Breaking that down demand by species, RaboResearch Food and Agribusiness Analyst Don Close says the poultry sector is in a position for modest growth, the pork sector may see choppy growth and the beef sector will do very well. COVID recovery has been part of the demand in the last two years. “If you take the savings rate that happened throughout the entire stay at home period, it put a ton of money into consumer’s hands.” Close says rising inflation may cause U.S. consumer demand to level out in the year ahead. Internationally, Japan and China continue to provide market opportunities for U.S. protein. “China has replaced Mexico as our third largest beef customer. Then, if 1.4 billion people develop a palette for high quality beef, this presents an incredible opportunity.”
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