The 2026 FCC Food and Beverage Report states sales among food and beverage manufacturers are predicted to rise by 0.8 per cent while volumes fall by 0.7 per cent, the fourth straight year of decline. It notes sales growth will likely be driven by higher prices, not higher consumption.

WHY IT MATTERS: With trade tensions still disrupting global supply, prices could fluctuate this year, affecting consumers’ choices.

FCC chief economist Craig Johnston said this disparity speaks to the issue of consumer purchasing power.

“Higher food prices over the past several years are really weighing on households’ budgets,” he said in an interview. “They’re making more cost-conscious decisions.”

“This is actually a headwind for consumption and a headwind for volumes.”

He said any upstream changes will no doubt filter down to Canadian producers. Some challenges are shared across sectors.

“When we think about common elements, you can think about the tariffs, the elevated input costs, generally,” he said.

Margins are tight across the sector, including for farmers.

“We’re not seeing massive improvements on margins within the food and beverage manufacturing sector to pre-COVID levels, and we’re not necessarily seeing that filter through to a broad-based increase in margins for primary ag.”

“The industry in general is still going through this adjustment period” he said, “and we do expect that to continue to 2026.”

Trade tensions still a factor

Canada will continue to grapple with trade uncertainty this year, including the recent instability caused by the conflict in the Middle East.

Forecasts for costs of goods in the Food and Beverage Report were made before the crisis, “meaning that if the commodity price surge persists beyond just a few months, there would be upside risks to those estimates.”

FCC had expected pressures on some inputs, such as cattle and hogs, to ease from 2025 highs, but surging energy prices due to the conflict make that less likely.

Costs of production up

Production costs for food and beverage manufacturers increased by two per cent in 2025, driven mostly by raw material costs.

“The increase in raw material costs was driven by disruptions that constrained availability and raised prices,” the report states.

“Some examples from 2025 include avian influenza impacts on poultry … tariffs that increased the cost of imported aluminum packaging and historically low cattle herd sizes across North America.”

Costs across sectors

The report also breaks down costs associated with sub-sectors of food and beverage processing.

In grain and oilseed milling, sales were uneven in 2025 but improved by the fourth quarter. 2026 shows signs of a rebound in sales and volumes.

Large carryover of canola stocks is expected to keep prices under pressure in 2026. Canola prices are expected to fall by 3.1 per cent in 2026.

The report suggested demand for Canadian maple syrup and honey has continued to increase in the global market.

In the dairy sector, 2026 will likely see a 3.6 per cent increase of product manufacturing sales over 2025. Processors are also expected to pass along costs from the producer price increase for unprocessed milk to consumers.

In the meat manufacturing sector, FCC forecasts sales up 1.6 per cent and volumes down by 5.6 per cent.

Tight supplies of live animals, due largely to disease outbreaks, drove prices up in 2025. According to the report, “2026 will likely see another year where price, not volume, drives sales upward.”

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In an internal FCC email obtained by the Western Producer, the agency said it had not been consulted on text in Budget 2025 that said most farm operators are “older white men.”

The post, promoting a story only accessible by subscription, claimed FCC would review lending to black, LGBTQ or female farmers. It cited a cabinet notice, which is typically a confidential document.

However, the information is available in Budget 2025 documents and does not indicate FCC would lend more or less often to under-represented groups or at the expense of others.

Why it Matters : The federal government has promoted gender equality and diversity throughout society for the last 10 years and regularly reports on its progress. The post led some to believe FCC was changing its business model.

The email, sent to Prairie FCC leaders, acknowledged the post led to online discussion, and staff should know that all primary producers have been and remain priorities.

“I cannot stress enough that primary producers are the heart of FCC’s business. We are not changing how we do business, nor are we changing our lending criteria,” said the email.

It added Finance Canada had not taken into account FCC’s current offerings when writing the summary in a Budget 2025 appendix.

A gender-based analysis contained in the budget, per the Canadian Gender Budgeting Act, looked at the expected impacts of new measures to advance equality.

Among the new measures are legislative amendments to the Farm Credit Canada Act to require more regular reviews “to ensure alignment with the needs of the agriculture and agri-food sector.”

“Farm operators are predominately older white men, and farm families tend to have higher average incomes compared to all Canadians,” said the document.

“Traditionally underrepresented groups such as women, youth, indigenous, 2SLGBTQI+, and black and racialized entrepreneurs may particularly benefit from regular legislative reviews to better enable Farm Credit Canada to align its activities with their specific needs.”

