REGINA, Sask. — The traditional budget-friendly choice of ground beef is now more expensive than chicken breast, which could prompt different choices at the grocery store.
Beef has enjoyed strong demand even with record high prices, and economists at Farm Credit Canada said protein demand in general is healthy. However, food affordability is also a major concern.
Desmond Sobool, FCC’s director of economics and deputy chief economist, said trends such as protein maxing diets and increasing use of GLP-1 medications are driving demand amid elevated prices.
He told a recent webinar that per capita consumption of beef, chicken, eggs and fish all increased last year while pork remained steady.
“To note, chicken recorded its largest gain, increasing by about one kilogram, or just over 2.2 pounds, per person,” he said.
Beef consumption increased 0.8 kg per person while prices rose almost 17 per cent. Those prices remain at historic highs due to tight inventory; Canada’s inventory is at a 35-year low while the United States is at its lowest in 75 years.
Sobool said while the Canadian cow herd is slowly starting to grow, it takes years to build up meat supply when compared to chicken.
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