Luxury food industry turns sour during global coronavirus lockdowns

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SINGAPORE/TOKYO/PARIS — Global demand for premium foods like wagyu beef, bluefin tuna and caviar has plunged with thousands of restaurants shuttered and many economies sliding into recession amid the

coronavirus pandemic.

Jean-Marie Barillere, co-chairman of champagne producers' lobby CIVC in France, said he hoped people would celebrate the easing of lockdown with a bottle of champagne, but expected a difficult end to the year.Bookings data compiled by OpenTable, an online restaurant reservation service, showed a near 80 percent year-on-year decline in seated diners at restaurants in the United States, United Kingdom, Germany, Canada, Australia, Ireland and Mexico this year.

Premium foods was "one of the worst hit sectors worldwide," said Ole Houe, director of advisory services at agriculture brokerage IKON Commodities in Sydney. He said he did not expect a prompt recovery given many countries were in recession.

In France, caviar prices languished near historic lows, champagne sales tumbled, while foie gras producers have had to cut output to prop up prices. Oyster and razor clam fishermen from Cape Cod and other top fishing grounds have also had to curb catches as lockdowns upended global eating habits.To plug the yawning gap left by eateries, many high-end food producers are attempting to reach consumers directly via e-commerce platforms.

 

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