COVID-19 lockdown boosted demand for processed meat and seafood in the first part of 2020, with mid and upper income consumers stockpiling these products. Stocking up with frozen and canned meat and seafood with long shelf lives offers a sense of security and convenience.
The international processed meat players Cargill (US) and Sigma Alimentos (Mexico), with domestic company Alimentos Prosalud (shelf stable sea food) ranked between them, will continue to dominate processed meat and seafood sales in 2020. They benefit from being top-of-mind brands which leverage vertically integrated business models to take advantage of economies of scale throughout their entire manufacturing and distribution value chains.
Many processed meat and seafood companies are engaging in promoting “stay at home” and “protect yourself and others” slogans across the social media in 2020, as players strive to remain relevant. Cargill also started a direct delivery service to consumers’ homes, including its main processed meats brands Pipasa (processed chicken), Kimby (processed poultry) and Cinta Azul (processed meats).
Additional levels of segmentation and specialisation will continue to drive processed meat and seafood into the forecast period. However, brand awareness, quality, pricing and point-of-sale availability will also be major factors in play across modern grocery retailers.
As a result of the economic downturn due to COVID-19, affordable products which offer strong value for money are expected to see high demand into the forecast period. Private label brands from major retailers such as Walmart, Automercado and Pricesmart shall become the main investors in coming years, and are likely to see strong growth.
New development opportunities will continue to be seen for added-value products, including pasture-raised/wild-caught claims, natural curing processes (without nitrates) and vegan meat substitutes. The latter products are already beginning to gain momentum, as vegan meat substitutes from imported brands such as Morning Star and Tofurky as well as similar local lines such as Soya Light keep gaining shelf space in the refrigeration chambers of modern grocery retailers across the county.
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Understand the latest market trends and future growth opportunities for the Processed Meat and Seafood industry in Costa Rica with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Processed Meat and Seafood research and analysis database.
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