Low demand: The Yonezawa beef wagyu. Global buying of premium foods like wagyu beef and bluefin tuna has plunged due to restaurants shutting down because of the pandemic.
SINGAPORE: 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.
As strict lockdown measures to contain the outbreak ravage global economic activity, the luxury food industry could be among the worst-hit since it heavily relies on restaurants and top hotels for demand for deluxe items from caviar to champagne.
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