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Here is the weekly edition #22 of The Meat Trader's Journal newsletter for the last week of May 2024, focused on recent market trends and their potential impact on marketing strategies and operations in the meat and food tech industry.
Discover how recent developments are reshaping the meat industry's marketing strategies and operations.

🔓Market Movers & Shakers Intel

Pork Meat Market Analysis: Singapore

Imports: Singapore heavily relied on imports from Malaysia, particularly Sarawak, for its pork supply. During the first five months of 2024, the country imported a total of 12,000T of pork from Malaysia, mostly fresh pork.

Singapore also has imported a substantial quantity of frozen pork from Brazil. That also affects the supply and prices of the pork in the market.

Local: Consistent production. From January to May 2024, local pork production remained steady, with a total of 5,500T produced during this period.

Exports: Singapore's pork exports to Vietnam increased significantly in 2024, which could have impacted the domestic market by reducing the supply of pork available for local consumption.

Prices: Pork prices saw a moderate increase in March 2024, a sharp spike in late April due to supply disruptions, and remained elevated in early May as the market adjusted to the new supply dynamics from Malaysia. However, prices have generally been stable over the longer term.
In late April 2024, the supply of freshly slaughtered pork suffered a temporary disruption after the Singapore Food Agency (SFA) halted imports from Pulau Bulan in Indonesia due to African swine fever. This led pork sellers to source stock from Sarawak, Malaysia at about 30% higher prices, which were passed on to customers.

Demand Trends:

• There is an increase in the perceived demand for grillable items from distributors due to reduced stock levels, although end-user demand remains low.

• Boston butt is gaining popularity due to steady demand from home meal replacement (HMR) services and the reopening of school lunches.

• Distribution issues are leading to a perceived increase in demand within the distributor market.

International Market Insights

• USA: Strong season for pork with rising carcass prices, exacerbated by logistic issues causing high offering prices.

• EU: Carcass prices remain low due to increased supply from Germany, but offering prices are high due to reduced plant operations. Spain and other EU countries are increasing exports to China.

Importations by Country (February 2024):

• Belly: Spain (2,100mt), USA (1,400mt), Brazil (1,200mt)

• Shoulder (Picnic): USA (7,200mt), Brazil (2,800mt), Canada (2,200mt)

• Total import volume saw a decrease of 8,700mt (16.8%) compared to the previous period. Belly imports increased by 600mt (3.1%), while shoulder imports decreased significantly by 5,300mt (24.1%).

Tactical Actions for the Next Three Months:

Going forward, the pork market is expected to remain relatively stable, as Singapore continues to rely on imports from Malaysia to supplement its domestic production. However, any further disruptions to the supply chain, such as from animal disease outbreaks, could lead to temporary price spikes and fluctuations in demand over the next 3 months.

By early May 2024, the fresh pork supply was restored as the local abattoir resumed operations with shipments from Sarawak. However, prices remained elevated, with customers paying around 50% more compared to before the disruption.

Consumers may need to adapt to higher pork prices or consider alternative protein options if the elevated costs persist. Diversification of supply sources remains a key strategy for Singapore to ensure food security and mitigate the impact of potential disruptions.

Check this video about Singapore and Pork Market from Channel News Asia.

🏆Highlighting the relevant stories from top-down

Cutting-edge technologies are revolutionizing the meat industry, from optimizing supply chains to predicting consumer trends. This week's edition explores how these advancements are transforming marketing strategies and operations.

→ AI Revolutionizing Meat Marketing Strategies
→ Bird Flu Outbreak Raises Poultry Sector concerns
→ New Tech detecting Spoiled Food
→ Cultured Meat and Alternative Protein Innovators

AI Revolutionizing Meat Marketing Strategies

Publisher: Euronews (25/05/2024)
Advancements in AI are empowering meat traders to optimize marketing strategies and enhance customer engagement through personalized recommendations and predictive analytics.

Key Points:

1. AI-powered recommendation engines are enabling meat traders to suggest tailored product offerings based on individual customer preferences and purchasing patterns.

2. Predictive analytics leveraging AI are helping traders anticipate market trends and shifts in consumer demand, allowing them to adjust inventory and pricing strategies accordingly.

3. Chatbots and virtual assistants powered by natural language processing are improving customer service and providing real-time support for inquiries and order placement.

Trader's POV: The integration of AI into meat marketing is a game-changer, enabling traders to deliver a more personalized and responsive customer experience. By harnessing the power of predictive analytics and intelligent automation, traders can stay ahead of the curve, optimize their operations, and strengthen their competitive edge.

Bird Flu Outbreak Raises Poultry Sector Concerns

Publisher: Barchart (Date: 24/05/2024)

The recent detection of avian influenza in beef from an infected dairy cow has raised concerns about the potential impact on the poultry industry and the broader meat supply chain.

Key Points:

1. The USDA has assured that the beef remains safe for consumption, but the incident has heightened awareness of the risks posed by the spread of avian flu.

2. Meat traders are closely monitoring the situation, as an outbreak could disrupt poultry supplies and lead to price volatility across the industry.

3. Proactive measures, such as enhanced biosecurity protocols and disease surveillance, are being implemented to mitigate the risk of further outbreaks and ensure the continued safety and reliability of the meat supply.

Trader's POV: The avian flu scare underscores the importance of robust supply chain management and crisis preparedness in the meat industry. Traders must stay vigilant, adapt their marketing strategies, and communicate transparently with customers to maintain trust and confidence during these challenging times.

