Got (too much)🥛?
The impact of subsidies and incentives to the dairy industry leading to overproduction is not just happening in the US, but also in China, where there has been an oversupply of milk due to decreased demand and halt of milk supply to schools amid the pandemic. The government also oversees the “Excellent Milk” project that attempts to revitalise the dairy industry through improving and monitoring milk quality and safety.
On the lookout for 🐔 flu
An avian flu outbreak coupled with rising feed prices and labour has led to a record number of birds being killed and increased food prices in Japan. This confluence of factors is happening elsewhere in Asia as well, like in the Philippines and Taiwan.
A recent death related to avian flu in Cambodia has also led to concerns about human transmission, and while the WHO has said that the risk of bird flu to humans is still low, they are urging heightened vigilance and preparedness for potential human-to-human outbreaks in the future.
Continued growth of alternative 🥩 in Asia
While there is discussion in the West about the deceleration of alternative protein developments, numbers from GFI show investment in Asia has risen substantially through 2022. For the first time, investments from outside North America represent the majority of global investment in this category.
Alternative seafood may be the next growth area: Thai Union, a major seafood producer, recently launched a shrimp product. The firm's Marteen Garaets said, "people are looking for that new choice and proposition and sensory experience – it just so happens that the new proposition is plant-based, but it is not crucial to them that this is plant-based, so if we hit the right sensory notes, mimicking conventional seafood and price actually becomes less critical.”