ST. GEORGE, Kan. (RFD News) — The latest Meat Demand Monitor from Kansas State University shows consumers are continuing to buy beef even as prices remain elevated.
K-State livestock economist Dr. Glynn Tonsor says retail demand for meat increased in six of the eight categories tracked in April, including ribeye steaks and ground beef.
“So you asked about willingness to pay retail. So grocery store demand for meat in April was up on six of the eight categories we track, specifically to beef, ribeye steak, and ground beef. The willingness to pay numbers were higher than they were in March, which is great. When we look over to food service, it’s actually the opposite. So we’ve had some pullback. I want to pause there, though, because March had some very strong food service numbers. They stood out, and I was kind of talking about there. So part of this is what month you compare to.”
Tonsor says that despite meat industry concerns, the outlook is positive when it comes to beef.
“Overall, I would put a bow on this and say the beef side of demand remains pretty good, surprisingly good given lots of the other kind of challenges and uncertainties outside of the industry.”
While pork and poultry demand have remained relatively steady, Tonsor says broader long-term trends continue favoring beef.
“If you back up and do kind of a broader year-over-year, what’s the two, three, five year trend in demand here? And not just with Meat Demand Monitor, but like multiple data points I’m always watching. The beef demand strength is definitely outpacing what’s going on in pork and chicken.”
The Meat Demand Monitor also tracks what influences consumer purchasing decisions.
According to Tonsor, taste and freshness continue ranking as the top reasons consumers choose beef.
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