COVID concerns in China and restaurant business down in 2020
From the Ag Information Network, I’m Bob Larson with your agribusiness update.
**Commodity markets came under pressure last week as traders tried to shed risk from shipping issues in China, prompted by new concerns over COVID-19 that prompted authorities to shut down much of its transport.
This all comes as authorities scramble to contain an outbreak of a highly transmissible Omincron variant.
Restrictions are in place until April 3.
Shanghai has been the world’s busiest port for container volumes since 2010.
**New data from the Plant Based Foods Association shows retail sales of plant-based foods in the United States grew 6.2% in 2021 in a record year of growth in 2020.
The total value of the herbal market reached an all-time high of $7.4 billion.
Overall, plant-based food retail sales grew three times faster than total food retail sales, with most plant-based food categories outpacing conventional foods.
Plant-based meat dollar sales in 2021 remained strong, generating a repeat year of $1.4 billion in sales and 74% growth over the past three years.
**It’s no big surprise, but data from the USDA Economic Research Service shows that restaurant transactions fell 47% in 2020, after the onset of the COVID pandemic.
As you recall, many state and local governments have implemented social distancing measures, stay-at-home orders, and mandatory shutdowns in high-risk industries.
Restaurants were often included, forcing many to close their dining rooms, if not the entire business, drastically reducing restaurant visits.