Study: Consumers think twice about buying meat in June, paid up for plant-based proteins
A study from Kansas State University found consumers are less willing to pay for certain meats as retail prices inch higher.
Rising retail prices for certain meats have consumers thinking twice before making a purchase, according to findings in Kansas State University’s Meat Demand Monitor.
The study found consumers were less willing to buy some staple proteins like ground beef, pork chops, and chicken breast from May to June this year due to the increase in prices.
The highest prices per pound of protein consumers were willing to pay last month (June 2023) dropped month over month for ribeye steak ($16.76, which is down nearly two dollars); as well as for ground beef ($8.46, compared to just under $9).
In June, consumers were also willing to shell out $6.97 per pound for pork chops, $5.58 for bacon, and $8.11 for chicken breast.
There was one significant exception, however — and that was plant-based patties. Consumers were willing to pay nearly a dollar more per pound in June compared to May. That average cost rose from $7.92 to $8.46.