Annual global frozen meat sales are forecast to reach USD134bn by 2023, an increase of USD12bn on the pre-COVID-19 forecast of USD122bn, according to GlobalData, a leading data and analytics company. In 2020 alone, COVID-19 is expected to increase global frozen meat sales by USD9.1bn, representing an 8.1% increase on the total market value projection at the start of the year. Retail channels worldwide have experienced a large increase in sales in the first six months of 2020, while foodservice and on-the-go consumption have been hit.
“Frozen food has seen an uptick in global sales since the start of the pandemic with a distinct boost in sales from frozen meat in particular. The need to avoid infection has encouraged people to make fewer but larger trips to supermarkets, with consumers now planning their meals and visits more specifically. For consumers, frozen meat is an investment in future meals; it’s durable, tasty and often cheaper—all solid reasons to buy during the uncertainties of COVID-19,” said Ryan Whittaker, consumer analyst at GlobalData. “GlobalData’s most recent consumer survey found that 44% of global consumers expect the economic climate in their countries to get worse. As recessions bite, people tend to try and save money, often by cutting down on eating out and snacking on-the-go. While 49% of global consumers claim to be buying the same quantities of meat as before, we found that 22% of consumers were buying more than before. Indeed, a minority of 3% told us that they’re stockpiling meat products. We can expect this consumer behavior to continue until the disruptions and uncertainties generated by COVID-19 abate.”