Resturant Demand, Increased Sales See Meat Prices Jump
Source: Reuters News Service, producer.com, November 17, 2021
Demand for dine-in experiences, newer meat items on restaurant menus and a boom in Chinese demand for U.S. pork and beef, have caused a spike in meat prices.
Top U.S. meatpacker Tyson Foods Inc beat quarterly profit estimates on Monday and forecast fiscal 2022 revenue above market expectations on rising meat prices and improving demand from restaurants that have reopened after COVID-19 restrictions.
The Springdale, Arkansas-based company reported a double-digit jump in sales and earnings in the fiscal fourth-quarter ended Oct. 2.
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