No matter what happens in the United States, be it political turmoil or any other unsettling events, Americans will always need to eat and will do so according to what their budgets permit. This is an excellent sign for the meat industry – beef in particular. In fact, the USDA is estimating that beef production will increase exponentially between now and 2025.
There is a Boom in Meat Snack Products
At a recent National Association of Convenience Stores annual show, there were numerous meat snack products on display. More than 24 meat processors were showing off a range of snack stick, jerky products and meat bars, meaning that there was something to suit every meat lover’s palate. With more than 80% of consumers snacking on a daily basis, this is a clear indication that the meat snack industry is going to continue growing exponentially.
More Convenient Packaging has been made Available
Recent research performed regarding baby Boomers and Millennials shopping habits indicated that virtually everyone is looking for more convenient meat packaging. As a result, manufacturers have listened and started offering smaller package sizes and making more pre-packaged meat products available. Meat products that are being sold in freezer-ready, leak-proof and re-sealable packages are selling more than any other packaged meat products.
The Overall Quality of Beef is Improving
The American beef industry has experienced a 12% point increase in carcass grading USDA prime and Choice since the 1990s and went up by 5.7% in 2014 compared to 2013 as well. In addition, almost 75% of consumers don’t feel that beef is too costly and feel that they are getting their money’s worth when purchasing this protein source.
Millennials are the Biggest Beef Consumers
Research has also shown that millennials are consuming more beef than any other age group, with an average of 4 meals a week being cooked at home that contain beef in some form. A rise in popularity of meat-intensive diets such as the keto and Paleo plans have also resulted in a sharp rise in beef sales and consumption figures. Gone are the days where meat was perceived as being the enemy of a healthy diet. These days, there is more demand than ever before for grass-fed and organic beef products.
Global Prices Have Decreased
Informa, a London-based publishing and data analyst company, has mentioned that beef prices will still drop a little. This is due to increased production levels and a recovery from severe drought in some of the beef farming areas. The analyst company also said that wholesale prices of beef have averaged around 13% below the previous year, with fed cattle prices dropping by as much as 20%.
New Cuts of Meat being made Available
A few new beef cuts have recently been released to the consumer, and some of these include oyster steak, shoulder tender, Merlot cut and Vegas Strip Steak – all of which have been created to keep the consumer coming back to purchase more beef.