FCC already offers loan programs to women, young farmers under 40 and Indigenous people.

The email said FCC staff continues to build the business with new and existing customers.

“FCC will continue to support all primary producers and the sector overall,” it said.

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Producer peer groups can take that learning to an all-new level by creating a structure and a focus through which farmers can share their professional knowledge and experience.

Kim Gerencser, a farm financial consultant in Regina, Sask., set up his first peer group 15 years ago. The core group continues to meet all these years later which, he says, is a testament to the value of peer groups for farmers.

Heather Watson, executive director of Farm Management Canada (FMC), says the roots of formalized peer groups go back to France after the Second World War where farmers came together to learn from one another and to improve performance with the support of agronomic or economic advisors.

In 1968, Quebec adopted a peer group program which eventually expanded to include environmental, production and labour performance in addition to financial performance.

Peer groups are now found throughout Canada and Watson says they are as relevant as ever.

Although peer groups haven’t been studied extensively, FMC points to a study in Quebec which shows farm businesses that have been members of management groups for several years have an operating profit that is 43 per cent higher, a return on assets that is 2.2 per cent higher and a higher net worth.

However, these statistics don’t capture the positive impact of peer groups on harder-to-quantify benefits such as farmer mental wellness.

Watson says that when a farmer is part of a formalized peer group, “you know that you’re not alone in terms of your challenges, struggles and curiosities.”

Sara Chambers, an HR specialist with Backswath Management Consultants in Winnipeg, Man., has been managing peer groups for five years. She’s witnessed first-hand how peer groups make it possible for farmers to connect at a deeper level. In one instance, the group rallied around a farmer who said he was struggling and, in the process, realized that it was a safe space for anyone to share.

How peer groups work

Typically, a professional advisor leads a group of farmers who meet on a regular basis to exchange insights, compare performance and improve their operations. Farmers gain an understanding of how their farm operation’s performance ranks against others and are also inspired by other members and by knowledge coming from the advisor.

In Watson’s opinion advisors are essential to keep the momentum of the group going, to bring in additional experts as needed, and to share their knowledge and experience gleaned by working with other farmers.

Gerencser says any topic related to farming is fair game in his groups, but a skilled facilitator keeps the meetings on track and discussions productive.

He likes to build enough time into the agenda so there is space for conversations to evolve organically. The members of one group, for example, once spent 90 minutes discussing the common challenge of keeping crews fed at harvest time.

Concerns about competition can be addressed by selecting members who aren’t in the same production sector or who don’t farm in the same geographic area. Both Gerencser and Chambers recruit from several provinces, being careful not to put people who farm near each other together so that members can share more openly.

While farmers usually have their advisory network of veterinarians, agronomists and other experts, Chambers says that because members of a group have no financial stake in the advice they give, they add to the farmer’s advisory network in a different way.

Chambers says another advantage of peer groups is that it forces farmers to set aside time to work on business management, something they often tell her they don’t do. There is also accountability when agenda items are reviewed at subsequent meetings.

How to pick a peer group

Gerencser cautions that a peer group isn’t a good fit for everyone.

“Some people are less willing to open up. That’s not a criticism but you need to be willing to share,” he says.

Trust among members and the facilitator is critical. Before joining a group, you should ensure the confidentiality of the group and that your information will never be sold, says Gerencser.

Watson recommends verifying that members have been selected to ensure production sector and/or geographical separation to limit feelings of competition.

Make sure the group aligns with your goals. Gerencser notes that some groups are just for “general chit chat.” Both he and Chambers run different groups for the established senior generation and the younger emerging leaders on the farm. Gerenceser also builds groups based on farm size.

Chambers agrees that it’s important to do your homework and choose a group that is a good fit. “Don’t just sign up with the one your accountant suggests,” she says. “Screen the provider. Some have launched as a way to get farmers in the door,” noting that the peer groups Backswath operates are separate from their consulting services.

Ensure that the group has a skilled facilitator with sufficient knowledge of the industry. “The facilitator doesn’t have to have all the answers, but they do have to ask the right questions,” advises Gerencser. Third-party specialists can be brought in at the request of the group to provide additional expertise.

Other personal considerations include making sure you will be able to commit the necessary time and travel to reap the benefits of participation.

Chambers says the senior farmer group she runs meets three times per year in person and the “next gen” group meets three times per year in person plus once online. At least one participant per farm is expected to attend at least two meetings per year.

In addition to being able to spare the time to participate, make sure you know how much you will need to budget for membership fees, meals, travel and accommodations.

