Meat & Livestock News

Meat Sales See Strong Start in 2024

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TL;DR: In 2024, meat sales remained strong despite a slight dip in consumer confidence. Fresh meat sales surged, while processed meat saw stable demand, as tracked by Circana’s expanded MULO+ coverage.

Consumer confidence dipped slightly in February after three months of gains, the University of Michigan reports. Despite this, optimism about inflation’s trajectory remains.

February witnessed key sales events, adding extra retail touchpoints, according to Circana’s survey.

Super Bowl plans showed that 56% of consumers planned to watch at home, spending an average of $36 on snacks and food. Only 2% planned to watch at a bar or restaurant. For Valentine’s Day, similar numbers planned celebrations, favouring chocolates and home-cooked meals over dining out, continuing a trend from pre-pandemic times.

Restaurant visits decreased compared to January, with 73% dining out or ordering takeout, as per Circana. This coincides with an increase in home-cooked meals, now at 79.1% of all meals.

Circana, in collaboration with 210 Analytics, will monitor meat department trends, backed by Hillphoenix.

Circana Market Expansion

Circana has broadened its Multi-Outlet (MULO+) coverage, now including e-Commerce and other channels, boosting the total Consumer Packaged Goods (CPG) scope by 15%.

Inflation Insights

As of February 2024, food and beverage prices rose by 1.5% year-on-year, with fresh perimeter prices staying almost flat and grocery prices climbing by 2.7%. Consumer concerns about grocery prices remain high, with February food and beverage prices 35% higher than pre-pandemic levels. Meat prices averaged $4.60 per pound, up by 1.0% from the previous year.

Meat Sales Overview

January saw a positive shift in meat sales, continuing into February, particularly for fresh meat. Despite Valentine’s Day, meat sales did not spike as seafood did.

Meat department sales in the MULO+ universe lagged slightly behind the previous year in 2023 but started to rebound in January and February of 2024 as prices stabilised.

Assortment and Sales by Protein

The meat department’s assortment remained steady, with fresh meat experiencing significant sales, especially in chicken, pork, turkey, lamb, and fresh exotic meats.

Processed meat sales reached $2.7 billion, with dollar sales dropping by 2.5% but pound sales remaining stable.