With the domestic beef cattle herd expansion and steady increases in supply, the state of the beef industry is evolving and there is reason for optimism moving forward.
Drought conditions subsided across the United States and after a period of strong cattle prices, producers responded by investing in herd expansion. As this translates into increased beef production moving forward, growth in per capita consumption is expected to experience continued growth for the foreseeable future. After reaching historic lows of less than 55 pounds per capita in 2015, CattleFax, a leading beef cattle research and analytics firm, estimates consumption will approach 58 pounds per capita by the end of 2018.