09 Aug 2021
Posted in Consumer
Tyson Foods saved by booming beef demand in restaurants, says GlobalData
Following today’s news (9 August) that Tyson Foods’ meat and poultry sales have increased from its last report;
Khalid Peerbaccus, Consumer Analyst at GlobalData, a leading data and analytics company, offers his view:
“While COVID-19 impacted Tyson during 2020, it is experiencing a recovery thanks to the re-emerging restaurant industry and a strong desire among consumers to increase their meat, fish and poultry intake.
“Globally, consumers are returning to full-service restaurants to treat themselves, socialize with loved ones, or try new cuisines and experiences. According to GlobalData*, the greatest benefit of restaurants is high-quality service and food—and this starts with ingredients. Suppliers such as Tyson can easily cash in on this premium perception.
“The pandemic will undoubtedly continue to prove a challenge in the coming years; however, the upswing of the company’s meat sales is encouraging for Tyson and shows that consumer demand for protein is unabated.
“According to a survey by GlobalData, 50% of global consumers state that they have no dietary requirements, while a further 12% have a high meat diet**, suggesting that consumers are not only demanding more meat and fish and poultry-based meals in restaurants, but also preparing them at home.”