COVID-19 Impact on the Dairy Products Market
Dairy Products Market: Covid-19 Impact Analysis with Industry Production, Sales and Consumption Analysis and Forecast to 2028
Global Dairy Products Market Overview
An overview of conceptual frameworks, analytical approaches of the dairy products market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The dairy products market is expected to grow at a significant rate in the near future.
MMC Overview
The non-identical approach of Meridian Market Consultants stands with conceptual methods backed up with the data analysis. The novel market understanding approach makes up the standard of the assessment results that give a better opportunity for the customers to put their effort.
Covid-19 Impact Analysis
"Final Report will add the analysis of the impact of COVID-19 on this industry"
Impact Analysis of Covid-19 on the Global Dairy Products Market
• Effect On Raw Material Supply
• Business Impact W.R.T Revenue
• Fluctuation In Production
• Volatility In Price
• Effect On The Overall Trade
• Market Impact Analysis In 2020 (Quarter Wise) W.R.T Covid-19 Epidemic (Usd Million/Year)
Introduction
The term COVID-19 which has now become a nightmare for every individual across the world is a global pandemic. This hazardous disease, COVID-19, is caused by the new virus called coronavirus. The novel coronavirus was non-existent before. It was first found in December 2019 in the people of Wuhan, Hubei Province, China. Subsequently the disease spread to more Provinces in China, and then to the rest of the world. The World Health Organization (WHO) then declared it a global pandemic. The virus has been named SARS-CoV-2 and the disease is now known as COVID-19.
COVID-19, or the novel coronavirus, has had an enormous impact on everyday life covering from the man on the street to business industries all over the world.
Impact on Dairy Products Market
In the middle of the global COVID-19 epidemic, most businesses are hardly surviving and struggling with how to handle and diminish the consequences from a potential global recession. The dairy products market is no different. The sales for dairy products is extensively hampered owing to factors such as shift away from the wholesale food service markets since there is a mass closure in hotels, restaurants and schools. A large portion of the milk industry contributed to the out-of-home sales establishments, which include restaurants, sweet and ice cream shops, schools and other small and medium manufacturing units. All of these establishments have been shutdown owing to the total lockdown as per the government orders, leading to a drop in dairy product sales. This has caused a reduction in the consumption of milk products as well. Also, the interruptions in supply chains, and difficulties in transportation of milk from farms as they are struggling to get enough drivers who have stopped working from the fear of virus. And thus, the sales to large-scale dairy export markets have sinked up as the food-service sector largely shuts down worldwide. Attributing to such repercussions of the novel coronavirus or COVID-19, it can be assumed that the dairy business industry got hit harder and earlier than other agricultural commodities as the dairy products are highly perishable, have a shorter shelf life and milk cannot be frozen, like meat, or stuck in a safe, like grains.
But in spite of all these restraining factors, the dairy products market is witnessing a high rise in demand as consumers all across the globe are staying at their homes during the pandemic and dairy products are the most basic needs of the consumers. Another factor affecting the growing demand for liquid milk is the increased number of people working from home as this has led to a rise in demand for milk for teas and coffees. Also, most of the consumers have grown interest in home baking which has led to the boost in the demand for dairy products like milk, butter and cream. In fact, the panic buying of consumers has left grocery store shelves almost empty in recent past weeks amidst the business shutdowns, lockdown and quarantines all across the world.
According to Nielsen Data, retail buying of milk accelerated approximately 53% for the week ended March 21, while sales of butter up-surged more than 127% and cheese sales propelled more than 84%, in comparison to the same time period a year earlier. Moreover, during the times of pandemic, the businesses as well as consumers all over the world are coming across various problems whilst fulfilling their basic needs. One of the major problems consumers across the world are facing is that grocery owners and shopkeepers are charging more than usual. The Nielsen Data shows, the average retail price of cow’s milk was up 11.2% for the week ended on March 21, in comparison to a year prior. Also, there have been serious problems of adulteration in various dairy products, which can prove to be harmful for the consumers. Furthermore, the depression in global tourism owing to COVID-19 has also influenced the global dairy product market. Nevertheless, the key market players of the FMCG and dairy products market are focused on finding out new ways to reach their customers. For instance, Amul has also started direct delivery of products for its customers as the consumers are also adopting the online delivery channels up to some extent.
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