Market Report

Beef Insights

May 1, 2024

What’s Happening?

• Beef Prices: Beef prices are now trending below 2023 levels except for striploin and lean ground beef.
• Top Gainers: Striploins prices reflect the seasonal trend but have recently come off their highs. 
• Mixed Trends for Premium Cuts: Tenderloins and rib eyes are slightly down from last year but remain well above the five-year average.

What Can You do?

• Promote Lesser-Known Beef Cuts: Shift focus towards more cost-effective, underutilized cuts. Educate customers on their quality and preparation to increase their appeal and move inventory efficiently.
• Beef-Based Pairings: Create menu pairings that feature smaller portions of premium beef cuts complemented by high-margin items like specialty sides or pairings with local wines and craft beers.
• Adjust Cooking Techniques: Employ cooking methods like braising or slow-roasting that can enhance the flavor and tenderness of less expensive cuts, offering gourmet experiences without the premium cost.
• Offer Beef Tasting Menus: Introduce a tasting menu that includes small servings of different beef cuts. This can provide a full-flavour experience while managing portion costs and showcasing culinary creativity.
• Highlight Farm-to-Table Stories: Connect diners with the source of their beef. This can justify a premium and build customer loyalty through transparency and storytelling.

• Grilled Bavette with Chimichurri: Quickly grill bavette steaks, serve thinly sliced with fresh chimichurri and a side salad.
• Skirt Steak Tacos: Marinate skirt steak in lime and cilantro, grill, and serve in corn tortillas with mango salsa and avocado.
• Braised Beef Shank: Slow-cook beef shanks with rosemary and summer vegetables, serve over couscous.
• Petite Tender with Balsamic Glaze: Roast petite tender, slice into medallions, drizzle with balsamic reduction, and accompany with grilled summer vegetables.

Pork Insights

May 1, 2024

What’s Happening?

• Pricing Trends: Pork prices are trending upwards and are now higher than in 2023 but closer to the 2018 -2022 average, supported by stable domestic and export demands. Ribs remain significantly higher than both last year and the average.
• Profitability and Affordability: Pork remains profitable, offering additional revenue per plate and providing a cost-effective alternative between poultry and beef.
• Versatility and Uniqueness: Known for its versatility, pork suits a variety of meals and remains an untapped opportunity for creative dishes on many menus.
• Outlook: Pork will remain a vital and profitable component of culinary offerings in 2024 with sufficient supply and stable prices providing a solid foundation for menu planning and profitability.

What Can You Do?

• Enhanced Profit Margins: Consider introducing or highlighting pork dishes that can be offered at a competitive price point while still allowing for good profit margins.
• Put Pork on Their Fork: Use pork’s versatility to explore a variety of culinary styles and dishes that can attract a broader audience.
• Eye on Trends: Keep an eye on specific cut price trends to adjust menu offerings and pricing strategies. 

Menu Suggestions:

• Grilled Pork Skewers: Light and flavourful, ideal for summer BBQs. Marinate in a blend of herbs and citrus, and serve with a fresh cucumber salad for a refreshing twist.
• Pork Chops with Peach Salsa: Market as a seasonal delight; perfect for grilling. Top with homemade peach salsa to enhance the pork’s natural flavours.
• Pork and Pineapple Tacos: A tropical take on a classic, these tacos are great for casual dining. Combine slow-cooked pork with grilled pineapple for a sweet and savoury filling.
• Spicy Pork Lettuce Wraps: A lighter option featuring ground pork cooked with Asian spices, served in crisp lettuce leaves, perfect for a low-carb, high-flavour meal.
• BBQ Pork Sliders: Small yet satisfying, these sliders are great for gatherings, topped with tangy BBQ sauce and coleslaw on mini buns. Ideal for sharing.

Poultry

May 1, 2024

What’s Happening?

• Market Trends: In 2024, chicken prices have shown a modest increase from last year, driven by continued strong demand from both household and food service sectors.
• Pricing Stability: Chicken prices, particularly for chicken breasts and wings, have risen slightly due to pressures from increased feed costs and tariff rate adjustments. Despite these challenges, chicken remains a profitable and versatile option for restaurant menus, providing cost efficiency amid fluctuating prices in other protein sectors.
• Supply Dynamics: Canadian chicken production has seen growth, although it’s been constrained by production shortfalls. The market remains robust enough to support stable pricing.

What Can You Do?

• Flexible Menu Options: Introduce a variety of chicken cuts that are cost-effective. Switching between breasts, thighs, or wings based on their market price can keep costs down and the menu fresh.
• Adaptive Pricing: Adjust prices as needed to reflect ingredient costs, using specials or menu updates to manage margins without impacting customer perception of value.
• Portion Adjustment: Optimize chicken dish portions to manage costs effectively, ensuring portions are satisfying yet economical.
• Targeted Promotions: Use promotions to balance inventory—offer specials on cuts with higher stock or nearing expiration to maintain efficient turnover.

