UOB bank
June 2020
The COVID-19 pandemic has caused an unprecedented shift in the economy, business operations and our daily lives. Movement restriction orders and supply chain disruptions have rapidly changed the ways of business and daily activities. Industries such as healthcare, medical supplies and food have become more critical in view of these changes.
The food production segment remains one of the priority sectors worldwide. Food security and self-sufficiency are being monitored closely by governments and supply chain specialists are becoming crucial in ensuring basic necessities remain available.
Despite animal protein being a consumer staple, producers in China and the Southeast Asian region faced near-term demand weakness and unexpected supply chain challenges. However, the COVID-19 situation is expected to accentuate the importance of the food industry and set forth the acceleration of various trends such as the rise in alternative protein, adoption in Agriculture Technology (AgTech), growth of online channels and rise in functional food and beverages.
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