New Tech for Detecting Spoiled Food

Publisher: CW39 | 26/05/2024

Overview: Innovative technologies are empowering meat traders to enhance food safety and reduce waste through improved traceability and spoilage detection.

Key Points:

1. Newly developed sensors and AI-powered analysis tools can accurately detect the onset of food spoilage, enabling traders to make informed decisions about product freshness and shelf-life.

2. Blockchain-based traceability systems are providing greater transparency and accountability throughout the meat supply chain, allowing for faster identification and recall of contaminated or spoiled products.

3. The integration of these advanced technologies is helping meat traders minimize food waste, improve customer satisfaction, and maintain the highest standards of food safety and quality.

Trader's POV: The adoption of cutting-edge traceability and spoilage detection technologies is a strategic imperative for meat traders. By leveraging these innovations, traders can enhance their brand reputation, build customer trust, and position themselves as industry leaders in food safety and sustainability.

Cultured Meat and Alternative Protein Innovators

Publisher: FnB News | 27/05/2024

The meat industry is witnessing a surge in alternative protein solutions, including cultured meat and plant-based offerings, as consumers seek more sustainable and ethical options.

Key Points:

1. Scaleup Bio, a leading food-tech company, has secured a manufacturing license from the Singapore Food Agency, paving the way for the commercial production of its cultured meat products.

2. Innovative plant-based meat alternatives are gaining traction, with advancements in texture, flavor, and nutritional profiles that are increasingly appealing to mainstream consumers.

3. The growing demand for sustainable and ethical protein sources is driving investment and innovation in the alternative meat sector, posing both challenges and opportunities for traditional meat traders.

Trader's POV: The rise of cultured meat and alternative proteins presents both threats and opportunities for meat traders. Adapting marketing strategies to address evolving consumer preferences, while leveraging the unique attributes of traditional meat products, will be crucial for traders to maintain their competitive edge in the rapidly changing industry landscape.

🗺️Trends - Discussion

👀 Paris Olympics spotlight plant-based

The Paris Olympics 2024 is set to spotlight plant-based foods as part of its sustainability and health initiatives. The event aims to promote eco-friendly and nutritious dietary choices among athletes and visitors. This focus aligns with global trends towards reducing meat consumption for environmental benefits and improving overall health. The Olympics will feature a variety of plant-based meal options, showcasing innovative and delicious alternatives to traditional animal-based dishes. This initiative is expected to encourage broader acceptance and adoption of plant-based diets worldwide.

What are your thoughts? Do you agree with this initiative, specially for athletes?

source

3 ways I can help when you ready:

✅ 1:1 Strategy Sessions for Asian Market Entry (30 minutes)

• Understand local preferences and regulations.

• Adapt your product offerings for the Asian market.

✅ Global Partnership Development

• Build reliable distribution channels with local partners.

• Ensure product freshness and quality from production to consumer.

✅ Sales Training for Global Teams (Check video for an example)

• Enhance marketing and sales strategies for Asia.

• Leverage local media and influencers to boost brand awareness.

💎Did you know?

Hot dogs ranked: the best to worst!

Ready to sink your teeth into the ultimate guide to grocery store hot dogs?

Nutritionists have ranked the best and worst options, ensuring your BBQ is both delicious and a bit healthier!

Thankfully, healthier options are now available at grocery stores. Here's what to look for:

1. Avoid traditional or ballpark-labeled hot dogs: High in sodium, additives, and preservatives.

2. Choose whole meats: Opt for labels indicating whole beef, turkey, or chicken.

3. Watch sodium content: Aim for less than 400 mg per serving.

4. Look for uncured and nitrate-free: Minimal ingredients are best.

5. Be cautious with veggie dogs: Prefer minimally processed ingredients like tofu over soy protein concentrate.

Best Hot Dogs:

1. Organic Valley Uncured 100% Beef Hot Dogs: Pure beef bliss without the guilt.

2. Applegate Naturals Do Good Dog Uncured Beef Hot Dogs: Tasty and good for you.

3. Applegate Naturals Natural Stadium Beef and Pork Hot Dogs: The perfect blend of flavor.

4. Seemore La Dolce Beet-a Pork Sausages: Unique and nutritious.

5. Organic Valley Uncured Pasture-Raised Turkey Hot Dogs: Turkey done right.

6. Applegate Natural Uncured Turkey Hot Dog: Lean and clean.

7. Applegate Organics Great Organic Uncured Chicken Hot Dog: Chicken at its best.

8. Bilinski’s Mild Italian Chicken Sausage with Bell Peppers: Flavorful and wholesome.

9. Upton Naturals Updog Vegan Hot Dog: Plant-based perfection.

10. Jack & Annie’s Jackfruit Vegan Sausages: A fruity twist on classic sausages.

Worst Hot Dogs:

1. Ball Park Brand Prime Uncured Beef Franks: Packed with sodium and additives.

2. Kayem Beef & Pork Hot Dogs: High in unhealthy ingredients.

3. Ball Park Brand White Meat Smoked Turkey Franks: More sodium than you'd like.

4. Gwaltney Original Chicken Hot Dogs: Best left on the shelf.

5. Lightlife Smart Dogs: Not-so-smart choice for health-conscious eaters.

For more details, check out the full article here.

Example of Best

Example of Worst:

That's all for this week!

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Stay tuned for more updates next week.

Warm regards,

Laura