Shoppers got no beef with the current price of beef. Despite an average price increase of 6.1% this past year, beef volume sales fell just 0.5%, according to data from Circana. Not only that, but beef now accounts for 53.7% of meat dollar sales, up 1.5% from the year prior.
To quote Tom Barnes, chief executive officer of food research firm Category Partners LLC: “A significant portion of shoppers are willing to continue to purchase beef at these higher prices and there is only one justification for the purchase: it tastes great.”
Grinds, including ground beef, are also currently very popular, benefiting from shopper interest in convenience. Despite a 6.4% price increase for grinds to $5.02 a pound, volume sales grew 1.4%, “an amazing feat in this type of marketplace in which 1% growth is a big deal,” according to Circana’s Chris DuBois.
Speaking of beef, the SN team was recently out in the field at the National Restaurant Show at the McCormick Place Convention Center in Chicago…and of course we had to snag a selfie with the Oscar Mayer Wienermobile! Many of the foodservice suppliers and vendors we connected with are also getting into foodservice at retail — which speaks to the continued and apparently insatiable demand consumers have for all things prepared foods and hot and fresh. In short, convenience continues to be king.
