The Cut Is the Commodity, the Label Is the Margin: Where Value-Added Protein Actually Earns
Hormel sold 2.3% fewer pounds in fiscal 2025 and took 1.6% more money for them, while Tyson's branded retail volume grew 2.4% against a category down 1.5%. Branded, prepared protein is now the only part of the meat business that grows while the category shrinks — and the commodity underneath still sets the margin.