Global Drivers of Agricultural Demand and Supply

Recent volatility in agricultural commodity prices and projections of world population growth raise concerns about the ability of global agricultural production to meet future demand. This report explores the potential for future agricultural production to 2050, using a model-based analysis that incorporates the key drivers of agricultural production, along with the responses of producers and consumers to changes to those drivers. Model results show that for a percentage change in population, global production and consumption of major field crops respond at nearly the same rate. In response to a change in per capita income, the percentage change in crop consumption is much lower, about one-third the percentage change in income. The model also suggests that the global economy absorbs changes in agricultural productivity growth through compensating responses in yield, cropland area, crop prices, and international trade.


Issue Date:
2014-09
Publication Type:
Report
PURL Identifier:
http://purl.umn.edu/186137
Total Pages:
56
Series Statement:
Economic Research Report
Number 174




 Record created 2017-04-01, last modified 2017-08-28

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