUR/100kg ▲ 2.4%
Brazil Chicken FOB 3.06 USD/kg ▲ 4.1%
Commodity 2025 Avg Unit vs 2024
Norway Salmon (Fresh) 68.4 NOK/kg ▲ 12.2%
India Buffalo FOB 4,380 USD/MT ▲ 6.8%
India Shrimp FOB 6.82 USD/kg ▼ 3.2%
Vietnam Pangasius FOB 4.95 USD/kg ▲ 1.8%
NZ Lamb FOB 7,120 USD/MT ▼ 1.4%
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Annual Report 2025
Feed & Energy · FAO Indices · Company Signals
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C — Feed & Energy Annual Averages 2025
IMF/FRED · USDA NASS · EIA · USDA WASDE
Input 2025 Avg Unit YoY
Corn (Global) $204 USD/MT ▼ 11.4%
Corn Iowa (NASS) $4.38 $/bu ▼ 9.1%
Soybean Meal $408 USD/MT ▼ 14.8%
Soybean IL (NASS) $10.62 $/bu ▼ 13.2%
Wheat SRW Illinois $5.44 $/bu ▼ 6.8%
Energy / FX 2025 Avg Unit YoY
Brent Crude 78.4 USD/bbl ▼ 8.2%
Henry Hub Gas 2.52 USD/MMBTU ▼ 4.5%
EUR/INR (ECB) 89.42 avg 2025 ▼ 2.1%
EUR/USD (ECB) 1.0814 avg 2025 ▲ 1.2%
EUR/BRL (ECB) 5.842 avg 2025 ▲ 3.8%

2025 was a feed cost relief year — corn and SBM fell sharply on a record US harvest (Pro Farmer: 15.1 bn bu corn, 51.7 bu/acre soy). India integrators saw ₹8–12/kg feed cost reduction vs 2024 peak; benefit partially offset by HPAI disruptions and monsoon seasonality.

