Farm in Hainan Province, People’s Republic of China, taken January 18, 2012.
According to a Rabobank poll of 350 executives from the North American food and agribusiness industry at the Market Forum in New York City, China will have the greatest hand in demand for agricultural products in the next decade.
Results: Who will most drive demand for agricultural commodities in the next 10 years?
9%: Latin America
6%: Southeast Asia
Despite recent signs of slowing economic growth in China, support was fairly widespread among respondents; 41% believe China would drive the global economy for 5-10 more years; a full 40% said China would remain the primary driver of global economic growth for the next 50 years.
Rabobank’s Head of Food and Agribusiness Research and Advisory Bill Cordingley believes one reason for the support is an acceptance that China’s middle class will surpass the size of America’s middle class within the next ten years. With a larger middle class will come increasing demand for agricultural commodities.