RaboBank’s Global Animal Protein Outlook 2022 report indicates that there will be continued growth in global animal protein markets in 2022. However, production growth is expected to slow and will be driven by pork, poultry and aquaculture.
Pork markets in Europe, China and Southeast Asia will stabilise. The ongoing recovery of China’s swine herd will be the largest single driver of growth in global markets in 2022. In Southeast Asia pork markets will also recover from the effects of African swine flu and Covid-19.
In Europe poultry markets are expected to improve. In Southeast Asia, poultry production is also expected to recover following two years of challenges caused by Covid-19. In China, poultry markets will be under pressure due to the recovery of pork markets.
Beef markets are expected to contract slightly across the globe. In China, however, demand for beef will remain firm. In Australia, beef and mutton supplies are expected to improve slowly.
Challenges for 2022
Challenges that can be expected globally are increased input costs across the animal protein supply chain – from feed and labour to energy, and freight costs. Despite this, prices for animal protein should remain firm and will be supported by high demand. Other challenges include ongoing change, driven by the transition to more sustainable animal protein, biosecurity challenges and Covid-19.
The alternative protein market will experience ongoing rapid growth and more product diversification is expected. Alternative protein product sales were well supported during 2021, and RaboBank expect sales to keep growing strongly in 2022. – Ursula Human, AgriOrbit