Beef has traditionally been a staple in Canadian diets, but recent trends suggest it’s becoming more of a luxury item. Prices have surged across the board, with some cuts seeing increases of over 30% since the start of the year. For instance, striploin prices have jumped 34.2%, and top sirloin is up 33.7%, according to Statistics Canada.
This spike is largely due to a significant decline in Canada’s cattle herd, which is now at its smallest since 1989. Factors like droughts, high feed costs, and rising interest rates have forced many producers to downsize or exit the industry entirely. As a result, beef production has decreased, leading to higher prices at the grocery store.
Interestingly, while consumers are feeling the pinch, producers aren’t necessarily reaping the benefits. The Saskatchewan Cattlemen’s Association has pointed out that the price hikes at the retail level aren’t translating into increased profits for ranchers. The gap between what consumers pay and what producers earn has been widening, prompting calls for investigations into the pricing structure.
This situation isn’t unique to Canada. In the U.S., the luxury steakhouse industry is also facing challenges. Chains like Nusr-Et, owned by celebrity chef Nusret Gökçe (aka Salt Bae), are closing multiple locations due to declining demand and shifting consumer preferences. The brand is now focusing on international markets, with plans to expand in cities like Rome and Ibiza