Tyson Foods saved by booming beef demand in restaurants, says GlobalData

Following today’s news (9 August) that Tyson Foods’ meat and poultry sales have increased from its last report;

Khalid Peerbaccus, Consumer Analyst at GlobalData, a leading data and analytics company, offers his view:

“While COVID-19 impacted Tyson during 2020, it is experiencing a recovery thanks to the re-emerging restaurant industry and a strong desire among consumers to increase their meat, fish and poultry intake.

“Globally, consumers are returning to full-service restaurants to treat themselves, socialize with loved ones, or try new cuisines and experiences. According to GlobalData*, the greatest benefit of restaurants is high-quality service and food—and this starts with ingredients. Suppliers such as Tyson can easily cash in on this premium perception.

“The pandemic will undoubtedly continue to prove a challenge in the coming years; however, the upswing of the company’s meat sales is encouraging for Tyson and shows that consumer demand for protein is unabated.

“According to a survey by GlobalData, 50% of global consumers state that they have no dietary requirements, while a further 12% have a high meat diet**, suggesting that consumers are not only demanding more meat and fish and poultry-based meals in restaurants, but also preparing them at home.”

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