Seafood is on track to surpass poultry as the major driver of global protein supply growth due to changes in government policy and macroeconomics.
According to RaboResearch’s Global Animal Protein Outlook, aquaculture and wild catch are expected to increase by 2.3 per cent yearly, following a 0.3 per cent fall last year. Poultry will continue to rise steadily, while beef production will fall due to contractions in important regions. Pork output will rise moderately (0.1 per cent), following a significant recovery from African swine disease.
“Military conflicts may further disrupt shipping and freight, impacting global trade and increasing market volatility,” said the report’s lead author, RaboResearch senior protein analyst Angus Gidley-Baird.
“Although inflationary pressures have been easing, policy decisions could reverse this trend, potentially weakening consumer demand if incomes do not rise accordingly.”
Gidley-Baird also noted that shellfish and pork are projected to transition from contraction to growth, while beef will shift from growth to contraction, changing market dynamics and supply chains.
In addition, the increase in terrestrial species output will slow in most regions, with Brazil witnessing a 1 per cent reduction.
“China will experience a minor increase following negative growth in 2024. Oceania will sustain consistent production, while the EU27+UK, North America, and Southeast Asia will experience weaker growth than in 2024.”
Last year, Rabobank reported that Australia’s milk production was showing signs of recovery, with global milk supply expected to grow at a modest pace over the coming year.
