How Much Does Beef Cost Per Pound? A Look at Beef Prices in 2023

The national average prices of beef per pound vary depending on the cut and quality. As of March 2024, the Retail Beef Price Composite (RBPC) was $7. 39 per pound, with lean ground beef at $6. 73 per pound. This data highlights the significant variations in pricing depending on the type of beef you purchase.

Beef is one of the most popular meats around the world. From hamburgers to steak, beef is a staple ingredient in many delicious meals. But with inflation and supply chain issues, beef prices have been volatile recently. So how much does beef really cost per pound in 2023? Let’s take a closer look.

Factors Impacting Beef Prices

Several key factors impact the retail price of beef:

Cattle prices – The cost to raise cattle makes up about 60-70% of the retail price of beef. When droughts or high feed costs raise cattle prices, the retail beef price also increases.
Processing costs – Slaughtering, butchering, packaging and shipping beef to grocery stores adds to the retail price. Rising labor, energy and packaging costs can all boost processing expenses
Demand – When demand for beef is high retailers can charge more. Holidays like Memorial Day when people grill burgers drive up seasonal demand.
Supply – Drought and disease limiting cattle supply compared to beef demand will lift prices. Similarly, high beef production compared to demand lowers prices.
Exports – A significant amount of U,S beef gets exported globally Increased export demand can reduce domestic supply and raise retail beef prices,

These key factors interact to determine the retail price of different beef cuts for American consumers.

Retail Beef Prices in 2023

According to the USDA, the average retail price for 100% ground beef in January 2023 was $5.08 per pound across U.S. cities. The Midwest average was slightly higher at $5.50 per pound.

For lean or extra lean ground beef, the January 2023 U.S. city average was $6.95 per pound. The Midwest came in at $7.17 per pound.

When all types of ground beef are averaged together, the January 2023 U.S. retail price was $5.55 per pound. The Midwest averaged $5.80 per pound.

So on average, you can expect to pay between $5 and $7 per pound for fresh ground beef depending on the leanness. Ground beef is one of the most economical beef options.

For steaks and roasts, expect to pay more than ground beef. Ribeye, sirloin, tenderloin and other premium steaks can cost $15 per pound or even more at the grocery store. Brisket, chuck roasts and round roasts are typically $7-$12 per pound.

Buying Beef Directly from A Farm or Butcher

To save money, some consumers buy beef directly from local farms and butchers. This cuts out retail markups by grocery stores.

For example, a Texas farm called Artesian Ranch sells whole beef for $3.99 per pound hanging weight. The customer pays an additional per-head processing fee. Hanging weight refers to the weight of the intact carcass before it’s broken down into cuts.

A Michigan farm called Gallagher’s Centennial Farm sells whole black angus beef for $3.99 per pound hanging weight plus about $150 processing. They estimate the total cost per pound winds up around $6 after processing for a quarter beef.

So buying direct from farms and butchers provides price transparency on just the beef cost separate from processing. The total price per pound winds up similar or lower than retail beef prices. It requires more effort and planning as the customer must arrange processing and storage. But it connects consumers directly with their food source.

Historical Beef Price Trends

Beef prices have seen some significant fluctuations over the past couple decades:

In the early 2000’s, BSE (mad cow disease) limited supply and drove beef prices over $5 per pound, very high for the time.
From 2009-2015, droughts in cattle country boosted prices, with Choice beef averaging over $6 per pound in 2015.
In 2020, COVID-related disruptions to beef processing caused short-term shortages that spiked beef prices above 2018-2019 levels.
Prices moderated in 2021 as processing stabilized, but still remained elevated compared to the 2010s due to high packing costs.
In 2022, beef prices hit new record highs, with Choice Grade averaging $7.91 per pound in June. Limited cattle supplies, high feed costs and strong export demand contributed to the spike.
By December 2022, Choice beef prices had fallen back to $6.55 per pound as demand weakened in a high inflation environment. But prices remained well above historical averages.

Going forward, experts expect cattle numbers to slowly rebuild after years of drought. Combined with softening demand, this could cause beef prices to decline from 2022 peaks but remain relatively high compared to history. The days of $4.50 Choice beef we saw in 2019 likely won’t return anytime soon.

