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The global protein’s ‘neutral’ sector outlook reflects steady global consumption, led by chicken as consumers shift demand towards lower-priced chicken and pork from higher-priced beef. The U.S. Department of Agriculture (USDA) forecasts global meat consumption to rise 0.2% in 2025, driven by chicken, partly offset by modest declines in beef and pork. Stable grain costs are expected to support processing spreads and benefit protein companies globally, especially vertically integrated protein processors. Latin America (LatAm) protein producers are also benefiting from exports driven by weak local currencies and reduced supplies from other regions with domestic demand expected to remain steady, trending to cheaper proteins.