The boom market for beef is fading in Canada after record prices last year, but people will have to wait for costs to tumble in grocery stores.

The cattle industry has experienced a sudden drop in prices, forcing ranchers to adjust their expectations for the year.

"We had an incredible run. We doubled our prices in three years for calves, for example," said Brian Perillat, a senior analyst with CanFax, a cattle market research firm. "In the last few months, we've see prices drop 15 to 20 per cent from the high."

Even with the market correction, prices are still at historically high levels. Experts say the price spike was too extreme a reaction as beef supplies tightened.