Is turkey losing its lead as Britons' favourite Christmas roast?

Shares in Cranswick hit their highest since June after the UK bacon-to-pies group revealed thatconsumers' switch to pork had continued in the last three months of 2011.

"Sales growth in the quarter of bacon and fresh pork products was particularly strong," Cranswick said, reporting a 10% rise in takings for the quarter.

"Pig meat products continue to gain an increased share of the UK retail protein market," with a "further acceleration in this gain over the Christmas trading period".

Pork vs poultry

Indeed, while pork has in the past been seen gaining its share at the expense of red meats, whose price has been swollen by relatively firm global demand, over Christmas the traditional turkey roast may also have lost out.

Pork's gains over Christmas came "most notably, in our view, at the expense of poultry", broker Shore Capital said, noting data from Wm Morrisons, the supermarket chain, which raised sales of pork loin joints by 63% over the festive period.

At rival broker Investec, analyst Nicola Mallard said: "There is evidence that pork has continued to gain market share from other proteins including from poultry."

Ms Mallard lifted her forecasts for Cranswick's pre-tax profits by 5% following the statement and raised by 760p to 830p her target price on the group's shares, on which she kept a "buy" rating.

Falling pig price

Panmure Gordon analyst Damien McNeela also lifted hit target price on Cranswick shares, by 55p to 875p, restating "buy" recommendation.

"Cranswick remains well-placed to benefit from the ongoing switch by consumers into pork products," Mr McNeela said, noting that this trend was occurring against a backdrop of falling pig costs.

"Since mid-December, the UK dead weight average pig price has declined by 3% to about 143p per kilogramme, which should also benefit margins."

Cranswick shares hit a seven-month high of 790p in early deals before easing to close at 770p, up 1.5% on the day.