The March Meat Demand Monitor shows there’s a slow upward tick in people who are self-declaring that they regularly consume animal products, Glynn Tonsor told AgriTalk host Chip Flory.
The Meat Demand Monitor is an ongoing survey of over 3,000 U.S. residents every month since February 2020.
“We ask folks every month, are you a flexitarian, a vegan, a vegetarian? Do you regularly consume meat?” says Tonsor, professor in the Department of Ag Economics at Kansas State University. “That’s real important because it’s consistent across different reports (like the Power of Meat study) that the public wants meat. They’re declaring they’re a meat consumer, and that’s great for all species.”
Specific to the March report, Tonsor says the gray cloud on the macroeconomic front is weighing heavy on consumers.
There’s no question the U.S. public in general likes meat, he says. That’s critical to purchasing decisions. But the reality is that consumers must have the financial ability to pay for it.
“Simply having the ability isn’t sufficient,” Tonsor adds. “You’ve got to have the financial sentiment, or the comfort, to let that dollar go. So being employed and having good jobs that keep up with the cost of living is a necessary part of this, but it’s not sufficient on its own. You’ve also got to have the comfort to let those dollars go.”
With more and more discussion centering on tariffs and inflation rising back up in the economy, he points out that the willingness to let that dollar go might turn into an inability to actually do it.
Consumer Finances Are Getting Worse
Although he’s not seeing any pullback in demand, yet, Tonsor says he has concerns about what’s ahead.
“We are seeing self-reported financial sentiment. I ask folks every month, are your finances better? The same or worse than last year? In March, I actually see more people telling me their finances have deteriorated than I did just in February,” Tonsor says.
He notes the big differences between this group and those who say demand is getting better because of what they spend on food, both at home and away from home.
“To be clear here, we don’t see that demand pull back yet, but we do see the canary in the coal mine barking that it might be coming,” Tonsor says.
To keep attracting the younger consumers, he recommends the pork and beef industry stay focused on taste.
“Working backwards from the consumer, there’s this clear signal that taste and freshness are paramount,” Tonsor says. “I would argue that all three major protein species have made headways, and I suspect we’ll continue to do so in helping the U.S. public have access to those tasty, fresh, convenient products.”
Editor’s Note: The Meat Demand Monitor is supported by the Beef and Pork Checkoff.
Your Next Read: Millennials and Protein Craze Boost Meat Sales to Record High
