COVID-19 IMPACT ON DAIRY IN THE FOOD AND BEVERAGE INDUSTRY
Pandemic outbreaks of the coronavirus disease (COVID-19) have created significant volatility in global market development. The pandemic epidemic has influenced variables and has changed the entire business environment in hard to believe ways. The efficacy and strength of stabilization efforts to the degree of supply disruptions, shifts in consumption habits, behavioural changes (such as avoiding buying), drastic tightening implications in global market conditions, confidence consequences, volatile commodity prices and increasing debt burdens are the factors that have negatively affected the sector. The COVID-19 has led the lockout in Europe and has affected the dairy sector hard globally. The supply of dairy-based products is stable although crises have been experienced due to the disruption in dairy production. Longer lockdowns in the dairy industry in the different countries have affected the farmers' supply chain for dairy milk. The sales of dairy products such as ice cream, cheese, flavored milk , yogurt and frozen desserts represented the highest market revenue in the dairy sector as a whole, accounting for approximately one-third of the consolidated dairy sector 's revenue, which declined in the first quarter of 2020 to between 2 and 3 percent CAGR; Whereas the decline in prices and the shutdown of food services has had a significant effect on local dairy farmers and has slowed the dairy industry as a whole by up to 10%. Flavored milk and yogurt have shown a dramatic decrease in their consumption trend due to the anxiety of eating cold items such as ice cream.
