What are the economics of meat?

Food and farming is one of the biggest economic sectors in the world. We are no longer in the 14th century, when as much as 76 percent of the population worked in agriculture — but farming still employs more than 26 percent of all workers globally. And that does not include the people who work along the meat supply chain: the slaughterers, packagers, retailers and chefs.

In 2016, the world’s meat production was estimated at 317m metric tons, and that is expected to continue to grow. Figures for the value of the global meat industry vary wildly from $90bn to as much as $741bn.

Although the number of people directly employed by farming is currently less than 2 percent in the U.K., the food chain now includes the agribusiness companies, the retailers, and the entertainment sector. According to the U.K. Department for Environment, Food and Rural Affairs, in 2014 the food and drink manufacturing sector contributed £27bn to the economy, and employed 3.8 million people.

It is not simple to separate out the contribution that meat production makes to this — particularly globally. The UN Food and Agriculture Organisation states that livestock is about 40 percent of the global value of agricultural output and supports the livelihoods and food security of almost a 1.3 billion people.

Read full article