Bad news for beef farmers as UK consumer expenditure on beef drops
Retail expenditure on beef during 12 weeks ending 9 October 2016 totalled £448.8million in the UK,
This is a 5.7pc decrease from the corresponding period in 2015 when retail expenditure on beef in the UK totalled £475.9 million.
That’s according to a Livestock and Meat Commission (LMC) in Northern Ireland analysis of the latest available data from Kantar Worldpanel.
The LMC says the decrease in the average retail price of beef from £7.91/kg in the 2015 period to £7.58/kg in the 2016 period will have been a key driver behind the decrease in the value of UK retail beef sales.
Meanwhile the volume of retail beef sales has remained relatively steady with volume sales totalling 59,240 tonnes during the 12 week period ending 9 October 2016, a 1.5pc decrease from the corresponding period in 2015 when volume sales totalled 60,142 tonnes.
In terms of the performance of individual beef cuts sales of beef marinades recorded the most notable increase, up by 6.2pc from year earlier levels while sales of frying/grilling steaks increased by 5.6pc during the 12 week period ending 9 October 2016.
However, the LMC says the volume sales of beef roasting joints were back by 9.7pc from year earlier levels with sales of stewing beef recording an 8pc decline.
Meanwhile sales of mince decreased marginally during the 12 week period. Retail sales of processed beef have also recorded a mixed performance during the 12 weeks ending 9 October 2016 when compared to year earlier levels.