US consumers could be paying $10/lb or more than €19/kg for ground beef next year, a major meat processor has predicted.

Omaha Steaks’ CEO, Nate Rempe, said the shrinking US cattle herd and buoyant demand meant the $10/lb threshold could be reached in 2026.

"We are headed for what I'm calling the $10-a-pound reality. By [the] third quarter of '26, families are going to see $10 a pound for ground beef in the grocery store,” Rempe claimed.

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“So, we're in for a bit of a haul here. I don't believe we'll see prices come down in any meaningful way until sometime in 2027,” he maintained.

Ground beef prices in US supermarkets in currently selling for over $6/lb.

While the lift to $10/lb would represent a 65% increase in beef prices, Rempe was adamant that a price jump of this magnitude was possible given the current market dynamics.

Omaha Steaks manufactures, markets, and distributes steaks, meat, seafood, and some prepared foods. It employs 1,500 people and is headquartered in Omaha, Nebraska.

Rempe insisted that US needed to “rebuild its herd” before beef prices would start to drop.

The US beef cow herd has contracted to around 28m head, the lowest reported numbers since 1961, according to figures from the UD Department of Agriculture (USDA).

The herd has dropped by 3.5m head since 2019, due to a combination of drought conditions across the western and central plains, poor profitability and retirements.

The Trump administration has insisted increased beef imports will help put downward pressure on prices.

Trump has also called for an investigation into the actions of the big four meat packing companies in the US. The president accused the meat companies of driving up beef prices.

Meanwhile, the tight US cattle supply situation has resulted in record prices being paid for calves.

Holstein and Angus bull calves were generally averaging $600-700 per head (€500-600) in 2024 but are now making $1,200-1,500 per head (€1,000-1,300).