Bloomberg News Reports:
Beef is making a comeback.
After decades of diners shunning steaks and burgers for healthier protein options such as chicken and turkey, Americans will eat an estimated 54.3 pounds of the red meat this year — the first increase since 2006 and almost half a pound more per person than in 2015, according to data from the U.S. Department of Agriculture.
Cheaper prices are spurring discounts and new menu items at restaurant chains, including Chili’s and Wendy’s Co. Protein-centric diets such as the Paleolithic, or Paleo, and Autoimmune Protocol that eliminate grains and sugar also are fueling the shift.
“Certainly there’s been a big push towards eating more meat and more meat proteins,” said Altin Kalo, an analyst at Steiner Consulting Group, an economic and commodity-trading adviser. Increased beef production also is contributing to the rise, he noted.
At the start of 2014, U.S. cattle supplies were the lowest in more than six decades after years of drought in the South and Southwest. The shortage sent beef prices surging to records. Since then, ranchers have been able to raise more cattle, and the latest USDA numbers show herds at a five-year high.
That’s helping to drive prices down. In February, a pound of uncooked ground beef retailed for $4.38, about 7 percent below a year ago, according to data from the Bureau of Labor Statistics.
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