Maintaining gains

Although retail food price inflation has cooled a bit after three years of steady increases, food prices remain elevated compared with even just a couple of years prior. That pricing reality is evident in 2024’s Top 100 Meat and Poultry Processors, with the general trend of companies’ revenues being up from 2023, some significantly.

Consumers’ ongoing concern regarding their grocery bills is being overshadowed by accelerated foodservice inflation, and the trend of consumers embracing at-home meal occasions continues to drive product development and promotional efforts.

Much as consumers are looking for a deal and embracing value where they find it, food marketers are taking a similar tack. Beef supplies remain tight and prices elevated, which in turn has created opportunities for pork and chicken. Similarly, private-label products continue benefiting from consumers looking for a more affordable analog to their usual go-to national brands.

In other words, despite higher prices and consumer apprehension about the overall economic outlook and their personal financial situations, people still gotta eat and meat and poultry products definitely remain on the menu.

www.provisoneronline.com   |   may 2024