Pressure on GB beef market as prices continue to fall

There is growing concern that we’re seeing sustained falls in the GB beef price. In the last 8 weeks we’ve seen over 20p/kg dwt come off the clean steer price.

If the current trend continues, confidence in UK production, which is already low, will be further eroded as livestock producers look to manage input costs of feed and fertiliser, and will be considering whether they can make the SFI23 offer work for them.

So what are the reasons for the downturn in the GB beef price?

Certainly the cost of living crisis driven by food inflation continues to have an impact on demand. We have seen the beef category in UK retail fall by 2.7%, with consumers choosing to trade down to cheaper proteins and lower priced options.

However, it’s not all bad; red meat consumption has held up pretty well despite food inflation hitting 17.3%, but when we see the market share of meat alternatives declining by 12.9% it tells me that consumers still value the quality and nutritious value of red meat in their diet.