Saving Money on Beef

While beef prices are elevated, consumers do have some options to spend less:

Switch to cheaper ground beef – Opting for fattier 85/15 ground beef over 90/10 can save $2 per pound.
Buy larger packages – Buying 3-5 pound tubes of ground beef is cheaper per pound than 1 pound packages.
Choose chuck roasts over pricier steaks – Chuck roasts cost about half as much as ribeyes or strips.
Buy in bulk directly from a farm or butcher – Buying 1/4 cow or 1/2 cow can save $1-2 per pound.
Substitute cheaper proteins – Chicken, pork or beans can substitute for higher priced beef in some recipes.
Reduce food waste – Use bones and scraps for soup stock. Stretch ground beef with textured vegetable protein.

While prices are ultimately determined by market factors, making small changes to shopping and cooking habits can help offset rising beef costs for consumers.

The Bottom Line

In 2023, expect to pay $5-7 per pound for fresh ground beef depending on fat content and quality grade. Steaks, roasts and other beef cuts range from $7 per pound on the low end for chuck roasts to $15+ per pound for high-end steaks like tenderloin. Buying directly from farms or butchers can offer savings compared to retail beef prices. But even when buying direct, expect to pay at least $5-6 per pound after processing fees. Compared to 20 years ago, beef prices are high thanks to factors like high cattle feed costs, strong export demand, and supply chain bottlenecks. While prices may moderate somewhat in coming years, the days of cheap beef below $5 per pound appear to be over for now. Consumers wanting to save on beef should shift to cheaper cuts, buy larger packages, reduce waste, and substitute other proteins where possible.

How Can I Get the Best Price on Beef?

To get the best deal on beef, you might want to buy it in bulk, wait for sales, or get it from local farms or CSA programs. Example: “Look for seasonal sales or bulk discounts from suppliers like Sam’s Club. ” Additionally, joining Genuine Food’s [CSA Program](## Part 3: Price Comparison of Different Beef Cuts and Tips for Purchasing.

Cost Savings from Bulk Buying Table:

A table showing how much you might save by buying a whole or half cow instead of buying them at a store

Quantity Purchased	Retail Price per Pound ($)	Bulk Price per Pound ($)	Savings (%)
Whole Cow	7.00	5.00	28.57
Half Cow	7.00	5.50	21.43

Joining a CSA program, like the one offered by Genuine Food, can provide stability in pricing and quality. You usually pay a set price per pound for beef through a CSA, which can be less than the changing prices at stores, especially for high-quality beef that is raised in a way that doesn’t harm the environment. To learn more about Genuine Food’s CSA program, visit their CSA Program.

You can move around the beef market more easily and get the most for your money if you keep these average prices and recent trends in mind. The sections that follow will go into more detail about the factors that affect these prices and give you useful advice on how to buy and store beef wisely. Check out Genuine Food’s Shop for high-quality beef options and join their CSA Program to get fresh, sustainable meat delivered to your door on a regular basis.

How Much Meat is a Half Beef? Explained in 3 Minutes!

FAQ

How much is one pound of beef?

On average, you can expect to pay between $5 and $10 per pound for ground beef, and between $7 and $20 per pound for steaks. However, prices can be higher or lower depending on factors such as location, time of year, and demand.

What is a good price for 1/2 cow?

If you’re thinking about buying a half cow, the price can be different depending on a few things. A pasture-raised half cow will cost you between $2,000 and $3,000. If it’s not pasture-raised and was given chemicals—or if it’s a smaller cow—you’ll be able to get one for cheaper.

How much beef from 1,000 lb cow?

As a general rule, most cattle will have an average dressing percentage of 63 percent. This means that a beef animal weighing 1,000 lbs will result in a carcass that weighs only 630 lbs after slaughter. Although the average dressing percentage for beef is 63 percent, several factors may affect the carcass weight.

What is the average price of beef in the US?

National Averages: As of March 2024, the Retail Beef Price Composite (RBPC) was $7.39 per pound, with lean ground beef at $6.73 per pound. This data highlights the significant variations in pricing depending on the type of beef you purchase. Ground Beef: Generally ranges from $5 to $7 per pound.