Developing countries to dominate global pork growth
Global meat production is projected to continue to grow over the coming decade, although at a slightly slower rate than over the last 10 years, according to the newly-published OECD-FAO Agricultural Outlook.
Pig meat output is set to rise by 12% by 2025. Most of the extra pig meat production will come from developing countries, mainly in Asia and particularly China, which is expected to return to growth in 2017.
Consumption growth is expected to be even more dominated by developing countries, where 15% more pork will be eaten, compared with just a 4% increase in developed countries. Africa and Latin America are projected to see even faster rises in consumption but the much larger scale of Asian markets means that they will still dominate.
With demand rising even faster than production in developing countries, the amount of pork traded is projected to rise by 22% between 2015 and 2025. Asia will remain the key region for import growth, accounting for around 40% of the extra trade. However, Africa is projected to be the destination for 19% of the additional imports, doubling its share of the global total from 3% to 6%. North America, including Mexico, is also projected to see rising imports. Global pork prices are forecast to rise slowly in the next few years before stabilising or even declining slightly later in the decade.
The full report, which also covers a range of other agricultural sectors, can be accessed by clicking here.
Stephen Howarth. Market Specialist Manager
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