Agricultural Economics Research as Cattle and Beef Markets Ascended from Demise

The cattle and beef industry suffered through major declines in consumer demand during the 1980s and 1990s. Economists were instrumental in identifying the decline, but traditional times series meat demand models became less useful as heterogeneous consumer preferences evolved. New research methodologies were adopted that guided industry market innovations that resulted in numerous beef product offerings. Going forward, information will be of utmost importance to industry innovation and growth including use of artificial intelligence, real-time surveillance of consumer demand, necessary market information, and risk management. Economists will be integral in designing and assessing the viability of these developments.