According to FMI—The Food Industry Association and its study, The Power of Meat 2023, 98% of American households purchase meat and 74% deem meat and poultry as an essential part of a balanced diet. However, the meat shoppers in that study also weigh price as a leading factor in their purchasing decisions.
Brands need to manage effective pricing or shoppers will look for alternative ways to save money, like buying private-label brands, purchasing less meat or thinner cuts, which impact bottom lines. To stay on top of pricing, meat brands can leverage predictive analytics and insights powered by artificial intelligence to develop more accurate pricing forecasts.