According to the Consumer Price Index, food prices soared 12.2% over the past 12 months, the highest rate of increase since April 1979. Globally, historic inflation rates are making it difficult for consumers to handle the cost of living. One survey revealed that about 1 in 4 adults (28%) are reducing their meat consumption to cope with the cost of living crisis. The Office for National Statistics (ONS) surveyed UK citizens to understand how they are adjusting to rising prices.
ONS analyzed how UK citizens are changing their spending habits in the face of skyrocketing inflation. Soaring meat and dairy prices reflect the true cost of production, preventing millions of households from keeping the same shopping list. Average chicken prices rose 12% last year, according to the ONS.
Plant-based purchases are typically motivated by environmental or animal welfare concerns. A survey found that 55% of consumers think about sustainability when shopping for groceries. But now meat prices are a serious problem for consumers’ budgets.
“Consumers can cope with both long periods of gradual price increases and very short periods of sharp price increases. It is difficult to grocery dive“We are now at a point where consumers are starting to take more evasive actions to cut spending.”
High inflation rate affecting livestock
In the US, inflation has beaten previous forecasts, reaching 9.1% in July this year. Beef products are rapidly increasing in price per pound as plant-based meat companies continue to improve their production methods and drive down prices. With a pound of beef at $5.57 and a pound of Impossible Meat at $6.29, the price gap is closing.
In February of this year, a report found that price parity could be achieved as early as 2023. Given supply he chain problems, inflation and soaring prices within the meat industry, a report from the Good Food Institute predicts that plant-based meat will become the most affordable option. For US consumers.
“We anticipate this gap [in price] The market is shrinking as plant-based producers increasingly scale up production, achieve economies of scale and seek price parity with traditional competitors. In fact, the price difference is smaller in more developed categories like milk and butter. ”
Similarly, inflation and supply chain issues continue to drive dairy prices higher. Last month, oat milk fell below the price of whole milk in Germany for the first time. German news publication in July concentration Milk prices have reached ‘historic highs’. Across Europe, plant-based alternatives continue to fall short of animal-based alternatives.Within the Netherlands, deficiencies in his supply chains mean that vegan his chicken and burgers are on par, according to Pablo Moleman of ProVeg Netherlands. reached the price of
“Meat has always been a product that requires a huge amount of raw materials,” Mohrman said. “It takes up to 10 kilograms of grain to make one kilogram of meat.
Is plant-based really cheap?
When the price of chicken soared last year, plant-based brand Alpha Foods ramped up its efforts to produce cheaper meat alternatives. Alpha Food also recently partnered with Plant Power Fast Food to help undermine the fast food industry across the country, allowing vegan fast food chains to become major fast food companies. We aim to help match brand prices and bring affordable and sustainable food to Americans.
A study last year revealed that food costs for vegans are 40% lower than those for meat eaters. Kantar found that the average meal that included meat cost him $2.36 per person, while the plant-based diet cost him $1.41 per person. Meat and dairy prices also continue to rise above inflation. Tyson Foods claims the surge in prices is due to increased demand for labor, fuel and animal feed costs. Experts, including Claire Kelloway of the Open Markets Institute, point out that rising prices are also related to monopoly power.
“[Tyson had] That’s about $1.5 billion in additional costs, which corresponds to a $2 billion price increase,” Kelloway said. vox“So this is a solid $500 million and it has nothing to do with increasing costs of doing business. It is purely an exercise of their market power and ability to charge more and their profits speak for themselves. increase.”
For plant-based events, see The Beet news article.
6 best fast food chains with plant-based options on their menu
We’ve finally got the memo that fast food restaurants aren’t building their customer base solely for burgers, fried chicken, or beef tacos. Many people are now eating plant-based foods and are coming up with creative and delicious ways to incorporate more vegetables into their menus. Here are the 6 best fast food chains with plant-based options on their menus .
