U.S. cattle numbers hit a 75-year low in Jan. 2026, driving beef prices up and shifting consumer demand to alternatives.

U.S. cattle inventory fell to 86.2 million head by January 1, 2026—the lowest since 1951—driven by seven straight years of decline, with beef cow numbers at a record low since 1961. A shrinking calf crop and high feed and interest rates led ranchers to sell breeding stock, tightening beef supply and pushing cash steer prices near $240 per hundredweight. Meatpackers face losses, while poultry and alternative protein companies gain market share as consumers shift away from expensive beef.