Thanks to low production, turkey prices rise in November

23 Nov 2020

Thanksgiving and Christmas in the United States are shaping up to be expensive affairs even as consumers have suffered the economic ramifications of COVID-19 for most of 2020.

Data from the United States Department of Agriculture show that turkey prices have been trending upward for most of the year and are significantly above the price per pound recorded in 2019. This data is echoed from market research firm Mintec that U.S. turkey prices increased 14.9% year over year in October, following a 1% decline in turkey production this past August.

Thanks to low production, turkey prices rise in November

Researchers at Texas A&M AgriLife Research and Extension Service similarly found that turkey production is down 7.7% in October compared to this time last year, and there were 11.5% fewer birds in cold storage in September awaiting distribution for Thanksgiving, Meat and Poultry reported.

Decreased production is also met by increased demand for exported turkeys. Mintec reported that Mexico and China have increased exportation shipments, which, in turn, have driven up prices for turkeys as the holiday season approaches.

Compared to last year when turkey prices were 20% lower than the market's five-year average, the price tag of a Thanksgiving meal may prove to be shocking for Americans celebrating the holiday.

In addition to proportionally greater prices associated with turkeys, Mintec pricing analyses showed that across the board, the traditional festive foods associated with this holiday – potatoes, wheat flour for bread, and pork - are currently 9.2% more expensive than at this time last year.

Related news

Mondelez releases it second State of Snacking report

Mondelez releases it second State of Snacking report

30 Nov 2020

Snacking has now become a lifeline for people weathering the lingering pandemic. As compared to pre-COVID-19, 88% of adults say that their snacking has increased since this past spring, according to Mondelez’s second annual State of Snacking report.

Read more 
Former Walmart alumnus brings AI to trucking, minimizing spoiled produce

Former Walmart alumnus brings AI to trucking, minimizing spoiled produce

26 Nov 2020

The former Walmart executive Syed Aman has moved on in his logistics career and is now the cofounder and CEO of HWY Haul, a company that professes a goal of streamlining the business of delivering produce to retailers while also reducing food waste.

Read more 
Nestlé buys Freshly for $950M

Nestlé buys Freshly for $950M

20 Nov 2020

Nestlé acquired Freshly, a startup that provides home delivery of healthy meals, for $950 million at the end of October. The acquisition comes with the option for additional payouts of $550 million that is contingent on the successful growth of the bus...

Read more 
Beyond Meat unveils the next generation of its Beyond Burger

Beyond Meat unveils the next generation of its Beyond Burger

18 Nov 2020

Beyond Meat will release two new versions of its Beyond Burger: one with increased juiciness and the other with an improved nutritional profile. Both burgers will launch across the U.S. in 2021.

Read more 
Plant-based brand No Evil Foods pledges become plastic negative

Plant-based brand No Evil Foods pledges become plastic negative

17 Nov 2020

No Evil Foods is the latest company to establish a laudable and aspirational sustainability goal, committing to become plastic negative by remove two pounds of plastic for every one pound they generate through a partnership with rePurpose Global. The b...

Read more 
Plant-based energy shots experience buzz in the market

Plant-based energy shots experience buzz in the market

16 Nov 2020

Plant-based options are making inroads into a variety of categories within the food and beverage market. Go Big and Proper Wild are two new entrants into the space that are taking aim at a small category that has yet to experience significant innovatio...

Read more 
Innova identifies transparency as the top trend for 2021

Innova identifies transparency as the top trend for 2021

13 Nov 2020

As 2020 prepares to turn to 2021, Innova Market Insights released its industry trend analysis for the upcoming year to help manufacturers align products with consumer demands in food and beverage.

Read more 
Israeli cell-based meat company Meat Tech 3D files for U.S. IPO

Israeli cell-based meat company Meat Tech 3D files for U.S. IPO

12 Nov 2020

Israeli cell-based meat company, Meat-Tech 3D, is a relative newcomer to the industry but is making up for lost time with a flurry of activity. Most recently, the company filed its paperwork with the U.S. Securities and Exchange Commission to begin the...

Read more 
Coca-Cola reveals its new paper bottle prototype

Coca-Cola reveals its new paper bottle prototype

11 Nov 2020

Atlanta-based beverage company Coca-Cola announced that it is testing a paper bottle prototype this month for both still and carbonated beverages. While this prototype will be tested in limited markets, Coca-Cola said that it is “too early” to specific...

Read more 
Plant-based food maker Alpha Foods launches DTC platform

Plant-based food maker Alpha Foods launches DTC platform

10 Nov 2020

California-based Alpha Foods launched its direct-to-consumer (DTC) platform in the U.S. to take advantage of the growing market for plant-based and e-commerce delivery options. The company's products will also continue to be sold at brick and mortar re...

Read more