Domestic demand for pork remains soft but could improve in 2024
An ag economist says he’s cautiously optimistic about domestic demand for US pork products in 2024.
Glynn Tonsor with K-State says demand has pulled back this year with the biggest impact on pork chops. “This is not a signal that consumers don’t want meat protein. That’s actually an inaccurate statement. The majority do very much want to have meat protein in their diet, but it’s an affordability thing. I think in 2024, there’s hope that will improve.”
He tells Brownfield discretionary spending will have to improve. “Wages aren’t keeping up with the cost of living. That’s a squeeze, right? So, while wages has went up for the typical person in last two years, they haven’t went up with the cost of living.”
Tonsor says global demand for pork remains very strong and that should continue next year.