The effect coronavirus has had on the world is far-reaching and even Spain's lucrative luxury ham market is not immune. With hotel closures and increased regulations on the planet's top restaurants, even those bringing you the bacon are feeling the heat.

The specialty meat market is big business with a cured leg of "pata negra" often selling for more than $800. However, with demand on the downturn, eateries are now paying up to 30% less for the decadent servings than they did before COVID reared its ugly head.

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Keep in mind that farmers have to raise the pigs used for the creation of the ham and, in the summer, there are no acorns. It forces those behind the industry to find alternate sources of food. Up until now, that 30% that was once part of the asking price helped make that pig feed financially viable.

In the case of pigs that the farmer doesn't turn into meat on his own, other producers often come along to purchase them. However, in a COVID world, even those prices have started to fizzle out as many have seen the overall income generated by the market grinding to a slower halt than they feel is sustainable. Overall, Spanish pig farmers have found livestock to have fallen 20-25%, according to the Asociación Interprofesional del Cerdo Ibérico association of pork producers. In the case of high-end Iberico pigs, used for the most luxurious diners, the drop has been closer to 50%.

The time that goes into curing a ham is rarely thought about and shocking to many. To bring a pig from farm to table takes, at minimum, two to three years. This long process throws chaos into future pricing as those producing the product are unsure how much they need to be charging going forward in order to make ends meet.

It's not just the farmers and producers either. Those preparing the meat, known as "cortadores" have been slammed by this pandemic too. Their skills revolve around finely slicing the dry-cured legs and is considered an artform. The technique sees the cortadores  cutting ham so thin that the slices come off almost transparent. These paper-thin slices called "lonchas" or even specialty chunks called "tacos", are the main course of many high-end events. Without a need for these servers, another aspect of the industry faces heartache.

Exporters of Spanish dry-cured hams, across the board, fell about 3% on-year in volume in 2020, according to ASICI and has drummed up fears that things could eventually hit the levels it did in 2008, when the global financial crisis left thousands of smaller ham producers mired in bankruptcy.

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Sources: Today Online, Barrons