MANHATTAN, KAN. (RFD NEWS) — Consumer financial pressure is changing meat preferences, but it has not removed demand. Kansas State University agricultural economist Glynn Tonsor reports the May Meat Demand Monitor (PDF Version) found willingness to pay declined for most retail products and foodservice meals.
At the grocery store, the projected market share for ground beef increased to 26 percent, while chicken breast held the largest share at 28 percent. Combined projected beef and pork shares reached 34 percent and 19 percent, respectively.
In foodservice, projected beef market share climbed to 44 percent, led by hamburgers at 28 percent and ribeye steak at 16 percent. Willingness to pay increased for both beef meals, even as it declined for most alternatives.
Household finances help explain the mixed signal. Only 15 percent of respondents reported finances better than a year earlier, while 39 percent reported worse conditions. Taste, freshness, price, and safety remained the leading factors in protein purchase decisions.
The monthly survey tracks consumer preferences rather than completed sales. Still, the results suggest value matters more, while beef demand remains resilient in retail and restaurant channels.
Corey Rosenbusch with The Fertilizer Institute joined us to discuss supply chain disruptions and what farmers should watch as global tensions impact fertilizer markets.
