Online meat delivery company Good Ranchers warned consumers on social media that “a meat recession is knocking and supply is about to be tight” as cattle herd continues to shrink.
“The cattle herd has shrunk due to droughts,” Good Ranchers wrote on its Instagram account. “Our total meat supply for the coming year is down significantly. This is one of the main reasons a meat recession is coming.”
Walter Kunisch, senior commodities strategist at Hilltop Securities, agreed, telling FOX Business that U.S. beef cattle supplies will continue to contract throughout 2023, further pushing up beef prices for consumers “well the first half of 2024.”