Menu Suggestions:

• Sticky Mango BBQ Wings: Coat chicken wings in a homemade mango BBQ sauce made with fresh mango puree, honey, ginger, and a touch of chili for heat. Bake or grill the wings until sticky and caramelized. 
• Smoky Chipotle Chicken Legs: Rub chicken legs with a smoky chipotle spice mix and slow-cook them on the grill to infuse deep flavours. Serve with a cooling avocado-lime crema and fresh cilantro. 
• Honey Mustard Glazed Chicken Thighs: Brush bone-in chicken thighs with a homemade honey mustard glaze, combining Dijon mustard, honey, garlic, and a splash of apple cider vinegar. Roast or grill until golden and serve with a crisp apple slaw for a sweet and savoury meal.

Seafood

May 1, 2024

What’s Happening?

• Market Trends – Currently there is some upward pressure on most seafood items most notably lobster, and crab products. Black Tiger imported shrimp remains a great ‘BUY’ opportunity. Seafood prices are generally increasing by 3 to 5% in 2024, driven by higher global demand and supply chain issues, including rising fuel prices and adverse weather affecting fishing regions.

What Can You Do?

• Buy Shrimp Now Opportunity: Current low prices for shrimp present a great opportunity for enhancing profitability. 
• Leverage Flexible Menu Pricing: Adjust menu prices dynamically based on the current prices, ensuring margins remain healthy despite fluctuating costs.
• Focus on Cost-Efficient Seafood: Prioritize dishes featuring seafood that remains stable or lower in price.
• Utilize Local Seafood: Take advantage of seasonal availability and local sourcing to reduce transportation costs and support local fisheries.
• Offer Special Promotions: Create promotions or special menu items that use more affordable seafood options to attract customers without compromising on quality.

Innovative “Shrimp On The Menu” Creations

• Shrimp and Chorizo Paella Bites: Miniature paella servings featuring sautéed shrimp and spicy chorizo, served in individual small pans or bowls. Infused with saffron and cooked with arborio rice, each bite offers a burst of flavour.
• Coconut Shrimp with Mango Habanero Sauce: Crispy coconut-battered shrimp paired with a sweet and spicy mango habanero dipping sauce for a delightful appetizer or main course.
• Shrimp Scampi Flatbread: A light, crispy flatbread topped with garlic lemon butter shrimp, cherry tomatoes, fresh basil, and a drizzle of balsamic reduction for a shareable, chic meal.
• Shrimp Banh Mi Sliders: Mini Vietnamese-style sandwiches filled with marinated and grilled shrimp, pickled vegetables, fresh cilantro, and spicy sriracha mayo on toasted baguette slices. Perfect for a light lunch or as part of a tapas selection.

Current Key Produce Market Trends 

General 2024 Trend

• Vegetable prices expected to increase by 5-7%
• Fruit prices expected to increase by 1-3%

Strategies to Mitigate Price Increases

• Seasonal Menu Planning: Utilize in-season produce for cost-efficiency and customer appeal
• Portion Control: Adjust portion sizes to save costs
• Waste Reduction: Reduce spoilage and make the most of overripe items
• Menu Flexibility: Adapt to price changes with substitute ingredients
• Price Adjustments: Update menu prices carefully and transparently
• Creative Menu Design: Innovate with more affordable ingredients
• Monitor Market Trends: Keep an eye on market fluctuations for essential ingredients

Price Alerts as of May 1, 2024

• Lettuce: The market for green leaf and romaine lettuce has seen significant price increases due to tight supplies and volatile conditions. Iceberg lettuce prices are also up, reflecting similar trends.
• Salads/Blends: Prices for salad blends that include iceberg and romaine lettuce have risen, driven by the reduced availability of these products.
• Chile Peppers: Prices for Chile peppers, especially Jalapeno and Serrano varieties, are increasing due to limited supplies from Mexico.
• Red/Yellow Potatoes: Potato prices remain high with North Dakota’s storage stocks expected to be depleted by mid-May. Florida’s potato supplies are increasing, and California’s season is starting, with Arizona and Texas to follow in early July.
• Mixed Berries: Berry quality and availability are being impacted by hot weather in Central Mexico and transportation delays at the border, which may lead to price increases.
• Grapes: Grape prices are climbing as the season transitions from Chilean-Peruvian imports to Mexican-grown products expected around mid-to-late May.
• Lemons: Lemon prices remain high due to low yields in California, with smaller sizes being particularly scarce. The offshore lemon season is anticipated to begin in early June.
• Oranges: Orange prices are on the rise with the California Navel season ending in late June and limited production of California Valencia oranges underway.