Annual Meat Conference Report: Power of Meat study reflects retail pressures

How can retailers win consumer dollars in the meat department when everything is so “stupid expensive?” The authors of the 2024 Power of Meat study sought to answer that question first by shedding light on reasons consumers are pessimistic about the broader economy and strategies meat and poultry retailers can leverage to meet consumers’ needs beyond price.

The Power of Meat study was conducted by 210 Analytics on behalf of FMI – the Food Industry Association and the Meat Institute’s Foundation for Meat and Poultry Research and Education and is made possible by Cryovac a division of Sealed Air. Anne-Marie Roerink, principal of 210 Analytics, presented findings from the 19th edition of the annual study during a general session at the Annual Meat Conference (AMC) in Nashville held March 17-20 at the Gaylord Opryland Hotel and Resort.

Meat remains the biggest revenue generator among the fresh departments at retail with $99 billion in sales, 98.2% household penetration and 48 purchases per year. However, data cited from Circana, MULO+ showed meat department prices rose 2.1% in 2023, below the rate of total food and beverage inflation (+5.9%). Consequently, the sustained impact of several years of inflation caused shoppers to buy products on sale and adapt the amount (54%), type (45%), cut (43%) and brand (40%) of meat and poultry they purchased, the Power of Meat study said.