Market Report - Brand Points Plus Canada

Market Report

Please note there will be a delay in the reflection of pricing trends at local distributors, attributed to the timing of inventory turnover and the arrival of new stock at distribution centers.

BEEF COMMODITY MARKET REPORT

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Beef Insights

May 1, 2024

What’s Happening?

  • Beef Prices: Beef prices are now trending below 2023 levels except for striploin and lean ground beef.
  • Top Gainers: Striploins prices reflect the seasonal trend but have recently come off their highs. 
  • Mixed Trends for Premium Cuts: Tenderloins and rib eyes are slightly down from last year but remain well above the five-year average.

What Can You do?

  • Promote Lesser-Known Beef Cuts: Shift focus towards more cost-effective, underutilized cuts. Educate customers on their quality and preparation to increase their appeal and move inventory efficiently.
  • Beef-Based Pairings: Create menu pairings that feature smaller portions of premium beef cuts complemented by high-margin items like specialty sides or pairings with local wines and craft beers.
  • Adjust Cooking Techniques: Employ cooking methods like braising or slow-roasting that can enhance the flavor and tenderness of less expensive cuts, offering gourmet experiences without the premium cost.
  • Offer Beef Tasting Menus: Introduce a tasting menu that includes small servings of different beef cuts. This can provide a full-flavour experience while managing portion costs and showcasing culinary creativity.
  • Highlight Farm-to-Table Stories: Connect diners with the source of their beef. This can justify a premium and build customer loyalty through transparency and storytelling.

Menu Suggestions

  • Grilled Bavette with Chimichurri: Quickly grill bavette steaks, serve thinly sliced with fresh chimichurri and a side salad.
  • Skirt Steak Tacos: Marinate skirt steak in lime and cilantro, grill, and serve in corn tortillas with mango salsa and avocado.
  • Braised Beef Shank: Slow-cook beef shanks with rosemary and summer vegetables, serve over couscous.
  • Petite Tender with Balsamic Glaze: Roast petite tender, slice into medallions, drizzle with balsamic reduction, and accompany with grilled summer vegetables.

PORK COMMODITY MARKET REPORT

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Pork Insights

May 1, 2024

What’s Happening?

  • Pricing Trends: Pork prices are trending upwards and are now higher than in 2023 but closer to the 2018 -2022 average, supported by stable domestic and export demands. Ribs remain significantly higher than both last year and the average.
  • Profitability and Affordability: Pork remains profitable, offering additional revenue per plate and providing a cost-effective alternative between poultry and beef.
  • Versatility and Uniqueness: Known for its versatility, pork suits a variety of meals and remains an untapped opportunity for creative dishes on many menus.
  • Outlook: Pork will remain a vital and profitable component of culinary offerings in 2024 with sufficient supply and stable prices providing a solid foundation for menu planning and profitability.

What Can You Do?

  • Enhanced Profit Margins: Consider introducing or highlighting pork dishes that can be offered at a competitive price point while still allowing for good profit margins.
  • Put Pork on Their Fork: Use pork’s versatility to explore a variety of culinary styles and dishes that can attract a broader audience.
  • Eye on Trends: Keep an eye on specific cut price trends to adjust menu offerings and pricing strategies. 

Menu Suggestions:

  • Grilled Pork Skewers: Light and flavourful, ideal for summer BBQs. Marinate in a blend of herbs and citrus, and serve with a fresh cucumber salad for a refreshing twist.
  • Pork Chops with Peach Salsa: Market as a seasonal delight; perfect for grilling. Top with homemade peach salsa to enhance the pork’s natural flavours.
  • Pork and Pineapple Tacos: A tropical take on a classic, these tacos are great for casual dining. Combine slow-cooked pork with grilled pineapple for a sweet and savoury filling.
  • Spicy Pork Lettuce Wraps: A lighter option featuring ground pork cooked with Asian spices, served in crisp lettuce leaves, perfect for a low-carb, high-flavour meal.
  • BBQ Pork Sliders: Small yet satisfying, these sliders are great for gatherings, topped with tangy BBQ sauce and coleslaw on mini buns. Ideal for sharing.

POULTRY COMMODITY MARKET REPORT

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Poultry

May 1, 2024

What’s Happening?

  • Market Trends: In 2024, chicken prices have shown a modest increase from last year, driven by continued strong demand from both household and food service sectors.
  • Pricing Stability: Chicken prices, particularly for chicken breasts and wings, have risen slightly due to pressures from increased feed costs and tariff rate adjustments. Despite these challenges, chicken remains a profitable and versatile option for restaurant menus, providing cost efficiency amid fluctuating prices in other protein sectors.
  • Supply Dynamics: Canadian chicken production has seen growth, although it’s been constrained by production shortfalls. The market remains robust enough to support stable pricing.

What Can You Do?

