Buffalo Meat Prices Surge in India Ahead of Ramadan and Eid Festivals During Mar-24

Due to high demand from Gulf Cooperation Council (GCC) countries, Indian buffalo meat prices have risen since Feb-24, a month before Ramadan. Indian buffalo meat prices in Mar-24 have increased by approximately 5 to 7% month-on-month (MoM). With the upcoming Eid-ul-Fitr festival in Apr-24, high demand is also expected to continue in Mar-24.
Indian buffalo meat prices are anticipated to remain strong after Eid-ul-Fitr as shipments to GCC and KSA will peak from May to June for the festival of Eid ul Azha. This festival involves a significant amount of buffalo slaughter domestically in India, which subsequently affects the supply of raw materials for exports. Additionally, the Haj season in Saudi Arabia attracts almost 2 to 3 million global visitors for this annual pilgrimage. Meanwhile, the prices are expected to stabilize from June onwards.