Monday, 23 March 2020“The meat industry is experiencing a major disruption to normal trading conditions with food service outlets (restaurants, QSR - Quick Serve Restaurants, caterers, etc.) across Europe closing down due to COVID-19 restrictions. The food service channel, which accounts for over 30% of Irish beef exports and is also very important to other meat categories, has effectively been shut down and orders stopped.
“While retail demand spiked for a short period (mainly for mince and diced products as opposed to steaks), there are signs are that this is normalising now, as bulk buying by consumers eases. For beef in particular, the loss of food service outlets is creating a major imbalance as food service traditionally takes a far greater proportion of Ireland’s steak cuts, which account for a high share of the overall market return. This level of market disruption is unsustainable and support measures from the EU will be urgently needed."