Time to beef up your budget for grilling season. 🔥🥩
“When you’re talking about the ultimate price of beef to a consumer, the whole chain is under these inflationary pressures,” Tom Windish, the head of Cargill’s beef division, told theOver the past few years, the meat industry has faced challenges including drought conditions, cost increases, and pandemic disruptions.
noted. And according to Agriculture Department data cited by the newspaper, beef production in the country is set to fall by more than 2 billion pounds in 2024, the largest annual decline since 1979. Despite the lagging supply, the demand for beef in the U.S. remains high. Grocery executives say that even though beef has a bad rap for its impact on the climate and people’s health, consumers are still stocking up on their burgers and steaks. And whilemight be the most eaten protein in America, the beef market is worth double the poultry market, coming in at a whopping $30 billion in the year ending April 23.
So while some shoppers may decide to opt for slightly less expensive cuts as the price of beef continues to rise, they’re not necessarily going to stop buying red meat altogether. And certainly many people will continue to shell out for their rib-eyes and filet mignon.
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