Market Report

Beef Insights

November 1, 2024

What’s Happening?

Price and Supply Overview: While still higher than the last five year average, beef prices have stabilized to normal trends following a period of declines. Middle cuts, such as striploins, remain relatively steady, while high-demand cuts like chuck and round are still popular for value-oriented items. Prime Rib has hit its highest price of the year due to upcoming Holiday Season demand. Ground beef prices remain elevated compared to 2023. Overall, beef tonnage at retail and foodservice continues to trend downward year over year due to ongoing high prices, which impact consumer demand. Although export sales are strong, declining cattle prices and seasonal demand reductions in September suggest a softer market outlook in the near term.

What Can You do?

• Highlight Affordable Cuts: Focus on budget-friendly cuts like chuck, brisket, and round that offer versatility and strong flavour profiles. By promoting these cuts in dishes like stews, braised items, and slow-cooked offerings, you can appeal to cost-conscious diners while maintaining profit margins.
• Offer Smaller Portions: Consider smaller portions for premium cuts or shareable options that allow customers to enjoy beef at a reduced price point, creating value without compromising the dining experience.
• Feature Seasonal Menus: Adjust menus to include beef items paired with seasonal vegetables, herbs, and sides, which add freshness and perceived value. Seasonal specials can also justify a premium price.

• Beef Shoulder Tenderloin with Herb Butter: Pan-sear beef shoulder tenderloin medallions, finish with herb butter, and serve with roasted garlic mashed potatoes.
• Spiced Beef Flat Iron Steak Salad: Grill flat iron steak seasoned with a spice rub, slice thinly, and serve over a fresh summer salad with cherry tomatoes, cucumbers, and a balsamic vinaigrette.
• Coffee-Rubbed Beef Tri-Tip: Rub beef tri-tip with coffee and spices, grill to medium-rare, and serve with a side of sweet potato fries and a tangy coleslaw.
• Slow-Cooked Beef Brisket Sliders: Slow-cook beef brisket until tender, shred then serve on a mini brioche bun with pickled onions and smoky BBQ sauce.

Pork Insights

November 1, 2024

What’s Happening?

Price and Supply Overview: Pork supplies are ample, with production levels expected to surpass last year’s through the fall and winter. This has led to stable or declining prices across most pork cuts, making pork an attractive, cost-effective protein option compared to beef. Although seasonal demand typically boosts prices in the lead-up to the holiday season, especially for items like hams, overall pork pricing remains favourable for foodservice. Current market conditions show pork being heavily featured by retailers as an affordable alternative to beef, a trend foodservice operators can also leverage.

What Can You Do?

• Highlight Pork as a Value Option: Emphasize pork’s affordability by promoting dishes like tenderloin, ribs, and chops, which provide customers with a premium experience without the high cost of beef. This allows for appealing menu pricing while protecting margins.
• Introduce New Pork Preparations: Explore a variety of preparation methods, such as slow roasting, braising, or smoking, to elevate pork dishes. Techniques like these add depth and unique flavours, making pork a versatile centerpiece that meets customer demand for creative and satisfying meals.
• Promote Seasonal Combos: Pair pork items with seasonal vegetables or festive flavors, such as rosemary, apples, or butternut squash, which enhance the perceived value of dishes. Highlighting seasonal flavours aligns with fall and winter trends, helping to justify menu pricing and attract diners.
• Position Pork as a Sustainable Choice: As pork continues to trend as an economical and readily available protein, market it as a sustainable, cost-friendly option. Educating diners on pork’s affordability relative to beef reinforces its value, especially for budget-conscious consumers.

Menu Suggestions:

• Stuffed Pork Loin: Roast a pork loin stuffed with spinach, mushrooms, and goat cheese, served with a side of roasted seasonal vegetables.
• BBQ Pulled Pork Sliders: Slow-cook pork shoulder in a tangy barbecue sauce, shred, and serve on mini buns with coleslaw.
• Pork Schnitzel: Bread and pan-fry pork cutlets, serve with a lemon wedge and a side of warm potato salad.
• Grilled Pork Belly: Offer crispy grilled pork belly, served with caramelized onions, sautéed greens, and a tangy mustard sauce. This adds a gourmet twist to a budget-friendly cut, ensuring both taste and profitability.

Poultry Insights

November 1, 2024

What’s Happening?

Price and Supply Overview: Chicken prices have remained stable and are expected to remain affordable heading into the fall. Ample supplies of domestic and imported chicken cuts, including breasts and legs, have kept prices at competitive levels. Although wing prices may see slight increases as demand rises with the “sports” season, these prices are still expected to be moderate compared to beef. Strong demand and consistent supply make chicken a cost-effective and versatile protein option for both retailers and foodservice operators.

What Can You Do?

