Global meat market feels the challenges of coronavirus

The global meat market is already feeling the challenges of the coronavirus, despite the resilience of food commodities, according to analysts at INTL FCStone and Rabobank. In this scenario, a possible relief in this market, according to the CarneTec Brasil specialized portal, should be the return of activities in China. 

“The expectation of the return of normal activities in China, after a period of confinement and reduction in economic and logistical activities to contain the coronavirus, brings relief to large exporting meatpacking plants. But the meat industry is also aware of the potential impacts of reduced consumption in local markets in the short and medium term”, says the portal. 

According to INTL FCStone analysts in a report released last week, “the drop in the purchasing power of the final consumer, in the midst of a possible economic recession, encourages alternative sources to beef, such as pork and chicken, which are cheaper". 

“The evolution of the virus also challenges and changes the dynamics of the meat trade, with the forecast pointing to an increase in household stocks, while wholesalers and restaurants will further reduce their sales scales”, they add. 

Regarding chicken meat, Rabobank's outlook will be materially affected by the coronavirus pandemic, but the competitiveness of this protein in relation to other more expensive options favors the product. “Although the outlook is still moderately positive for most markets, the coronavirus is adding significant uncertainty and is now expected to cause a global economic slowdown,” he concludes. 

Source: agrolink

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