Department of Silver Linings: No matter how bad things get, people still need to eat. The Economist reports on good times in the agriculture industry, even though “much of the global economy is falling apart and demand both for consumer goods ((Food, of course, is the canonical consumer good. Or is it?)) and the firms that make and finance them is collapsing”. You want scary?
China is consuming twice as much vegetable oil (instead of less healthy pork fat), 60% more poultry, 30% more beef and 25% more wheat, and these are merely the obvious foods. Scores of niches have expanded dramatically: people are drinking four times as much wine, for example.
And yet even with all this growth, people in China still, on average, consume only one-third as much milk and meat as people in wealthy countries such as Australia, America and Britain. The gap is even larger with India, which is also growing fast.
Buy now, while stocks last.
Further evidence that farming is weathering the storm. The Washington Post reports that Miami is becoming a hub for shipping expensive designer cattle to Latin America.