In response to the COVID-19 pandemic in 2020, many consumers saw their disposable incomes decline and this will continue throughout 2021. As a result, more consumers have become increasingly price sensitive, reducing demand for more expensive processed meat and seafood products and reducing the consumption of meat for many low-income consumers.
Strong competition has been witnessed within unprocessed meat and seafood, which is less expensive, attracting lower income consumers facing decreased disposable incomes. Consumers purchase it unprocessed and add sauces and spices at home.
In 2021, the sales of processed meat are growing because producers want to increase their profit margin. Likewise, selling unprocessed meat is becoming less profitable due to the state price regulations and the rising costs of raw materials.
Over the forecast period, one of the largest trends to continue influencing the product area is the economising trend as a result of the COVID-19 pandemic. Consequently, Belarusians are expected to continually shift to lower priced processed meat options in 2022 and maybe even 2023, depending on how long it takes for the economy to recover.
As the pandemic comes to a gradual end and consumers return to their busy lifestyles, there is likely to be increased interest in processed meat and seafood, particularly as some urban consumers are willing to pay higher prices to reduce the amount of time they need to spend cooking. Equally, purchasing fresh/unpackaged meat from a counter takes more time than purchasing packaged processed meat and seafood from a shelf, and this is likely to encourage consumers to choose the easier option into the forecast period.
Interest in healthier products is expected to continue to grow into the forecast period, especially amongst middle- to high-income consumers. This trend is encouraging consumers to look at product ingredients and purchase products free from GMOs, unhealthy additives and colourings.
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Processed Meat, Seafood and Alternatives to Meat
This is the aggregation of processed meat, processed seafood and meat and seafood substitutes.
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