Mitigating the impacts of COVID-19 on Meat in Food and Beverage Industry

Impact Of Outbreak Of Covid-19 On Meat Market 2020 Growth Factors The meat industry is largest segment of food industry. The growing demand for the high valued animal protein has brought an increasing pressure on the livestock sector since long. It has been observed that this sector is growing with unpredicted growth rate due to certain driving factor such as increase in population, rising income and increasing urbanization. According to WHO, the meat production is projected annually with an increase to 376 million tons by 2030 from 218 million tons in 1997-1999.

Market estimation of the meat market As people worldwide become more open to plant-based meat products, the industry is expected to grow significantly. According to our research, the total meat market is increasing, and it is estimated at over USD 7.3 Billion in 2020. With the impact of COVID-19, the market is projected to grow with a CAGR of more than 17%. Europe is currently leading the market in terms of growth, whereas Asia-Pacific is also projected to grow significantly during the course of time. The fear of an increasing number of animal-borne diseases such as COVID-19, growing health concerns, and demand for clean label products & natural products, are some of the major factors projected to drive the growth of the plant-based meat industry during the forecast period.

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According to the research analysts based on their thorough research suggest that the global Cultivated Meat market is predicted to register a CAGR of around XX% between 2020 and 2026.

The global demand for the Cultivated Meat market was USD XX Million in 2019 and anticipates to reach USD XX Million by the end of 2026. The report analyzes all the micro and macroeconomic factors that are projected to influence the growth of the Cultivated Meat market in the coming decade.

Impact of COVID-19 (Coronavirus) on the Alternative Protein Industry The meat supply in the U.S. is expected to be hit hard by the COVID-19 outbreak, as major meat plants have been taken offline as factory workers have tested positive for the virus. It is estimated that meat plants responsible for 10% of all beef production in the U.S. and 25% of all pork production have closed as of April 2020, with this having the potential to disrupt meat

supply chains and lead to shortages. This potential shortage of meat supply is already leading to augmented consumer demand for plant-based meat alternatives in the U.S., with meat substitute sales reported to have jumped 200% in the country in the week ending 18 th April, compared with the same week last year. Thus, the global crisis, in other words, is turning into a big opportunity for the plant-based protein sector.

Table 1: Consumption of meat, 1,000 Metric Tons (2018-2020) Country /Region

2018

2019

2020 (Jan)

2020 (April

European Union

11,537

11,636

11,700

11,180

Brazil

9,671

9,865

11,175

9,903

India

4,059

4,347

4,900

3,998

Argentina

1,955

2,021

2,066

2,035

Thailand

2,354

2,459

2,500

2,000

With growing health consciousness, consumers are shifting toward healthier varieties of red meat products, such as organic products. Along with taste, consumers also look for healthier variations of traditional pork meats. Organic meats are extracted from animals who are raised without the use of any antibiotics, are fed natural feed, and are not genetically modified. Thus, the meat of such animals is safe to consume. Players in the market are coming up with new grass-fed pork products to cater to the increasing demand from consumers. For instance, Danish Crown AS offers pork meat fetched from pigs that are grown without any antibiotics and artificial health promotants. Thus, the increasing demand for grass-fed pork meat is expected to drive the growth of the market.

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