In The News
The United States Department of Agriculture predicts that the coming decade will witness the developing nations being responsible for the increase in worldwide utilization of food crops and meat products. It is estimated that the rate of consumption will increase more rapidly than the production rates in these nations. The after effect is that these nations might collectively share the increase in total grain and oil consumption rising i.e. over 90% of the worldwide utilization and almost all of cotton exports worldwide in the coming years.
What are the trends that might affect this shift in consumption patterns?
Various factors affect the sudden upsurge in the rates of consumption among third world nations. Increase in income among developing nations’ population along with rapid urbanization of communities and majority of this expansion is taking place among the middle class.
Majority of people living in developing nations are younger and tend to be influenced by the rapid progress in the society and urbanization. This in turn leads to lifestyle changes and differences in food consumption style.
Implications to global trade
Changes in consumption patterns in these nations are predicted to move the food demand from staple food towards high value food produce and processed food products.
Developed nations will receive great opportunity in global trade exports due to this rapid increase in demands. Nevertheless, export traders will struggle as they need to adjust to the growing needs of multiple small yet fast growing markets around the world.
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