Prospects lifting for velvet and venison

Early season support from the South Korean health food sector, which accounts for 30 to 35 per cent of annual sales for New Zealand production, meant the 2022/23 velvet season started strongly. However, once those big contracts were filled demand fell away, reliant on the traditional wholesale Chinese market, where significant stocks remain on hand due to Chinese economic activity taking awhile to recover from the pandemic, which  also pushed consumer transactions online. With both the Chinese and Korean economies now lifting, longer term prospects for velvet are encouraging, with indications that consumers in Asian markets will be particularly inclined to spend on luxury and health items, such as velvet.

Meanwhile deer farmers focused on venison are positioning themselves for the coming year. With three strong markets, the United States, Europe and China, the venison price is currently sitting around $9 per kilogram, and expected to rise to at least $10, with further increases possible pending the sector’s ability to diversify into new markets in China and the United States.

Late March features the season’s first deer weaner sale, at Mt Arrowsmith, Mid Canterbury, offering approximately 500 weaners, which will provide the first signal of where this year’s deer weaner market will go. High Peak Station’s deer weaner sale is schedule for mid April. Stock are in good shape, presented to a high standard, with forward weights for intending purchasers, and will ship well. 

This year’s North Island deer weaner fairs will not proceed, though any North Island deer farmer seeking to buy or sell weaners should contact Steve Annan, PGG Wrightson North Island deer and velvet coordinator, [email protected].

Tony Cochrane, PGG Wrightson National Velvet Manager