Brazil's output of food has shown a consistent upward trend over the past decade, expressed in Billion Brazilian Reals. As of 2023, the output stands at 910.87 Billion Brazilian Reals. From 2013 to 2019, the year-on-year variations indicate steady growth with noticeable spikes in 2016 and 2018. A significant growth spurt occurred in 2020, followed by a minor decline in 2021, before resuming growth in the subsequent years. The last recorded CAGR over five years from 2019 to 2023 stands at 6.37%.
Looking forward, the forecasted data suggests continued growth to 1123.9 Billion Brazilian Reals by 2028, with an average annual increase of 3.33%. The cumulative growth rate over the next five years is projected at 17.77%.
Future trends to watch for include:
- Impact of technological advancements and modern farming techniques on output efficiency.
- Effects of local and global economic conditions on the agricultural sector.
- Government policies and initiatives aimed at supporting the food production industry.
- Sustainability practices and their influence on long-term production capabilities.