The FAO has released its semi-annual report on world food markets, which estimates that the global food bill will rise to $1.98 trillion by 2023, an increase of 1.5% over last year due to escalating world prices that reduce countries’ demand for food.
As for meat, it is expected to reach 363.9 million tons in 2023, which means growing by 1.1% from the 362.6 million tons in 2022. This increase is driven by the announced increase in production global poultry meat market, due to increased demand and its appeal as “affordable” meat, says the FAO.
World sheepmeat production is also expected to rise in Asia and Oceania, according to the FAO report.
Global pork production is expected to fall after a drop in European production amid the impact of African swine fever, weaker production margins and lower domestic demand.
As for the world production of beef, it will fall slightly due to the increase in feed costs, the lack of pasture and a lower carcass weight in some of the main producing regions.