With rising incomes in China, people will spend more on food, eat out and move to a more Western diet.
That means more beef, sheep and more dairy products plus fruit and vegetables. And less starchy foods.
Here’s the forecasts from ABARES (Australian Bureau of Agricultural and Resources Economics and Sciences):
ABARES Chief Commodities Analyst Dr Jammie Penm says the real value of food consumption in China (net of inflation) is projected to rise 104 per cent between 2009 and 2050.
“Urban consumers in China are also expected to increase spending on convenience foods, fast food and restaurant food,” he says.
“The share of food purchased in supermarkets will also increase. Planning for these markets will be essential to the future of our agricultural exports.”
And this is why spending on food will rise:
The report, What China wants: Analysis of China’s food demand to 2050, was released at the annual ABARES Outlook conference.
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