  • Flexible Menu Options: Introduce a variety of chicken cuts that are cost-effective. Switching between breasts, thighs, or wings based on their market price can keep costs down and the menu fresh.
  • Adaptive Pricing: Adjust prices as needed to reflect ingredient costs, using specials or menu updates to manage margins without impacting customer perception of value.
  • Portion Adjustment: Optimize chicken dish portions to manage costs effectively, ensuring portions are satisfying yet economical.
  • Targeted Promotions: Use promotions to balance inventory—offer specials on cuts with higher stock or nearing expiration to maintain efficient turnover.

Menu Suggestions:

  • Sticky Mango BBQ Wings: Coat chicken wings in a homemade mango BBQ sauce made with fresh mango puree, honey, ginger, and a touch of chili for heat. Bake or grill the wings until sticky and caramelized. 
  • Smoky Chipotle Chicken Legs: Rub chicken legs with a smoky chipotle spice mix and slow-cook them on the grill to infuse deep flavours. Serve with a cooling avocado-lime crema and fresh cilantro. 
  • Honey Mustard Glazed Chicken Thighs: Brush bone-in chicken thighs with a homemade honey mustard glaze, combining Dijon mustard, honey, garlic, and a splash of apple cider vinegar. Roast or grill until golden and serve with a crisp apple slaw for a sweet and savoury meal.

SEAFOOD COMMODITY MARKET REPORT

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SEafood

Seafood

May 1, 2024

What’s Happening?

  • Market Trends – Currently there is some upward pressure on most seafood items most notably lobster, and crab products. Black Tiger imported shrimp remains a great ‘BUY’ opportunity. Seafood prices are generally increasing by 3 to 5% in 2024, driven by higher global demand and supply chain issues, including rising fuel prices and adverse weather affecting fishing regions.

What Can You Do?

  • Buy Shrimp Now Opportunity: Current low prices for shrimp present a great opportunity for enhancing profitability. 
  • Leverage Flexible Menu Pricing: Adjust menu prices dynamically based on the current prices, ensuring margins remain healthy despite fluctuating costs.
  • Focus on Cost-Efficient Seafood: Prioritize dishes featuring seafood that remains stable or lower in price.
  • Utilize Local Seafood: Take advantage of seasonal availability and local sourcing to reduce transportation costs and support local fisheries.
  • Offer Special Promotions: Create promotions or special menu items that use more affordable seafood options to attract customers without compromising on quality.

Innovative “Shrimp On The Menu” Creations

  • Shrimp and Chorizo Paella Bites: Miniature paella servings featuring sautéed shrimp and spicy chorizo, served in individual small pans or bowls. Infused with saffron and cooked with arborio rice, each bite offers a burst of flavour.
  • Coconut Shrimp with Mango Habanero Sauce: Crispy coconut-battered shrimp paired with a sweet and spicy mango habanero dipping sauce for a delightful appetizer or main course.
  • Shrimp Scampi Flatbread: A light, crispy flatbread topped with garlic lemon butter shrimp, cherry tomatoes, fresh basil, and a drizzle of balsamic reduction for a shareable, chic meal.
  • Shrimp Banh Mi Sliders: Mini Vietnamese-style sandwiches filled with marinated and grilled shrimp, pickled vegetables, fresh cilantro, and spicy sriracha mayo on toasted baguette slices. Perfect for a light lunch or as part of a tapas selection.

PRODUCE COMMODITY MARKET REPORT

Current Key Produce Market Trends 

General 2024 Trend

  • Vegetable prices expected to increase by 5-7%
  • 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
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Price Alerts as of May 1, 2024

  • Lettuce: The market for green leaf and romaine lettuce has seen significant price increases due to tight supplies and volatile conditions. Iceberg lettuce prices are also up, reflecting similar trends.
  • Salads/Blends: Prices for salad blends that include iceberg and romaine lettuce have risen, driven by the reduced availability of these products.
  • Chile Peppers: Prices for Chile peppers, especially Jalapeno and Serrano varieties, are increasing due to limited supplies from Mexico.
  • Red/Yellow Potatoes: Potato prices remain high with North Dakota’s storage stocks expected to be depleted by mid-May. Florida’s potato supplies are increasing, and California’s season is starting, with Arizona and Texas to follow in early July.
  • Mixed Berries: Berry quality and availability are being impacted by hot weather in Central Mexico and transportation delays at the border, which may lead to price increases.
  • Grapes: Grape prices are climbing as the season transitions from Chilean-Peruvian imports to Mexican-grown products expected around mid-to-late May.
  • Lemons: Lemon prices remain high due to low yields in California, with smaller sizes being particularly scarce. The offshore lemon season is anticipated to begin in early June.
  • Oranges: Orange prices are on the rise with the California Navel season ending in late June and limited production of California Valencia oranges underway.

We look forward to your questions, feedback and suggestions. Contact: Randy@gbfs.ca

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