Dan Stevenson discussed the livestock industry in Delaware, however, one of the most shocking statistics he shared was that only 9.7% of a person’s income is spent on food, I expected that number to be higher because food prices seem to be so high and the rate that people go out to eat is also pretty high. In contrast, though, cheap fast-food restaurants such as McDonald’s or the increase of smart shopping could offset the prices. In the future, I would expect to see that number increase because as we learned from our professor, studies have shown that millennials care more about their values (choosing healthy foods, ethically sourced, etc.) than the bottom dollar when it comes to food choices.
Dan also talked a lot about the differences between family and commercial operations.
Family Labor, Smaller Herd Sizes, Less Profitable
Hired Labor, Larger Herd Sizes, More Profitable (Less input per unit)