Asia Pacific Consumes Nearly Half Of All Animal Produce
Added: (Thu Mar 01 2018)
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The Asia Pacific market for live animals, meat, milk, eggs, wool, honey and other animal produce is worth 44.3% of the global total and is valued at $1.7 trillion, a report from The Business Research Company shows. The second and third largest regions for sales of these products are South America and Africa, both at a little under 15% of the total. North America and Western Europe, at 11.7% and 8.1%, are relative laggards.
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Growth in Asia Pacific’s market for animal produce has slightly grown from 4.2% to 4.4% year on year. Slowing growth in China is the main reason for Asia Pacific’s relative lethargy, though at 4.6% a year the country still hosts the fastest-growing market of the world’s biggest economies.
Worldwide, the sales of animal produce are growing at 3.9% year on year, against 3% for global GDP. Both have recently speeded up a little – in the case of animal produce from the 3.6% it was achieving up to 2017. In that year the global market was worth $3.9 trillion; by 2021 it will have reached $4.5 trillion.
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The largest segment of the animal produce market, worth over 46% of the whole, is the sale of live animals. Meat comes next at 30%; third is milk at 18%. The smaller segments are eggs, skins and hides, wool and honey. The largest segment is however, also the slowest-growing, at 0.4% year on year. Others are doing much better: milk is growing at 8.7% year on year, honey at 7.6%, meat at 5.8%.
The animal produce market is fragmented, with so many small producers that competition is intense. Although M&A activity has been at a high level in recent years –Tyson Foods, Shuanghui International Post Holdings, JBS, JBS USA, Hormel Foods Corporation, BRF S.A., Peak Rock Capital and Highveld Honey have all done major deals – this is unlikely to change the fundamentals.
The extreme fragmentation of the market means that supply-side factors have a strong effect. Changes in output levels directly affect the ex-producer prices which in turn strongly affect demand. Thus the use of new technologies, such as robotics in the meat-processing industry, big data in milk production and 3D imaging in poultry production, will not only increase the profits of the producers but by increasing yields will also expand the market.
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