With beef and pork prices on the rise, Tyson Foods Inc. expects to see a higher consumer demand for chicken. In 2015, the meat industry plans to expand chicken production, as it is considered the most economical meat in the U.S., Tyson executives said on Monday.
Chicken brings in the highest profits for Tyson, according to an article by Jacob Bunge and Angela Chen for the Wall Street Journal. Tyson projects demand for chicken to rise three to four percent in the company's fiscal 2015.
Tyson has seen chicken sales increase 2.3 percent in the fourth quarter, while beef sales dropped by 2.6 percent and pork sales fell by 0.3 percent. September saw record prices for both beef and pork products. The company estimated that U.S. beef supplies would decline four to 5 percent over fiscal 2015. It also estimated hog supplies would increase by two to three percent, but consumers would easily keep up with the increase in pork.