Vegan Meat and Animal Protein Prices On the Rise? Shoppers Choose Plants, Says Study

In the face of escalating retail costs for specific meat products, consumers are reevaluating their purchasing habits, as unveiled by the latest findings from Kansas State University’s Meat Demand Monitor.

The study, spanning the months of May to June this year, has illuminated a discernible decrease in consumer willingness to buy animal-based protein sources, such as ground beef, pork chops, and chicken breast, primarily due to the mounting price hikes.

Throughout June 2023, the peak prices that consumers were amenable to paying per pound of protein experienced a notable decline in comparison to the previous month. Notably, the figures dropped by nearly two dollars for ribeye steak, settling at $16.76. Similarly, ground beef witnessed a decrease from just under $9 to $8.46.

Conversely, the data for June indicates that consumers were open to allocating $6.97 per pound for pork chops, $5.58 for bacon, and $8.11 for chicken breasts.

With inflation still affecting meat sales, the US animal agriculture industry continues to struggle with declining profits and reduced consumer demand. Smithfield Foods recently announced it will be closing 35 pig farms across Missouri and laying off 92 employees.

Additionally, Tyson announced it would close four chicken plants due to declining demand, market conditions, and higher feed costs.