Chicken prices at U.S. grocery stores have hit record highs and should stay elevated as Tyson Foods and other companies dial back poultry production to boost margins while inflation-weary shoppers buy chicken instead of beef and pork.
Higher chicken prices should improve earnings at top producers Tyson (TSN.N) and Pilgrim’s Pride (PPC.O), but will pinch consumers’ pockets as they try to save money by turning away from higher-end proteins. One index shows chicken producer profit margins at their highest in a year.
U.S. consumption of chicken is expected to exceed 100 pounds per person this year for the first time ever, data from the U.S. Department of Agriculture shows.
Beef consumption is forecast to drop to its lowest since 2018, as prices climb due to dwindling cattle supplies. Meanwhile, consumer spending cuts have knocked pork consumption to the lowest since 2015.
Arkansas-based Tyson, which sells all three types of meat, had to deal with a glut of chicken after earning massive profits when meat prices soared during the COVID-19 pandemic.
I raise my own chickens and love them very much. I’d also eat one if they got out of line, and I ate the males as soon as they were big enough (only hens allowed here locally). Its both an amazing food resource and source of joy seeing them every morning and giving them treats as they wander my yard. They are very happy.
I also buy chicken from the store still because I usually raise for eggs only. Point is, I am around chickens every day by choice and don’t see it the same way as you.