COVID-19 Impact on Global Women Nutrition Market in Food and Beverages Industry
With the outbreak of COVID-19 from Wuhan, China, and then its widespread all across the world, the outbreak has affected millions. Thus it is negatively affecting the global economic growth. This economic downfall is beyond anything experienced in nearly a century. For Instance, according to World Bank, the economic growth in Asia-Pacific region is projected to fall by 0.5% in 2020. In addition, according to Economics Times, as estimated by International Labor Organization, due to COVID-19 pandemic, in 2020, 81 million jobs were wiped out in Asia-Pacific, with 10% dip in labor income. Moreover, according to International Monetary Fund, the GDP of Europe has fallen by 40 percent in the second quarters due to the spread of virus. The pandemic has impacted all industries and sectors in the market in every aspect of supply and demand requirements.
As the market has disrupted due to the pandemic, there have been some changes across market, brought in by the change in the consumption pattern of the consumers. Among these the consumption of nutritional products has increased among the consumers, especially women consumers. The reason for this increased demand is the growing health awareness among women and also during these peril times health has become a priority for the consumers.
COVID-19 has drastically affected on Supply Chain of the Nutrients
COVID-19 world pandemic imposed a new set of challenges for people to maintain a healthy diet. First, the announcement of lockdown in many countries across the globe led all public and private sector institutions to shut down, with the exception of health care institutes along with limited number of essential services. Lockdown across the countries has huge impact on the supply chain of the material; it may be nutrition, food services and other essential material. The changes in dietary pattern during the outbreak of COVID-19 also have driven the demand for essential nutrients to remain healthy and to build the immune system. Read in detail...