COVID-19 cuts Americans appetite for meat
The disruption created by COVID-19 in the US meat market has already been felt by consumers as prices have jumped unexpectedly in the last two months. As a result, meat consumption is expected to decline for the next five years, says a study released by the University of Missouri’s Food & Agricultural Policy Research Institute. It's the first time in 6 years when a drop is expected in this market. Last year, meat consumption in the US stood at 101 kg per person and will gradually go down to 97 kg in the next five years, according to the researchers.
However, last month, an estimate made by USDA predicted a decline in meat consumption of 4% for this year only. That translates in a drop of 210,000 tonnes of meat in the US market. Such an impact will temper the wholesale prices, with chicken expected to see a drop of 15%, pork 10% and beef 3% due to reduced demand and meat-plant closures.