Elevated meat prices in the US for the rest of the year

Over the past two years, ever-changing consumer behavior has buffeted the food sector. Initially, consumers responded to the pandemic by stocking up on grocery shelf staples and avoiding sit down dining. As COVID outbreaks ebbed and flowed, so has consumer restaurant spending. But, during the entire time retail meat demand has remained steadfast. These unprecedented changes in spending patterns have proved extraordinarily difficult for livestock producers, meat processors, and consumer-facing channels.The shift in spending was most notable during 2020. Consumers, flush with cash from federal stimulus and facing ongoing dining restrictions, had more spare time and money to spend on cooking at home, and retail meat and poultry spending jumped nearly 20% in 2020. However, when dining restrictions did ease in the first half of 2021, retail meat spending defied expectations and held steady. And just as consumers were gaining optimism in the second half of 2021, the omicron variant ...