LONDON – Annual global sales of frozen meat will get a boost of $12 billion to reach $134 billion by 2023, said GlobalData, a leading data and analytics company which initially had forecast growth to reach $122 billion before the coronavirus (COVID-19) pandemic.
Consumer shopping habits, which have shifted due to pandemic-related concerns, are expected to drive global frozen meat sales 8.1% higher in 2020 to reach $9.1 billion, GlobalData said.
“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,” said Ryan Whittaker, consumer analyst at GlobalData. “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.”
GlobalData’s COVID-19 recovery tracker consumer survey, conducted Sept. 9, 2020, found that 44% of global consumers expect the economic climate in their countries to get worse, Whittaker said. To control food costs, consumers have eschewed snacking on-the-go and eating meals away from home in favor of home cooking. As a result, sales have surged higher at retail channels worldwide in the first six months of 2020, while foodservice and on-the-go consumption have plummeted.
“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,” Whittaker said. “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.”