Beef mince prices test consumer tolerance

Consumers are paying more for beef than ever before, with the average price now exceeding $24/kg. This represents a significant increase, with prices rising sharply since early 2024, reaching over $24.40/kg in July 2026—more than 30% higher than two and a half years prior. Historically, beef mince was a cost-effective option due to its versatility, but this advantage is diminishing. Meanwhile, prices for chicken breast and pork loin chops have remained relatively stable, averaging $14.80/kg and $16.70/kg respectively, with chicken breast now slightly cheaper than in early 2024 and pork loin chops nearly unchanged. Rabobank’s analysis indicates that while demand in the US has not collapsed despite record prices, consumer tolerance is being tested. Retailers and foodservice operators are responding by increasing chicken-based options to protect margins. At household levels, persistently high beef prices may prompt consumers to switch to cheaper proteins like chicken. However, no significant decline in beef mince demand has been observed in New Zealand yet, though a shift toward lower-priced alternatives could occur if prices remain unsustainably high.