Agri consumption in ASEAN includes grains, dairy, meat (such as beef, pork and poultry) and oilseeds. Consumption of these products was estimated at 223 million metric tonnes in 2016/17.
ANZ research forecasts ASEAN agri consumption to grow to 285 million metric tonnes by 2024/25 – a growth of 62 million metric tonnes or 28 per cent. Around 60 per cent of this increase will be driven by income growth, whereas population growth will account for 40 per cent.
Rice remains the popular choice of grains, while wheat and corn consumption continue to gain share – wheat consumption has increased at 6.2 per cent per annum while corn consumption has increased at almost 5 per cent per annum.
Meat consumption is also expected to continue to rise, dominated by poultry (55 per cent), pork (38 per cent) and beef (7 per cent) in 2016/17, an increase of 4.5 per cent per annum since 2000.
Dairy product consumption grew at the lowest rate of 0.4 per cent, although growing health awareness is anticipated to stimulate growth at a higher rate in future.