Other questions to ask

What size is the group? Chambers thinks that the sweet spot for groups to have enough time for everyone to share is about 10 farms with up to three participants attending per farm.

How do you know if the time is right for you to join a peer group? In Watson’s opinion, a farmer would benefit from joining a group if they find it hard to work on the business; feel stuck or unsure about next steps; want to benchmark the farm’s performance to find out where they’re succeeding and where they could improve; are seeking open and honest feedback; feel isolated in their role and are looking to connect and share with others to learn from; or they think they could benefit from more structure and accountability in running the farm.

Starting your own group

For some farmers, joining a peer group with a professional facilitator may be out of reach at the present time.

But it’s still possible to gain some of the benefits of a peer group by starting your own. Farm Credit Canada has put together a Peer Group in a Box resource with tips for starting your own group.

An industry meeting or event, such as a field day or training workshop, can often be a catalyst for creating a peer group. Developing a common vision and putting it in writing based on the expectations and aspirations of group members will ensure that participants agree on the focus. Goals and objectives for the group will flow from this broad vision.

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“The outlook is positive for both the livestock and feed industries,” wrote FCC senior economist Leigh Anderson in the Oct. 8 report.

There was regional variability, but Canadian forage production overall was expected to have declined on the year while the grain crop was larger, said the FCC report.

“Most cattle producers are adjusting to lower forage production by making use of feed alternatives,” said the report, adding that “an abundance of feed grain supplies and improving profitability in the livestock sector are expected to support strong feed demand and sales.

A forecast for a record-large corn crop in the United States was expected to keep feed prices low in Canada, keeping a lid on increases in hay prices.

Canadian commercial feed sales projected to increase

Canada’s livestock sector has faced years of tight feed supplies and high costs, with expensive feed grains hurting the profits for both producers and feed mills. In 2022, commercial feed sales hit a record C$11.7 billion due to rising grain and oilseed prices, said the FCC. Sales dipped in 2024 and are expected to reach $11.2 billion this year, with a projected rise to $11.9 billion by 2026.

However, the numbers depend heavily on feed grain prices and could be revised down if prices fall. Most of the feed sales growth is expected in Western Canada, driven by poultry expansion, while dairy and hog sectors are expected to stay stable or grow slowly. Commercial feed sales in the cattle sector will depend not only on overall feed demand, but also on the need for additives and supplements to improve the quality of lower-grade feed available on cow-calf and feedlot operations, said the FCC.

Expanding poultry sector is an area of growing feed demand

Broiler production is expected to rise sharply in the second half of the year, with recent quota allocations averaging over seven per cent above base, said the FCC report. However, bird flu remains a major risk. Egg layer production has also seen steady growth since last year, as Western Canada recovers from the impact of bird flu a year ago. As a result, the expanding poultry sector remains a growing area of opportunity for the feed sector, said the FCC.

Stable feed demand for dairy and hog sectors

Despite the dairy herd size remaining unchanged, milk production has increased, driven by strong demand for dairy products, said the FCC report. Marketing boards have responded by issuing additional quota and incentive days to boost supply, which has contributed to improved dairy profitability. Dairy feed demand is expected to remain stable. Meanwhile, Canada’s hog sector is showing signs of recovery after several challenging years. The national hog inventory dipped slightly to 13.8 million head as of July 1, but improvements in hog prices and lower feed costs could lead to modest herd growth next year. Continued gains in productivity with more piglets born per sow could also support herd growth in the coming year. As a result, feed demand from the hog sector could rise if herd sizes increase, said the FCC.

Strong cattle price and abundant feed supply supportive of herd rebuilding

Canada’s national beef herd increased for the first time since 2021 in the latest data as of July 1. A continuation of strong cattle prices and easing feed costs could encourage more herd rebuilding, said the FCC report.

In August, feedlot placements were 12.2 per cent lower than last year, and this trend will be important to monitor as the fall calf run ends. If feedlot placements continue to trend lower, it could point to increased heifer retention. While that may mean less feed demand at feedlots in the short term, it suggests more on-farm feeding now and potentially higher feed demand in the years ahead, said the FCC.

Feedlot margins remain tight, but cheaper feed grains are helping. With plenty of feed grains available and record cattle prices, feedlots have an incentive to continue feeding cattle to heavier weights to improve profitability, which could lead to improved feed grain demand, said the report.

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Canadian farmers are forecasted to spend $22.5 billion on crop inputs in 2026, wrote FCC senior economist Leigh Anderson in a Sept. 10 report.

