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Global food and beverage production should grow 3.2% this year
Global food and beverage production is expected to grow by 3.2% this year, compared to 2023, but could slow down due to significant geopolitical and climate risks, according to a report by Crédito y Caución, released today.
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Economia Produção
The latest report prepared by Crédito y Caución states that most indicators suggest that disinflation in the coming months will translate into a drop in global food prices, although they will remain above the 2019 level.
The growth of the industry, however, could slow down, especially in the most exposed segments and geographies, influenced by phenomena such as El Niño, which normally lasts about a year and causes hot and dry weather in Asia and Australia and heavier than normal rainfall in the United States and South America.
"In these regions, poor harvests or supply disruptions could put pressure on prices", the report reads.
In the European Union, the evolution of the sector will be conditioned by "the predictable general slowdown in price increases, the rise in wages, the solidity of the labour market and the drop in interest rates".
In addition, the sector is also facing significant changes in consumption habits, including a reduction in eating out, greater price sensitivity, the primacy of own brands over higher quality brands and changes in diet such as the substitution of red meat for eggs or the greater prominence of vegetables.
The study identifies factors that could lead to disruptions in energy and food prices, the development of the war in Ukraine, the conflict between Israel and the Palestinian group Hamas and the attacks by the Houthis of Yemen on container ships in the Red Sea corridor.
Crédito y Caución notes that many food producers and processors are taking out loans to finance their treasury needs.
If large companies have "easier access to credit", this "does not happen with small and medium-sized companies (SMEs)", which face "more fragile" financial situations and a "greater risk of default", the study concludes.
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