Agricultural production is expected to grow by 15% over the coming decade, while global agricultural land use is expected to be broadly flat. The projected expansion in crop output can be attributed primarily to yield improvements and higher production intensity, driven by technological innovation.
The foreseen growth in livestock production will be based on an expansion of herds, greater feed use and a more efficient use of feed. Because of the limitations in capture fisheries, nearly all projected growth in fish and seafood supply will be from aquaculture, pushing its share in total production to about 55% by 2028.
Several years of strong supplies, associated with slow growth in demand, have exerted a downward pressure on the international prices of most agricultural commodities, with cereal, beef and sheepmeat prices showing short-term rebounds. Prices are projected to remain at or below current levels over the coming decade, as productivity improvements continue to outpace demand growth.