According to CoBank's recent Protein Passport report, U.S. animal protein supplies have reached all-time highs in both production and domestic consumption.
Domestic consumption growth will surely slow from the rate seen the last five years, however, making export growth essential to a profitable supply and demand balance.
Some key points in the Protein Passport: Export Market Volatility is Worth the Risk include:
- Per capita animal protein consumption in the U.S. will reach an all-time high in 2019 and is expected to plateau shortly thereafter
- Export growth will be key for U.S. beef, pork, and chicken producers as growing meat supplies and processing capacity outstrip domestic demand
- Greater reliance on export markets has resulted in higher price volatility for the animal protein sectors in other exporting nations like Australia, Canada, and Brazil
- Exports have driven industry growth in Australia, Canada and Brazil, and would likely underpin further industry expansion for the U.S. in the years ahead
