Turkey Prices in 2024: What to Expect When Buying

In 2022 and 2023, turkey prices reached an all-time high. However, prices have fallen a decent amount since its peak in 2022. There are tons of different reasons turkey prices in 2024 have lowered substantially.

Let’s take a look at some of the underlying factors at play:

Reasons to Expect Lower Turkey Prices

Several factors have led to falling turkey prices since they peaked in 2022. Turkey prices rose very high in 2022, and production increased to meet these higher prices. This factor led to lower prices, which continue today.

Furthermore, demand also lowered in 2022 due to higher prices. While demand has increased slightly as prices have lowered, it hasn’t risen to 2022 highs. Many individuals and families who consumed turkey switched to a different meat when the prices were high, and many have not switched back to their old turkey consumption level.

Of course, demand may continue to increase, leading to increased prices in the future.

While still present, Avian Influenza has less impact on turkey flocks compared to levels in 2022. The first case of the Avian flu since 2020 occurred in February 2022. After that, it spread widely throughout the United States. Luckily, these instances have decreased substantially since 2022, leading to more turkeys making it to the market.

Current Turkey Prices

Currently, the price for each turkey is around $1.20 to $1.50 per pound nationally. However, that doesn’t mean that’s the price you can expect to see in your grocery store. Many regional factors may affect how much you need to spend on a turkey.

For instance, the particular store you shop at can set their own prices. Therefore, the prices at different stores will differ. Grocery stores, discount stores, and wholesale clubs have different prices.

The brand also matters. Premium brands tend to be more expensive than store brands. However, that doesn’t mean that store brands have lower-quality meats. You’re often paying for the name over the quality.

Fresh turkeys also tend to be more expensive, while frozen turkeys may be cheaper. Frozen turkeys also taste and cook similarly to fresh turkeys, so there may be no reason to spend more on a fresh turkey.

The time of year also matters. During the holidays, prices may go up or down, depending on your shopping store. Many stores offer promotional options during holidays like Thanksgiving, so you may be able to save money.

What is the Trend in the Price of Turkey?

Overall, turkey prices are higher than they were decades ago. On average, turkey prices increase by 3% annually. However, sometimes, prices jump up huge amounts, while in the years, they only move up a small amount.

From October 2022 to October 2023, prices jumped 7.2%. The year before that, prices jumped a staggering 16.9% thanks to high demand and the spread of Avian Influenza.

Demand for turkey was “soft” in 2023, which led to dropping prices. Experts predict turkey prices will continue to fall, which is unusual. As we’ve explained, prices usually increase by at least 3% yearly.

That said, there is a high chance that turkey production will decrease since prices have fallen since May of 2023. This may lead to an increase in prices, depending on exactly when production is cut. Boiler production is expected to rise, though, so those prices will remain a bit steadier.

Will Turkeys Be More Expensive This Year?

While turkey prices almost always go up yearly, we can expect turkey prices to be lower in 2024 – despite inflation. As we’ve discussed, turkey costs reached very high in 2022 due to the Avian Influenza. Luckily, those prices were corrected when the flu became less impactful.

Those prices are still correcting. They jumped up over 16% in a single year, so we can expect them to continue to fall until they reach a more “normal” increase.

Of course, sudden and random events can occur. No one predicted the Avian flu in 2022. These random events can have a significant impact on the price precisely because they are so unpredictable. You can never plan for everything.

Generally, though, turkey prices should not increase this year if the market remains unchanged!

The photo featured at the top of this post is © bhofack2/iStock via Getty Images