Abstract
Simple SummaryThe purpose of this study is to investigate the impact of COVID-19 on the revenue of the livestock industry and to study the challenges COVID-19 brings to the livestock industry. From the perspective of financial statements, we use the revenue function of listed Chinese livestock companies from 2015 to 2020 to quantitatively estimate the impact of the pandemic. The study results show that the COVID-19 pandemic has reduced the revenue of the livestock industry and has different implications on livestock enterprises of various sizes. Based on the above study results, we provide further suggestions for measures that governments and livestock companies can consider to reduce the impact of the pandemic, thereby increasing the level of sales of livestock products.The COVID-19 pandemic has affected social order and people’s health and has also caused a heavy blow to the livestock industry, affecting animal management and welfare. The livestock industry is one of the main contributors to economic growth in many regions, and it is of great significance to people’s lives and regional economic growth. COVID-19 has reduced the livestock industry’s market as well as consumers’ opportunities to purchase livestock products, resulting in no sales or low sales of livestock or their products. The main purpose of this study is to consider the impact of the pandemic on the revenue of the livestock industry, and to study the challenges arising from the pandemic to the livestock industry. Based on the perspective of financial statements, we estimate the impact of COVID-19 through the translog revenue function of listed Chinese livestock companies from 2015 to 2020, and the study results show that the COVID-19 pandemic has reduced the revenue of the livestock industry, but the decline in revenue of large livestock enterprises is lower than that of small and medium-sized livestock enterprises. In the last two parts of this study, we make policy recommendations to livestock enterprises and the authorities.
Highlights
How does the livestock industry affect the environment and society? On the one hand, the impact of animal husbandry on climate change is very significant [1,2]
Since the virus can spread from person to person through the air [23], and workers in meat and poultry processing plants need to work closely with each other, this increases the risk of virus transmission [11,23,24,25]
COVID-19 has caused meat and poultry processing plant employees to become sick, putting livestock companies at risk of closing down, which reduces the supply of livestock products [20]
Summary
How does the livestock industry affect the environment and society? On the one hand, the impact of animal husbandry on climate change is very significant [1,2]. The livestock industry affects people’s diet and health [3], is the foundation of human well-being [4], and plays a vital role in the food supply, culture, and economy in rural and urban areas [5]. Since the virus can spread from person to person through the air [23], and workers in meat and poultry processing plants need to work closely with each other, this increases the risk of virus transmission [11,23,24,25]. COVID-19 has caused meat and poultry processing plant employees to become sick, putting livestock companies at risk of closing down, which reduces the supply of livestock products [20]. Due to sales difficulties and the high cost of raising animals, this has led to the unfortunate problem of euthanasia of animals [26,33,34]
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