Despite increased appetites for alternative proteins, we expect global demand for beef, pork, and poultry to grow in the long term. Greater protein demand from emerging markets has boosted global exports in recent decades. The COVID-19 induced global recession may cause protein demand to moderate in the near term as incomes and protein consumption are linked.1 However, we anticipate the long-term trend in protein consumption will likely continue its upward trajectory. Protein demand also continues to grow within developed economies but faces competition from alternative products such as plant-based protein. This trend both creates opportunities for differentiation among products, but also supply chain challenges in the sector. Regardless, we believe U.S. producers remain well positioned to help supply global protein demand.