Shoppers are likely to see ‘catastrophic’ rises in beef prices in a year’s time because of the current turmoil in the industry.

The warning has come from one of the country’s top butchers as low market returns continue to drive livestock farmers out of cattle-rearing.

Malcolm Pyne, from North Petherton, near Bridgwater, said the exodus could lead to the market running short and prices going through the roof as a result.

The current panic has been caused by supermarkets bringing in massive tonnages of cheap Eastern European beef so they can maintain their margins during the latest, ruthless price war.As a result the price of cheaper forequarter beef – used for mince, burgers and ready meals - has collapsed, pulling down the average price for each carcass, even though prime cuts have remained expensive.

But the sight of so many farmers throwing in the towel was deeply disturbing said Mr Pyne.

“You can’t blame the farmers for taking the quick shilling and getting out before the price falls any further but although we have to a certain extent been here before I have never know quite such a stampede to leave the sector,” he said.

“You can quite see why they are leaving. Feed prices haven’t fallen and neither have their bills for fuel and energy, and there’s no way they can cover their costs with what the market is paying now.

“My fear is that in 12 to 18 months’ time when the beef that they should have been rearing now fails to materialise the market price will just go through the roof and what beef there is will simply become unaffordable. Retailers will be asking stupid prices for it.

“The one thing the meat industry needs to do is to sit down and try to agree a formula which stabilises prices and sets a price for beef which consumers are happy with but which still offers the farmer a decent return.

“But as long as we have this scramble by the supermarkets to source beef from anywhere in the world as long as it’s cheap I don’t honestly hold out any hope of seeing that happen.

“I do recall warning when the South West farmers got special European designation for beef from the region that it was no magic wand that was going to automatically deliver better prices.

“Unfortunately many of them are now discovering what I said at the time was absolutely correct.”