COVID-19 adds US$12bn onto global frozen meat sales as market set to reach US$134bn by 2023, says GlobalData

Annual global frozen meat sales, the largest global frozen food category, is forecast to reach US$134bn by 2023 – an increase of US$12bn on the pre-COVID-19 forecast of US$122bn, according to GlobalData, a leading data and analytics company.

In 2020 alone, COVID-19 is expected to increase global frozen meat sales by US$9.1bn, representing an 8.1% increase on the total market value projection at the start of the year.

Ryan Whittaker, Consumer Analyst at GlobalData, comments: “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.”

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.

Whittaker adds: “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.”

* COVID-19 recovery tracker consumer survey, 9th September 2020, combining answers “it will get a bit worse” and “it will get significantly worse”

** COVID-19 recovery tracker consumer survey, 9th September 2020, combining answers “I am buying slightly more than before”; “I have started buying this now”; “I am buying significantly more than before” and “I am stockpiling”

More Media