Global meat industry to decline by 5.3% to US$1.3 trillion in 2020 due to Covid-19 pandemic, says Global Data.
The activity of meat manufacturers across North America continues to generate a lot of noise, with some processing plants from major companies such as Tyson and JBS resuming operations. Continued turbulence among meat packing players is likely to damage consumers’ trust in associated food products, says Global Data, a data and analytics company.
According to the company’s latest Covid-19 adjusted forecasts, the global meat market will value US$1.3 trillion by the end of 2020, reflecting a year-on-year (YoY) decline of 5.3%. This is a stark contrast to the expected robust baseline growth the industry was experiencing pre-pandemic. Prior to Covid, the global meat industry was expected to grow at an annual rate of 2.6% over 2020 to reach a value of $1.4 trillion.
Carmen Bryan, Consumer Analyst at Global Data, comments: “Meat is a staple food in many cultures worldwide, thus the global downturn is evident of the current uncertainty and supply disruptions many markets are facing. Although production will stabilize in the long-term, a full recovery to a pre-Covid-19 value is unlikely.”