As beef prices rise, small butcher shops are adapting to changing demand. Kelly O'Grady reports.

Butchers in the United States are facing challenges as beef prices have risen significantly, with steak prices up 15% compared to the previous year. Factors such as supply and demand imbalances, drought, and disease have led to the domestic cattle population reaching its lowest level since 1973, further driving up costs.

Small businesses like the Country Butcher in Connecticut report that customers are increasingly seeking alternatives, such as sausage, which has seen a 20% increase in sales. Despite the difficulties, experienced butchers remain optimistic, noting that the industry has weathered similar fluctuations in the past.

How butchers are adapting to changing demand as beef prices rise

Frequent topic at dinner tables America this year the cost of putting our dinner on our tables food price inflation I bet you as you noticed remain stubbornly high this year It's especially true of beef steak prices up double digits this year why here's CBS News money watch correspondent Kelly O'Grady We're all about quality just like the meat products we make how we raise our animals how we raise our crops We want it to be the best that it could possibly be Stephen Boyer has owned the country butcher in Tolland, Connecticut for nearly 40 years He says the holidays are one of their busiest times of the year It's about 20 to 25 percent of our yearly sales that we do during this four to six week portion of the year But this year those holiday orders may come with a higher price tag with beefsteak up 15% compared to last year while pork and chicken are up just 1% It's a supply and demand issue We've also had issues with drought last year disease is a growing concern to the domestic cattle population has dropped to the lowest level since 1973 and as a small business Boyer can't compete with the bigger retailers who have more purchasing power the big chains They're taking big chunks of that and that does affect us that'll affect pricing and availability for us with higher prices Customers are looking for alternatives. We have seen our sausage sales Spike up probably about 20% more than they were at this point last year. So I think people are looking for alternatives. They're coming Oh, yeah, they know exactly what this is all about After 36 years in business Boyer remains optimistic There you go Even when times are tough, we've seen the ups and downs and beef and pork and poultry and you know What we always get through it. You just have to give it a little time. Kelly O'Grady CBS News, Tolland, Connecticut

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Breakdown