EMs to continue driving global agricultural market over next decade, says report

By Tuba Ongun

Emerging market economies (EMs) are projected to continue driving global agricultural market developments over the next decade as they did in the last 20 years, according to a joint report by the OECD and the UN Food and Agriculture Organization (FAO)

The role of India and Southeast Asia is expected to rise thanks to their growing urban populations and affluence, while China's will wane over the coming decade, said the OECD-FAO Agricultural Outlook.

India and Southeast Asian countries are projected to account for 31% of growth in global consumption of agriculture and fisheries by 2033.

Sub-Saharan Africa's share of additional demand is foreseen at 18%, primarily due to population growth-driven demand for food.

The international organizations projected total agricultural and fisheries consumption to climb 1.1% at an annualized pace over the next decade.

Food calorie intake is expected to grow 7% in middle-income countries, largely fueled by greater consumption of staples, livestock products, and fats.