Over the next decade, the world’s population is projected to continue to grow at a declining rate to 2029; the one exception to this being the Sub-Sharan Africa region, which should see its population rise from 22 to 32 million, year over year. This is according to projections from the latest OECD-FAO Agricultural outlook publication.
By 2029, FAO projects developed countries will have increased production by nearly 11%, while developing countries will nearly double this growth to 20% over the same time. Likewise, developing countries will account for nearly double the consumption growth of developed countries over the average of the base period 2017-19 to 2029. Given economic conditions and limited access to resources, though, the Sub-Saharan Africa region will have the lowest output among other world regions, while as to be expected, the Asia-Pacific region, Latin America and North America will have the greatest output. However, all regions are projected by FAO to have at least some increase from the average of the base period 2017-19 and 2029.
Given the economic uncertainty around the world, nominal poultry meat prices are supposed to rise to nearly $1,270/metric ton. Real prices are projected by FAO to fall slightly to nearly $1,035/metric ton.
In terms of countries that will see the greatest growth in real GDP from the average of the base period 2017-19 to 2029, Mexico will see its GDP jump from 1.4% in the average 2017-19 period to 3.2% in 2029. Brazil will also see a jump from 1.0% to 2.7% over the same period, which may contribute to the countries’ increased meat consumption over the outlook period. Although FAO projects real GDP growth rates for the European Union to slightly decline over the outlook period, the European Commission still projects the region’s poultry production will increase slightly from 2019 to 2029.
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