Global: Experts predict meat production to slow in 2024 as margins remain tight

Meat production growth will slow as margins remain tight in 2024, with farmers and processors needing to adapt to sustain success, according to Rabobank’s annual report. After four years of growth in animal protein production globally, 2024 will see the pace slow or even decline across some species, the agribusiness bank predicts. The shift comes as farmers and processors navigate tighter margins due to structural changes to market conditions. Higher production costs and tighter supplies will push animal protein prices up and constrain global consumption in 2024, the report says. Input costs and inflation are likely to fall, but will remain at a higher level than pre-pandemic. There are also signs that consumers are growing used to higher prices and, in some markets, willing to pay a quality premium. Some market changes appear to be permanent, Rabobank notes. Demographic shifts will see the labour market tighten and raise production costs, while reduced population growth will slow ...