Higher Egg Prices Drive Demand for Alternatives • InNewCL
#Higher #Egg #Prices #Drive #Demand #Alternatives #InNewCL Welcome to InNewCL, here is the new story we have for you today:
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Should startups go all-in or wait and see?
Price parity with traditional foods is one of the biggest challenges for alternative protein startups. However, bird flu, a shortage of cage-free eggs and a subsequent spike in prices in late 2022 appear to offer alternative egg producers an ‘in’ to show they are competitive.
Egg prices soared from a few dollars, depending on geography, to over $5 a dozen in December as bird flu spread to all 50 states, killing millions of chickens and turkeys and prompting shoppers to stop buying the staple and the reconsider future meal plans. New data from the Bureau of Labor Statistics shows that egg prices rose 8.5% between December and January, while prices are up 70% year-on-year.
There’s some good news: According to data from the US Department of Agriculture, bird flu cases fell in January with fewer than 500,000 total poultry deaths, compared to more than 5 million in December. However, Rosemary Sifford, the USDA’s chief veterinarian, told the Wall Street Journal that this could be short-lived. She said the virus is likely to pick up again as wild birds migrate in the spring.
While this may seem like an opportunity, I spoke to a few startups in this sector and investors to see if alternative egg companies can and should take advantage to launch their product or expand their customer base.
