Just a handful of companies control the majority of the market for the three meats after decades of conglomerates absorbing smaller processors, according to the White House. The largest four beef-packing firms, for example, control 82% of the market today, compared with 25% in 1977. The North American Meat Institute called the administration’s comments inflammatory and said labor shortages, not a lack of competition, are to blame for the higher prices in the meat industry and many others. “American consumers of most goods and services are seeing higher costs, largely due to a persistent and widespread labor shortage,” Mark Dopp, the institute’s chief operating officer, said in a statement. “The meat and poultry industry is no different.” President Joe Biden’s economic advisors announced the new focus in a blog post laying out steps to increase transparency and strengthen enforcement of rules limiting the power of meat processors to set prices with farmers as well as consumers. The administration also said it would provide $1.4 billion in aid to small businesses that produce, process, or distribute meat and have been impacted by the pandemic. Medora Lee contributed to this report.Have a question, comment, or story to share? You can reach Rob at ranthes@thebalance.com.
