DEMAND
Food is a need before it becomes a want. Everyone needs to eat to survive and nutritionists argue that the average man should consume 2500 calories per day and women 2000. Beyond this level of calorific intake, then, food moves from a necessity to an economic want. Base-case forecasts for demand to 2050 include both of these factors.
Population growth
The world’s population is forecast to grow from 7 billion today to 9 billion individuals by the year 2050.3 From this simple forecast it can be seen that farmers need to produce just 29 per cent more food over the next 25 to 30 years to accommodate this growth. When the ‘want’ element of food demand is included, however, then the increase in demand is far greater. Rising income creates new ...
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