The 4th Covid-19 wave is impacting seriously on F&B spending in 2H-FY21, with the mass closure of restaurant chains and F&B delivering services, while many traditional markets are closed due to increasing Covid-19 infection cases. Due to more persistent impact of Covid-19’s outbreak, the change in consumer behavior will be stronger than that of the 1st Covid-19 wave. In which, we expect demand of essential foods, focusing on basic FMCGs and packaged foods to surge in 2H-FY21 amid the strict social distancing under Directive 16
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