Market Report: January 2024

Published on 17th January 2024

Market Report: January 2024

Welcome to Meadow Vale’s Market Report for January 2024. This is our first market report of the new year, covering issues such as the ongoing shipping disruptions in the Red Sea and the potential consequences they will have for the food service industry.

With the escalation of conflict in the Middle East and the ongoing war in Ukraine, commercial consequences as a result of these conflicts have never been greater. With over 17,000 ships passing through the Suez Canal each year, the potential diversion south via the Cape of Good Hope is adding on average ten extra days to shipping times.

These delays are causing not only shipping uncertainty and scheduling struggles, but also congestion at all major ports, an addition of up to 4 weeks lead times on all standard orders, and an increase in fuel, shipping and insurance costs for all the major shipping companies.

However, as reported in our recent End Of Year Review, we have taken appropriate measures to fortify our global supply chain ensuring a better service to our customers and ultimately, have made changes that will go a long way to futureproofing the business as a whole.

DOWNLOAD THE JANUARY MARKET REPORT HERE, to read all about the Red Sea disruption and the potential impact on global shipping, and if you have any further enquiries on the matter please contact our customer service team, or alternately speak to your account manager directly.