Prices have gone up, hoping they come down soon! - Meat N' Bone

Prices have gone up, hoping they come down soon!

· Updated Posted by Meat N' Bone

Over the past year the global pandemic disrupted food supply chains, paralyzed shipping, sickened workers and ultimately inflated consumer grocery costs around the globe. However, when it comes to beef and most proteins we (as in Meat N' Bone) did not see or feel much of an increase... until now.

We heard feed prices surged during Q4 of last year and continue to do so in 2021. The industry is facing a 12% increase in feed costs in 2021, which will mark the highest year-over-year inflation since 2011. The reason? COVID... well mostly.

There is also strong pressure from export markets (mainly China) willing to pay a pretty penny for pork, chicken and grain... which means basically everything is getting more expensive to produce.

Last but not least there are labor shortages in some plants (lowering supply of products such as Baby Back Ribs and Pork Shoulders) and there is also a lack of transportation (trucks!) which affects every product.

As the supply chain aligns and adopts to the new demand, prices will come down. When? We expect that to happen over the summer... but to be honest, we cannot be certain. Some forecasts expect current prices to remain for the rest of the year. 

We have had to increase prices in about 45 of the 300 products we sell. We lowered prices on 6 of them.

For now expect to pay a bit more for some of products you love. Not only at Meat N' Bone but also at your favorite supermarket and restaurant. I expect to see many chefs adapt their menus to this new reality.

Meat N' Bone

 

Meat N' Bone

 

At Meat N' Bone, because of the way we source and supply we have managed to keep most of our prices flat. We work with small programs and source mostly USDA Prime and Wagyu from the MidWest of the US, these programs were not as heavily impacted by the pandemic and are more "boutique like", and yet we had to increase some of our beef prices for a few products: Outside Skirt, Indonesian Blue Swimming Crab and Wagyu-Angus New York and Ribeye. In some cases we have stopped selling some of our G1 Certified Choice steaks as prices started approaching Prime Grade.

We did lower our prices on Japanese Wagyu, across the board.

Outside of beef, we are seeing shortages in Indonesian Blue Swimming crab and Hog Snapper. We also had to increase pricing on our Ocean Trout.

While others are lowering their standards we stand firm. We will not abandon our farmers and suppliers who provide us with the highest quality ingredients. We may adjust certain cuts and add a few additions to our lineup... but our commitment to quality will remain.

As soon as prices come back down we will also lower our prices. That is our commitment to our customers.

 

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About Prices have gone up, hoping they come down soon!

Over the past year the global pandemic disrupted food supply chains, paralyzed shipping, sickened workers and ultimately inflated consumer grocery costs around the globe. However, when it comes to beef and most proteins we did not see or feel much of an increase... until now.

Questions

Why have beef and protein prices increased recently?

Supply chain disruptions from the pandemic, higher feed costs (12% increase in 2021), increased export demand especially from China, labor shortages in processing plants, and transportation shortages have all contributed to rising prices.

How has Meat N' Bone responded to these market changes?

Meat N' Bone has kept most prices steady by sourcing from small, boutique programs less affected by large-scale disruptions. The company increased prices on about 45 of their 300 products and lowered prices on 6 products.

Are there any products where prices have actually gone down?

Yes, Meat N' Bone has lowered prices on Japanese Wagyu across the board.

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Will prices come back down in the future?

Meat N' Bone expects prices to decrease as supply chains stabilize, potentially over the summer, but notes that some forecasts predict elevated prices for the rest of the year. The company commits to lowering their prices as soon as market conditions allow.

Is Meat N' Bone compromising on quality to manage costs?

No, the company explicitly states they will not lower their standards or abandon their trusted suppliers, maintaining their commitment to premium quality even in a difficult market.

What specific products have seen price increases?

Meat N' Bone increased prices on Outside Skirt, Indonesian Blue Swimming Crab, Wagyu-Angus New York, Wagyu-Angus Ribeye, and Ocean Trout. The company also stopped selling some G1 Certified Choice steaks as prices approached Prime Grade levels.

What caused the feed cost increases?

Feed prices surged during Q4 of 2020 and continued rising in 2021, with the industry facing a 12% increase in feed costs in 2021, marking the highest year-over-year inflation since 2011. COVID-related disruptions were a primary factor.

How does Meat N' Bone's sourcing strategy help them manage price increases?

Meat N' Bone works with small programs and sources mostly USDA Prime and Wagyu from the Midwest of the US. These boutique-like programs were not as heavily impacted by the pandemic as larger-scale operations, allowing the company to keep most prices flat.