Beef prices in Canada have reached historic highs in 2024, with costs surging at grocery stores and ranches alike. Ground beef, steak, and roast prices have soared as the cattle industry faces tight supplies and robust consumer demand, trends experts predict will persist well into 2026.
Skyrocketing Retail Prices
The average price of ground beef climbed to $13 per kilogram in September, up from $11.69 a year earlier and just $9 five years ago. Premium cuts like striploin have risen even more dramatically, now exceeding $32 per kilogram compared to $20 in late 2023.
Jim Jackson, owner of Cut Rite Meats in Calgary, said the rising costs have pushed his shop to lower margins to avoid alienating customers. “It’s the highest I’ve ever seen. We’re just trying to do our best without gouging customers,” he said.
Record-High Cattle Prices
The surge in retail prices mirrors escalating cattle values, which hit $236.08 per hundredweight in Alberta this September—up 7.6% from 2023 and nearly double the prices seen five years ago.
According to Canfax, a Calgary-based beef statistics firm, feeder cattle prices have risen by 21% compared to last year, while overall cattle prices are 45-65% higher than the five-year average.
“We’ve got a growing global population and middle class, and they want more protein—beef, pork, and poultry,” said Canfax executive director Brenna Grant.
Shrinking Herds and Reduced Supply
The Canadian cattle population has shrunk to its lowest level since 1987, largely due to rising operational costs and drought conditions that have strained ranchers. This reduction has led to tighter beef supplies and rising prices.
Agricultural economist Ellen Goddard noted the long production timeline for beef exacerbates the supply shortage. “Cow-calf producers make decisions years in advance, so there’s a biological lag in beef production,” she explained.
The industry’s “liquidation mode,” as described by livestock market analyst Kevin Grier, has created a market where demand outstrips supply, keeping prices high.
Consumer Demand Remains Strong
Despite record prices, demand for beef remains robust in North America. Both Canadian and American consumers continue to favor beef for its perceived quality and desirability.
“Canadians and Americans are still stepping up to the meat case,” Grier said, adding that tight supply is likely to continue driving prices upward for at least another year, potentially into 2026.
Some ranchers are now considering expanding their herds as profit margins improve, but the effects won’t be felt for years due to the slow production cycle.
With fewer cattle available and unwavering demand for high-quality meat, the price surge shows no signs of slowing, making beef a luxury purchase for many households.
