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But the report warned that agricultural production needs to increase by 60% over the next 40 years to meet the rising demand for food.
Cluff said major sectors of growth in the next 10 years would be the livestock feed and vegetable oils markets as more people in developing countries consume meat and processed foods such as cookies and chocolate bars.
The trend will boost demand for oilseeds, while demand for wheat and other cereals is expected to be weaker.
“Higher income growth and urbanisation in emerging economies increases the tendency to buy value-added food products and get protein from meat, poultry and processed foods,” he said. “Protein from cereals will not see such demand in future.”
Prices for oilseeds are projected to increase in nominal terms by 9% over the decade, more than the rise anticipated for coarse grains and wheat, the report said.
High crude oil prices and bio-fuel mandates will also underpin oilseeds and vegetable oil prices. About 16% of global vegetable oil production should be used to produce bio-diesel by 2021.
Meanwhile, ethanol production is set to absorb 14% of global coarse grain production and 34% of sugarcane production by that date, the report said.
But the report warned that agricultural production needs to increase by 60% over the next 40 years to meet the rising demand for food.
Cluff said major sectors of growth in the next 10 years would be the livestock feed and vegetable oils markets as more people in developing countries consume meat and processed foods such as cookies and chocolate bars.
The trend will boost demand for oilseeds, while demand for wheat and other cereals is expected to be weaker.
“Higher income growth and urbanisation in emerging economies increases the tendency to buy value-added food products and get protein from meat, poultry and processed foods,” he said. “Protein from cereals will not see such demand in future.”
Prices for oilseeds are projected to increase in nominal terms by 9% over the decade, more than the rise anticipated for coarse grains and wheat, the report said.
High crude oil prices and bio-fuel mandates will also underpin oilseeds and vegetable oil prices. About 16% of global vegetable oil production should be used to produce bio-diesel by 2021.
Meanwhile, ethanol production is set to absorb 14% of global coarse grain production and 34% of sugarcane production by that date, the report said.
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