These days, many people wonder what is happening with the beef industry. That's mostly because the news has indicated surging inflation, with consumers' finances feeling the pinch. Beef is one of the products that has become more expensive during the last 12 months. Data provided by the Bureau of Labor Statistics reveals that the price of beef increased more than 20% between October 2020 and October 2021. This dramatic increase was mainly caused by Covid shutting down production plants. This forced many farmers to cull cattle since they had nowhere to send their beef. There were also labor shortages that reduced the overall capacity to process meat.
Some people are also worried because of a 2019 study estimating that the beef industry in the US will collapse by 2030. Specialists however advise people to be wary of this projection, as it lacks supporting data and may be fabricated to serve certain interests.
The reality is far more boring. Wholesale prices have begun
to slowly plateau, and it finally seems prices might begin to trend downward.
The industry is still not functioning normally, but recent news shows a slight
positive growth in 2022 compared with the previous year. It is good to keep up with the beef industry news frequently to make sure you are informed on how things are changing.
