Egg Prices Could Finally Start To Drop This Year. Here's What We Know
Scrambled, fried, poached ... the humble egg is more than just the incredible moniker. While the versatile, nutrient-rich food has long been considered affordable, that concept has been dispelled over the past year. CNBC reported that egg prices soared 49% year-over-year in 2022. Although the inflated prices may seem unreasonable, there could be hope on the horizon for consumers who are unhappy about their empty wallets.
According to CNN, 2022's high egg prices were the result of several factors creating a perfect storm. Starting with an avian flu that impacted many flocks, the industry segment was hit with higher-than-expected energy costs, rising feed expenses, and a larger-than-anticipated consumer demand. With all of those factors coming together, prices kept climbing for nine weeks straight.
Although eggs are still less expensive than other protein options, the higher costs have impacted many shoppers' food budgets. While a new year often brings resolutions, a glimmer of hope might be on the horizon for egg consumers.
Have soaring egg prices finally hit a cracking point?
Whether the new year comes with a tightening of the wallet, a desire to revamp eating habits, or just a hunger for a sense of normalcy, the impact of food costs is a leftover conversation from 2022. But according to Food Business News, egg prices could see some relief this year.
Thanks to the combination of reduced demand and positive impacts on the egg market, that dozen might be a little cheaper. Still, additional cases of avian flu, consumer demand, and other factors could keep prices at their all-time high. (Although shoppers might wish economists had a picture perfect crystal ball, the price predictions aren't so black-and-white.)
For cooks who can't stomach high egg costs, it could be time to make a switch. Yahoo! Finance reports that some French consumers have looked to substitute pea proteins in recipes. And with more egg substitutes in the market, plant-based eggs, such as Just Egg, might be the cost-effective swap for consumers who are willing to make the change. Or, consumers will just have to accept the higher costs and make food budget changes in other areas.