Consumers expect April beef, pork prices to simmer down in the US

Published 2023년 4월 5일

Tridge summary

The Meat Demand Monitor report for March 2023 reveals a decrease in consumers' willingness-to-pay (WTP) for retail products like ribeye steak, ground beef, bacon, and chicken breast, whereas WTP for Food Service meals increased. The market shares for beef and pork at grocery stores and restaurants were 31% and 21%, and 39% and 16% respectively. Pork demand improved month-over-month and year-over-year, particularly for pork chops, while bacon demand declined. The survey also indicated that taste, freshness, price, and safety are the most important factors when purchasing protein, with environmental impact becoming more significant. Consumers expect moderate retail meat prices in April. The study also highlighted an increase in ground pork consumption among younger generations.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Consumers’ willingness-to-pay decreased for four evaluated retail products – ribeye steak, ground beef, bacon and chicken breast—in March compared to February, while WTP increased for all evaluated Food Service meals, according to the latest Meat Demand Monitor. The combined beef and pork projected market shares for March are 31% and 21%, respectively at the grocery store and 39% and 16% at the restaurant. According to Glynn Tonsor, professor in the Department of Agricultural Economics at Kansas State University, while retail demand was lower in March 2023 than in February 2023 for bacon, it improved for pork chops, both month-over-month and over the past two years. “In March 2023, pork chop demand was above demand in March 2021 but that is not the case for bacon,” says Tonsor. A three-year comparison of March data shows consumers WTP on dollar per pound basis for pork chops in 2021: $6.73, 2022: $8.29 and 2023: $6.98, while bacon came in at 2021: $5.57, 2022: $7.06 and 2023: ...

Source: NationalHogFarmer