Consumers aren’t ditching beef due to high costs, they’re just ‘trading down’

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He said he’s selling four or five times more ground beef than he did when he opened his business four years ago. Meanwhile, the purchase of steaks and roasts has gone down significantly.

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According to Statistics Canada, the average monthly retail price for beef rib cuts in January of 2024 was $12.80/lb. Today, it is $16.76/lb. When he started in the business four years ago, Olson said his ground beef was $4.95/lb. Now, it is $8.50/lb. Come barbecue season, he anticipates a case of burgers that previously cost $60 will be closer to $100.

Historically small cattle herds, high feed costs, and drought conditions have caused ground beef prices to reach record highs. Despite that, reports show people are increasingly turning to ground beef as a protein source.

While the price of ground beef has increased significantly, so has the demand. (Image Credit: Facebook/Northern Meats)

Shelby Corey, the District 6 board member for the Saskatchewan Cattle Association said it makes sense since ground beef is usually the cheapest and most versatile cut.

“And it does have a lot of bang for your buck nutritionally. So, when comparing it to other proteins, it does remain fairly affordable,” she said.

She anticipates prices for beef will remain high, and demand will only increase.

“As ranchers start to retain more cattle to build up that herd, that actually means less cattle going into the food supply because they’re keeping them to build up their breeding stock. So, I think it’s still going to be another year or two before we see actual beef on the shelf increase in supply.”

While Olson’s shop is located in Spiritwood, he has customers from all over northern and central Saskatchewan including Saskatoon and North Battleford and said buying trends are similar across the board.  In addition to an increase in demand for ground beef, he has also seen an uptick in sales for pork as consumers try to manage household budgets. He said it remains the cheapest cut of meat and there hasn’t been a notable change in pork prices over the last few years.

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panews@pattisonmedia.com