Consumers willing to pay more for red meat

Demonstrating the elasticity of pricing in the meat sector, Kansas State University’s most recent Meat Demand Monitor logged an increase in consumers’ willingness to pay for beef and pork products, even as the Consumer Price Index for meat rose 14.8% in December, compared with the same month in 2020.

For December, consumers indicated they were willing to pay more for a variety of conventional meat products, including ribeye steak, ground beef, pork chop, bacon and chicken breast. Measured by willingness to pay in December vs. the month earlier, chicken breast was the retail product that logged the largest increase in willingness to pay, at 5.4% increase in December over November levels.

Retail beef market share increased to 32% in December from 31% in November. Retail pork market share increased to 23% from 21% in November.

In foodservice, only pork categories — chops and ribs — logged slight increases in consumers’ willingness to pay. The restaurant market share for beef dropped by to 39% from 41%, while restaurant pork market share increased to 16% from 15%.

Par : Lisa M. Keefe (17/01/2022)

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