• Leverage Affordable Cuts: Take advantage of stable pricing on cuts like breasts, thighs, and drumsticks by incorporating them into a variety of menu items. Consider using these cuts in salads, sandwiches, and mains to offer customers budget-friendly options that provide value.
• Introduce Global Flavours: Appeal to adventurous diners by incorporating international flavours into your chicken offerings. Marinades and seasonings inspired by Mediterranean, Latin, or Asian cuisines can elevate simple cuts like thighs and drumsticks, adding unique appeal while managing costs.
• Promote Family-Style Meals: Offer family-sized chicken dishes that cater to group dining or takeout orders. Family-style meals not only drive higher ticket sales but also provide an attractive, budget-friendly choice for value-conscious customers.
• Highlight Health-Conscious Options: Position chicken as a health-conscious choice by featuring grilled, roasted, or oven-baked preparations paired with seasonal vegetables. These dishes can cater to diners seeking nutritious, balanced meals, enhancing the appeal of your menu.

Menu Suggestions:

• Grilled Chicken Thighs with Mediterranean Rub: Serve tender, grilled thighs marinated in a zesty Mediterranean spice blend, paired with a fresh cucumber-tomato salad.
• BBQ Chicken Drumsticks: Slow-cooked drumsticks coated in smoky barbecue sauce, served with coleslaw and cornbread for a satisfying, value-driven meal.
• Crispy Chicken Wings with Asian Glaze: Toss crispy wings in a tangy, spicy Asian glaze and serve with a side of pickled vegetables for a unique twist.
• Roasted Herb Chicken Breasts: Offer a healthy option with roasted chicken breasts seasoned with fresh herbs, served alongside seasonal roasted vegetables.

Seafood Insights

November 1, 2024

What’s Happening?

Price and Supply Overview: Shrimp prices continue to slowly climb due to high shipping costs, especially for imported varieties like black tiger. Domestic white shrimp are also increasing but more gradually. The whitefish complex (cod, haddock, and pollock) has remained mostly stable; however, freight issues are expected to put slight pressure on prices through year-end. For crab, King Crab remains elevated with limited Red King Crab supply, and Canadian Snow Crab prices are steadily increasing. Meanwhile, North American lobster prices are holding after significant recent price hikes.

What Can You Do?

• Feature Stable-Price Seafood: Highlight Atlantic salmon and cod as steady-priced premium options for menu stability.
• Add Value to Higher-Cost Items: Offer King Crab or lobster as limited-time specials, using these high-cost items strategically to boost appeal and justify pricing.
• Diversify with Versatile Preparations: Grill or bake options like pollock, basa, and tilapia to create appealing dishes without the high cost of premium species.

Menu Suggestions:

• Pollock Tacos with Cilantro Lime Slaw: Affordable pollock, seasoned and grilled, served in soft tortillas with a refreshing cilantro lime slaw for a fresh, sustainable seafood option.
• Pan-Seared Tilapia with Lemon Butter Sauce: Highlight tilapia as a versatile, cost-effective fish paired with a simple, flavourful lemon butter sauce, served alongside seasonal vegetables.
• Grilled Atlantic Salmon Salad: Offer a healthy, premium option by serving grilled Atlantic salmon over a bed of mixed greens, topped with a light citrus vinaigrette and seasonal fruit.
• Warm-Water Lobster Tails with Herb Butter: For a luxury menu item at a more stable price, serve warm-water lobster tails with herb butter and garlic mashed potatoes, offering a high-end experience without the steep cost of live lobster.
• Mussels in White Wine Garlic Sauce: Present mussels as an affordable yet elegant dish, steamed in white wine and garlic, served with crusty bread for dipping.

These menu options balance premium flavours with cost-effective ingredients, helping operators manage seafood price fluctuations while maintaining quality.

Current Key Produce Market Trends 

General 2024 Trend

• Vegetable prices expected to increase by 5-7% in 2025
• Fruit prices expected to increase by 1-3%

Strategies to Mitigate Price Increases

• Seasonal Menu Planning: Utilize in-season produce for cost-efficiency and customer appeal
• Portion Control: Adjust portion sizes to save costs
• Waste Reduction: Reduce spoilage and make the most of overripe items
• Menu Flexibility: Adapt to price changes with substitute ingredients
• Price Adjustments: Update menu prices carefully and transparently
• Creative Menu Design: Innovate with more affordable ingredients
• Monitor Market Trends: Keep an eye on market fluctuations for essential ingredients

Price Alerts as of November 1, 2024

• Leafy Greens: Supplies of romaine, iceberg, and green leaf lettuce are tight as California’s season winds down, leading to elevated prices. Quality issues are anticipated. The Arizona and California desert regions will start shipping in mid-November, which may stabilize the market.
• Broccoli & Cauliflower: The broccoli market remains high due to strong demand and quality concerns and cauliflower prices are inching up as well. Supplies are expected to improve once desert harvesting begins later this month.
• Berries: Strawberry supplies are declining as California’s season ends. Prices are increasing, with early Mexican crops anticipated to ease supply in coming weeks. Blueberries are seeing stable prices, while raspberries remain limited with high demand.
• Tomatoes: The market is volatile due to weather-related crop losses in Florida and limited supplies from California and Mexico, resulting in sustained high prices.
• Bell Peppers: Eastern and Western markets report limited supplies of green and red bell peppers, driving up prices, with Mexico expected to bolster supplies.

Several key produce items are experiencing price increases due to weather impacts and high demand. Adjusting menus and exploring alternative ingredients such as frozen options may help manage your menu costs.