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Jul. 12, 2024
Source: Radio Oklahoma Network This spring, the Beef Checkoff commissioned an independent economic analysis to thoroughly assess the effectiveness and additional financial benefits produced by the program's demand-driving activities. Conducted by Dr. Harry M. Kaiser of Cornell University, this study's objectives were to measure: Whether national Beef Checkoff demand-driving activities increased demand for beef products (domestically and abroad) The combined benefits of those activities in terms of their incremental financial impact to beef producers and importers The indirect benefits of national Beef Checkoff demand-driving activities to the broader macroeconomy "We're extremely pleased with the results of this latest study," said Cheryl DeVuyst of Morrison, Oklahoma, chair of the Beef Checkoff Evaluation Committee and current secretary-treasurer of the Cattlemen's Beef Board (CBB). "The Beef Checkoff's primary goal is to increase beef demand here in the U.S. and worldwide. The statistics uncovered by this study tell us that we're achieving that goal and providing producers and importers with an excellent return on their national Checkoff investments." Beef Checkoff's Return-on-Investment (ROI): In addition to calculating a ROI of $13.41, the ROI analysis enabled the study to simulate market conditions for beef demand in the absence of national Beef Checkoff investments. For the most recent five-year period, 2019-2023, had there not been any investments in national Beef Checkoff demand-driving activities: Total domestic beef demand would have been 2.4 billion pounds (8.5%) lower per year than actual results. The steer price would have been 7.8% lower per year than actual results. U.S. export beef demand would have been 372 million pounds (11.5%) lower than actual results in the seven major importing countries included in the study. To read entire report, Click Here Tweet |
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