Demand for beef remains strong, Tyson says
Meat and hide supplier Tyson has reported revenues of just over $39.5 billion for the nine-month period ending July 2, 2022. This represents growth of 15.4% year on year.
Revenues from its beef operations over the nine-month period fell just short of $15 billion, an increase of 15.5%. Beef was its highest-revenue category.
Tyson explained that sales volumes of beef decreased over the period despite strong global demand. It said this was because of impacts associated with a challenging labour environment and supply chain constraints.
It said its sales prices had risen because input costs, including live cattle, labour, freight and transportation costs had all increased. It said it had been able to drive through a price increase because “demand for our beef products remained strong”.