D — FAO Global Price Indices · 2025 Annual Averages
FAO · Base 2014–16 = 100 · Source: fao.org/food-agriculture-organization
Food Price
125.4
▲ 2.8%
vs 2024 avg
Meat Price
126.2
▲ 3.1%
vs 2024 avg
Cereal Price
111.8
▼ 5.4%
vs 2024 avg
Dairy Price
109.6
▼ 1.2%
vs 2024 avg
Veg Oil
178.2
▲ 8.6%
vs 2024 avg
Sugar Price
88.4
▼ 6.8%
vs 2024 avg
E — Global Integrator Signals 2025
Company filings · AnimStok Intelligence research
Tyson Foods (USA)
Revenue ~$53.2B · Chicken segment 38% of sales
Chicken segment EBITDA margin recovered to 8.4% in FY2025 (vs 5.1% in FY2024) on lower feed costs and improved live production. Beef margin remains compressed at 0.8% on cattle cycle tightening.
JBS S.A. (Brazil)
Revenue ~$78B · World's largest meat company
Pilgrim's Pride (US chicken) drove 62% of 2025 EBITDA growth. Brazil beef export volumes hit record on SEA demand. JBS USA beef margin at 3.2% — cattle supply tightness persisting into 2026.
Mowi ASA (Norway)
Revenue ~€5.8B · Largest salmon farmer globally
Harvest volume 448,000 MT in 2025, +3% YoY. Spot salmon prices averaged NOK 68.4 — highest since 2023. Sea lice pressure in Norway creating supply ceiling; cost per kg rising 4.8% YoY to NOK 42.1.
Venky's India Ltd.
Revenue ~₹4,800 Cr · India's largest broiler integrator
India's Q1 FY26 broiler prices ₹128–145/kg drove strong margin expansion in Feb–Mar 2025. H2 monsoon softness compressed margins. Feed cost decline of ~₹10/kg partially offset market price dip.
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Key Events · 2026 Outlook
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F — Market Intelligence · Key Events 2025
WOAH · USDA · FAO · ABPA · Media · AnimStok Network
Jan–Mar 2025
HPAI H5N1 surge in US dairy cattle and poultry — USDA confirmed 168 flocks culled, 42 mn birds; US egg prices hit $3.30/dozen (all-time high). Global egg markets tightened sharply.
Disease · USA · Source: USDA APHIS/WOAH — US egg market recovered by Jun 2025; Indian exporters monitored diversion opportunity
Feb 2025
Brazil poultry exports hit record in Jan 2025 — ABPA reported 606,000 MT exported in Jan alone (+9% YoY), driven by Middle East and China demand surge during Chinese New Year cycle.
Trade Flow · Brazil · Source: ABPA/MDIC — Brazil captured EU HPAI gap; India FOB at discount widened
Apr 2025
India GoI announces PLI Scheme for Processed Food — ₹5,432 Cr disbursement for poultry-based RTE products. 22 approved units including AL-BAREE (Sabi Foods, Gazipur) category entrants.
Policy · India · Source: MoFPI — Accelerated investment in value-added poultry processing; watch FY26 export volumes
Aug 2025
Pro Farmer US crop tour confirms record corn and soybean harvest — Corn 15.1 bn bu (+4.2% vs Aug WASDE), Soybean 51.7 bu/acre. Global feed prices declined sharply through Q3–Q4 2025.
Supply · USA · Source: Pro Farmer / USDA WASDE — Corn -11.4% YoY average; SBM -14.8%; India integrators benefited ₹8–12/kg on feed bill
Sep 2025
ASF (African Swine Fever) confirmed in Polish breeding farms — EU pork production guidance cut by 3.8%; German processor shutdowns triggered. China monitoring imports from affected EU zones.
Disease · EU · Source: European Commission / WOAH — Positive for poultry protein substitution in EU; watch India pork export opportunity (marginal)
Nov–Dec 2025
India broiler prices recovered to ₹115/kg in Q4 driven by wedding season demand, Eid forward-buying. Monsoon-related supply disruption in AP/Telangana contributed to 14% QoQ price recovery.
India Domestic · Source: AnimStok India Network / NECC — Seasonal pattern reinforced; predictive buying window identified for 2026
G — 2026 Outlook
AnimStok Intelligence research · Based on data through Aug 2026
India Broiler — Positive
Feed cost relief persisting through 2026 harvest season. Wedding + Eid demand calendar supports ₹100–130/kg range. HPAI risk remains the key downside; monitor Maharashtra/AP corridor.
Global Feed — Neutral/Risk
2025 harvest surplus unwinding. USDA 2026 corn ending stocks tightening. La Niña risk for Brazil 2026 soy crop could reverse the 2025 feed cost gains — watch Jan 2026 WASDE.
India Buffalo Exports — Positive
Gulf and SEA demand trajectory strong. Rupee weakness adds 3–5% realisation advantage. APEDA FY27 targets 9% volume growth. Halal certification pipeline expanding with 14 new facilities.
Norway Salmon — Constrained
Sea lice pressure in Nordland limiting volume growth. Cost per kg expected to rise 5–7% in 2026. Prices likely to remain elevated (NOK 70–78 range) but margin compression for producers expected.

Disclaimer: This Annual Intelligence Report is prepared by AnimStok Intelligence (Animpet Ecomm Pvt. Limited) for the exclusive use of the named recipient. All data sourced from USDA AMS/NASS/WASDE, FAO, CEPEA, Eurostat, SSB, EIA, ECB, WOAH, ABPA, MoFPI, APEDA, UN Comtrade, company public filings, and AnimStok's proprietary India price network. Annual averages are calculated from monthly or weekly observations as available. Company financials from publicly reported results; not verified independently. YoY changes vs calendar year 2024. Data through August 2026 where available. Not for redistribution. © 2026 Animpet Ecomm Pvt. Limited.

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