New Zealand: Rabobank bullish on beef sales to re-awakening market
Frozen Bone-In Beef
Meat
New Zealand
Published Mar 1, 2023
Tridge summary
China food sales set to climb as it reconnects with the world post 'zero covid' policy, says new Rabobank report.
Original content
Food and beverage retail sales in China are expected to rebound strongly this year as the country emerges from covid pandemic restrictions, according to a new report from Rabobank. The report said changes in Chinese consumer behaviour and an accumulation of savings could fuel economic growth, providing new opportunities, especially for beef. Food and beverage retail sales in 2022 grew marginally due to the country’s ongoing covid restrictions. “But positive signs of recovery are emerging and in the week-long Spring Festival (in February), retail and food service sales increased by 6.8% year on year,” Rabobank agricultural analyst Genevieve Steven said. Chinese consumers are becoming more pragmatic, prioritising spending on products they perceive to be practical, valuable and worthy. Higher income groups are more frequently eating beef, perceiving it as tastier and healthier than other meats. Beef sales through new channels are increasing due to cookers using new technology, ...
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