'Enormous profits' Paxton probes meatpackers over soaring beef prices

As consumers face higher beef prices, Texas Attorney General Ken Paxton is partnering with the Department of Justice to investigate the nation's largest meatpackers.

Paxton announced that he is launching an "antitrust probe to protect the nation's beef supply chain" in a news release on May 15. Paxton said that the beef meatpacking industry is highly concentrated, with four companies — JBS S.A., Tyson Fresh Meats, Inc., Cargill, Inc., and National Beef Packing Co. — that control over 85% of the nation’s beef processing market.

"This level of consolidation has given these corporations significant market power over both cattle producers and consumers," the news release stated. "According to reports, these firms may have used their dominance to decrease the prices paid to cattle ranchers while simultaneously driving up beef prices for consumers. These four firms have reaped enormous profits at the expense of Texas cattle ranchers and consumers nationwide. "

Beef prices were 12.1% higher in March 2026 than in March 2025, and are predicted to increase another 6.3% in 2026, according to the United States Department of Agriculture.

“Texans deserve fairly priced beef and our state’s cattle ranchers deserve to be paid fairly for their hard work,” said Paxton in the release. “If major meatpackers manipulated the market to underpay ranchers while forcing families to pay higher prices at the grocery store, we will hold them accountable. My office will aggressively investigate any violations of antitrust law to protect fair competition, ranchers, and Texas consumers.” 

Paxton is encouraging any industry participants with concerns about potential antitrust violations, including price fixing or market manipulation, to contact the Office of the Attorney General’s Antitrust Division with any relevant information at [email protected], the news release said.

Beef prices per pound

The average price of ground beef per pound in the United States was $6.899 as of April 2026, according to the Federal Reserve Bank of St. Louis.

The cost is up by more than a dollar from a year ago—in April 2025, the average cost of a pound of ground beef was $5.801.

Natassia Paloma may be reached at [email protected], @NatassiaPaloma on x; natassia_paloma on Instagram, and Natassia Paloma Thompson on Facebook.