A new report from GRO Intelligence highlights how US Beef is headed for a supply shock in 2024, which could result in higher prices. The primary culprit behind this price hike? A significant drop in domestic production, which, coupled with an uptick in imports, makes knowing your meat source absolutely critical in the upcoming years. In this article, we'll not only reference the report from GRO Intelligence but also provide additional reasons why many believe meat prices—especially the price of beef—are set to soar in 2024.
At the heart of the impending meat price increase is a shortage of beef. The USDA has confirmed a decline in beef supply in recent years, with the beef production forecast for this year at 27 billion pounds. However, in 2024, this is projected to drop to 25 billion pounds, representing a 6.5 percent decrease from the current year. This decline is expected to result in the lowest per capita availability of beef in the United States since records began in 1970. But how does reduced supply result in higher prices?
Multiple factors have contributed to this upcoming supply drop, ranging from extended drought periods, to reduced cattle herds from record beef production during COVID-19, and skyrocketing production costs. Consequently, there’s less beef available in the market, which leads to an increase in the price of 100% American beef since it’s less available. Remember, we’re going to face record low production numbers compared to the past 5 decades, so supply is more critical than ever. Some areas of the country that rely on domestic goods the most, could see shortages on their shelves based on these projections, which could make people stock up more than before.
To combat the uptick in prices and decrease in the supply of American meat we recommend sourcing your meat from local farmers and ranchers. Knowing where your meat comes from empowers you to exercise greater control over its quality, which is particularly important as prices rise. By standing against the imported meat in grocery stores and instead opting for local meat sources, you’re ensuring a fresher product while also supporting local farmers and ranchers, which boosts local economies and food security.
By choosing a source like Good Ranchers, you’d be choosing an outlet that allows you to do all of the above. While more imports are flooding grocery stores, our imports will remain the same: zero. You’ll be supporting local farmers and ranchers while enjoying your favorite dishes! Plus, you won’t have to worry about any price fluctuations, as right now, we’re currently offering a two-year price lock guarantee. Secure your supply of America’s best meat and inflation-proof your price until 2025 by subscribing to any Good Ranchers box before October 6th!