The Great Grocery Grab of 2020 and the Ongoing Impact to U.S. Animal Protein

January 27, 2021

Key Points

  • 2020 was the most volatile and, for many, the most challenging year in U.S. animal protein history. The COVID-19 pandemic drove a historic shift to eating at home, temporarily closed nearly half of U.S. red meat capacity in the spring, and lifted retail meat prices to record highs.
  • In spring of 2020, U.S. food consumption reverted to a level of at home food consumption not seen since the early 1980s, and with that, the greatest and most rapid shift in meat and food supplies the industry has ever seen.
  • While 2020 may be over and U.S. protein supplies are back to normal, the foodservice sector has lost one in five restaurants nationally during the pandemic. It could be the back-half of 2022 before foodservice sales return to pre-pandemic levels as the restaurant industry rebuilds.
  • As U.S. animal protein consumption slowly returns to normal, the food service sector will still lag. That means a challenging outlook for food service-focused animal proteins including high-value beef cuts, poultry produced for foodservice specs, and labor-intensive processed meat products that are in short supply.

Read The Report

 
 

Disclaimer: The information provided in this report is not intended to be investment, tax, or legal advice and should not be relied upon by recipients for such purposes. The information contained in this report has been compiled from what CoBank regards as reliable sources. However, CoBank does not make any representation or warranty regarding the content, and disclaims any responsibility for the information, materials, third-party opinions, and data included in this report. In no event will CoBank be liable for any decision made or actions taken by any person or persons relying on the information contained in this report.

 
 
 
 

Stay ahead of the game in your field. Subscribe today.

Get CoBank's industry-leading Knowledge Exchange research reports delivered straight to your inbox as soon as they're released.

Have a comment or question about these reports?

Contact CoBank's Knowledge Exchange team to ask questions, engage with analysts or receive additional information.