Global per capita consumption of beef and chicken is expected to grow by 2029, driven by increased global wealth and the pursuit of a protein-rich diet, according to estimates from S&P Global Commodity Insights. Per capita beef consumption is expected to increase by 4.2% by 2029, while chicken consumption is forecasted to rise by 3.9%.
Global chicken meat production is projected to grow by 8.97% by 2029, with the largest increase expected in Asia (+11.48%), followed by Latin America (+10.39%), Europe (+8.99%), and the United States (+2.43%). Global beef production is expected to increase by an average of 7.26% by 2029, with notable growth in Asia (+10.67%), Latin America (+9.32%), Oceania (7.04%), and the United States (+5.54%). However, beef production in the European Union is expected to decline by 3.77% by 2029.
Projections were released by S&P Global Commodity Insights regarding the launch of new price indicators for beef and chicken by Platts. The new price assessments will be available through the newly launched Platts Protein Daily, which will include news, insights, and market fundamentals informing these assessments.
Platts Protein Daily will include a new global set of price assessments for key cuts of one of the world’s most accessible proteins, chicken, as well as daily price assessments for beef in Brazil, the United States, and Australia.