High feed costs and elevated energy prices will support prices in 2023
The latest analysis from RaboResearch finds that animal protein companies must pivot in 2023 to respond to structural challenges of sustainability, animal health and market volatility as economic growth slows.
Animal protein production levels are expected to increase, with Rabobank’s analysts forecasting year-on-year growth in major markets of 5 million tonnes – or 1 percent – to a total of 430 million tonnes next year, driven by demand for poultry, fish and seafood offsetting the weaker performance of beef and pork. However, the production growth rate will be lower than 2022’s 2 percent.
Salmon is set to continue to enjoy strong demand, with weak supply growth supporting prices. In the shrimp segment, analysts noted the strong growth in Latin America’s production while supplies in Asia contracted. As supply levels come back into line and economic pressures begin to bite, analysts expect prices to correct but remain above pre-pandemic levels.
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