US: USDA projects production of animal products to achieve record-high levels in the next decade

The USDA projections for agricultural commodities and trade were based on macroeconomic indicators, existing US policy and international trade agreements, along with data through the October 2024 World Agricultural Supply and Demand Estimates report. Key indicators included global economic projections, food and energy costs and near-term volatility from world events such as the COVID-19 pandemic aftermath and Russia’s invasion of Ukraine. The projections mostly are useful for the next couple years forward, then tend to flatten over the final decade-plus. Based on the report, US production of all major animal products will grow through 2033-34, the USDA said, achieving record levels for all products except turkey. Projections of global poultry consumption growth will overtake pork and beef consumption by 2033, with the largest increase in countries such as Pakistan, India, Vietnam, Morocco, the Philippines, South Korea, Iran and Mexico. The USDA projects that lower-middle-income ...