Minced beef adds $1 billion in sales in the US
Minced beef sales in the American retail have added $1 billion in nearly five months as the coronavirus crisis is forcing people under lockdown measures to buy cheap products of meat in order to protect their savings. "Year-to-date through May 17, meat department dollar sales were up 24.8%, boasting double-digit growth for ten weeks running. This reflects an additional $5.5 billion sold versus the same period in 2019. Year-to-date volume sales through May 17 were up 18.0% over the same period in 2019, reflecting an additional 7.6 billion pounds (3.4 billion kilos) of meat and poultry sold versus the same period in 2019," commented Anne-Marie Roerink, president of 210 Analytics, for Drovers magazine.
In her opinion, 60% of the gain is due to increased spend per customer and Millenials were the consumers that spent much more money on meat than other generations of shoppers. They were also the category that lost most of the jobs due to COVID-19 pandemic, approximately 40% of the Millennials have lost their jobs or had working hours reduced. Shoppers under the age of 35, with and without children, lower and higher income, increased meat/poultry spending by more than 50%, added Anne-Marie Roerink. Also, 49% of American households have constantly purchased minced beef than other products.
Australia’s red meat industry is anticipated to receive in excess of $100 million in additi...