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Global Animal Protein Outlook 2023: Deciding How to Grow Amid Challenges and Opportunities
Even though global animal protein production is expected to grow modestly in 2023, it will be another year of change for the sector. The industry will face high costs along the full supply chain, swings in consumption, and other areas of uncertainty for producers, such as elevated disease pressure and regulatory and market-driven changes. As a result, margins will be squeezed as buyers push back on higher production costs. But opportunities still exist, although they will be more restricted.
This Week in Retail: Varying Supplies, Weather Influence Retail Activity
This week, the retail landscape is influenced by an assortment of factors including varying supplies of protein and the weather.
Looking at pork, hog supplies typically undergo a seasonal expansion from now into the early winter. October is National Pork Month and retailers usually promote pork features to boost sales as more product becomes available.
This year, however, persistent hog disease issues including porcine reproductive and respiratory syndrome (PRRS) have kept supplies relatively snug.
Hog values have depreciated since mid-summer and the national average hog price is currently down nearly 26% from August. Despite a seasonal correction, hog prices remain elevated at near all-time highs for this time of year. Urner Barry's wholesale pork cutout is down roughly 22% from its summer peak and is now 10% under 2021...
This Week in Retail: Protein Indices Are Above 3-Year Average; CPI Data Released
In the face of ongoing inflationary pressures along with animal disease issues impacting the protein industry, wholesale beef, pork, and poultry prices continue to reside at or challenge all-time highs.
In the retail red meat complex, Urner Barry’s weekly retail feature beef index this week averages $6.34 per pound, down $1.02 per pound from a week ago but 6 cents per pound above the 3-year average.
The boxed beef market is currently moving mostly sideways but has dipped to 52-week lows in recent days. Despite this, Urner Barry's Choice and Select cutouts remain at near seasonal all-time highs, second or third to 2021 and 2014....
This Week in Retail: This Year's July Fourth Cookout Could be Costlier
Consumers might sweat when shopping for July Fourth festivities since this year's cookout could be costlier than in years past.
According to data from the Bureau of Labor Statistics, inflation remains elevated at a multi-decade high with the index for meats, poultry, fish, and eggs rising 14.2% over the last 12 months.
Despite higher retail prices and squeezed budgets, most households are forging ahead with their Independence Day plans. According to the National Retail Federation, 84% of consumers plan to celebrate the Fourth this year.
Of those, 59% of people plan to ring in Independence Day with a cookout...
Latest Maersk Cold Storage Facility Set to Open in New Jersey This Fall
A cold storage facility serving both imports and exports of fish, poultry, beef, pork, fruits and vegetables will open in Dayton, New Jersey in October, Performance Team – A Maersk Company, announced on June 6.
Maersk explained that end-to-end supply chain solutions are made by the company’s Oceans services calling APM Terminals Elizabeth, New Jersey that can be integrated with Maersk Customs Services, USA Inc. customs clearance expertise and Performance Team – A Maersk Company’s 60+ warehouses and Transportation services - designed to serve storage, fulfillment...
This Week in Retail: Protein Demand and Rising Food Inflation
Fueled by rising food inflation, consumers nationwide continue to see higher prices for protein along with other goods, both at retail and foodservice.
The Consumer Price Index (CPI) rose 8.3% in April, according to the Bureau of Labor Statistics—down slightly from the month prior. However, the latest figure was still near a 40-year high and slightly above what some analysts had anticipated.
The food index increased 0.9% last month, its seventeenth consecutive monthly increase.
Five of the six major grocery store food group indexes increased in April. The fruits and vegetable category was the only index that declined last month. The index for meats, poultry, fish, and eggs rose 1.4% in April, driven by a 10.3% increase in the egg index...
This Week in Retail: Farewell February; What's Next?
Wrapping up the final full week of February, wintry weather is in full force as back-to-back storms rip through the Eastern two-thirds of the country. Amidst the havoc, retailers are eagerly looking towards spring demand, which is boosted by seasonal influences including more favorable grilling conditions and holidays like Easter.
Retail protein sales are typically sluggish in February, leaving much to be desired among grocers. However, consumer retail demand for meat has remained strong so far this year despite a normal seasonal lull and higher prices for most items. In the near term, grocers will begin to shift their retail features from red meat and poultry towards seafood as Lenten observers begin a 40-day period of fasting and reduced meat consumption starting on March 2nd.
The seafood complex accounts for 27% of total protein features this week. Beef makes up 26.5% of feature volume, while pork closes in on 21%. Chicken claims almost 13% of ad space, followed by eggs...
Church's Chicken® Brings Back Texas Tenders™ 'n Butterfly Shrimp For a Limited Time
Church's Chicken® is taking customers to the Great State of Flavor™ by bringing back two fan favorites and introducing a new and sweet soon-to-be favorite. The Texas Tenders™ 'n Butterfly Shrimp, which made its debut in 2021, is returning for a second year along with the Strawberry Blast drink option. To accompany the limited-time meal, Church's is also introducing a brand-new Banana Pudding dessert topped with classic Nilla® Wafer cookies.
The Texas Tenders™ 'n Butterfly Shrimp...
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