“This could make 2026 one of the most expensive crop years, potentially rivaling the record set in 2022,” Anderson said.

Fertilizer prices elevated

Fertilizer costs are expected to reach nearly $10 billion.

“Fertilizer prices have been rising over the summer, even though this is usually a quiet time when prices tend to drop,” Anderson wrote.

High prices have suppressed summer demand among Canadian farmers — many of whom have delayed purchases.

However, U.S. farmers planted 7.4 per cent more corn than last year, which elevated demand for nitrogen and supported prices. Demand has also been strong in other parts of the world, including Europe.

Global phosphate supplies are tight and prices remain high.

Geopolitics like the war in Ukraine also continue to influence fertilizer supply. A peace deal could ease energy and fertilizer prices and help restart European nitrogen plants. Continued conflict would keep prices high.

Additionally, U.S. tariffs on Russia may increase nitrogen costs, particularly for Eastern Canada.

China has resumed limited exports of urea and phosphate after years of restriction, Anderson added. This could help ease global shortages.

Pressures on crop prices

Canadian farmers are facing the disruption of canola and pea exports to China. Crop price ratios currently favour Canadian farmers planting oilseeds over cereals due to strong biofuel demand. However, Anderson said future demand and acreage will depend on trade disputes with China.

China hasn’t bought any new crop soybeans from the U.S.

“If this continues, both soybean and canola prices could drop further,” Anderson wrote.

FCC’s analysis of fertilizer-to-crop price ratios shows a slight affordability decline for 2026 with potential for that decline to worsen, depending on the trajectory of fertilizer and crop prices.

In the midst of increased uncertainty, Anderson urged farmers to focus on what they can control.

“Leveraging agronomic expertise, economic decision tools, and collaborative relationships with suppliers can help producers realize efficiencies and sustain profitability,” he said.

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Colin Brisebois, vice-president of products and market strategies with FCC, said the new enhanced loan will benefit farmers, given the current financial realities of agriculture.

“I think it’s important now as the industry continues to evolve, the price of assets continues to grow and there continues to be opportunity to do more on the farm transition side — as far as having the next generation take over for those currently involved in the industry,” he said.

Why it matters: Modern farms in Western Canada are big business, making the stakes for farm succession planning equally daunting.

The new terms allow disbursements to the seller over a period up to 10 years. The loan can be used by farms, agribusiness or food businesses who are changing ownership, inside or outside a family.

Sellers have their payments guaranteed by FCC and support the next farming generation, while buyers dodge the need to have enough up-front capital for a down payment, the lender says.

For people looking to start or expand operations, the transition loan allows FCC to finance the full purchase price of the transaction and would allow that new entrant, or someone new to the industry, to potentially build equity faster than a standard loan, assuming they can eat the cost of accelerated principal payment. Or, the new owner can choose a path that prioritizes cash flow, making interest-only payments and using the extra money to invest in other parts of the business, especially if they’re in the early stages of starting their business or farm, said Brisebois.

It gives those buying into the business flexibility, according to FCC.

The loan terms also include access to FCC’s AgExpert farm management and accounting software.

The resources tab on the FCC website includes a transition loan calculator allowing people to run different scenarios in the equity-building pathway or the interest-only pathway.

Farm succession wave

The next few years could be big ones for farm transitions.

Brisbois said there is about $50 billion in assets to be transferred over the next ten years.

“We want to be able to provide solutions to help in the transfer of those assets.”

—Updated July 18, 2025. Earlier version said $50 billion in assets would be transferred in the next five years.

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Agriculture didn’t make the G7 agenda. It was pushed aside by more pressing issues like international security, economics, technology global migration and trade.

But the forum hosted by the Inter-American Institute for Cooperation on Agriculture (IICA) and the International Fund for Agricultural Development (IFAD) was designed to ensure agriculture and food stays on world leaders’ radar.

“Agriculture has to be an instrument of peace,” IICA director general Manuel Otero said in an interview on the opening day of the Americas AgForum. “In all of these issues, agriculture is at the centre of the solutions, so implicitly or explicitly G7 leaders have to discuss the role of agriculture.”

Climate, nutritionally smart

IICA, founded in 1942, focuses on fostering rural and agricultural development among its 34 member states across the Americas. It works to increase the sector’s contributions to rural well -being, food security and economic growth through the bioeconomy and trade.

Otero told his audience of about 150 delegates in the room and 800 watching virtually that meeting the world’s food needs over the next 40 years will be a multidimensional challenge that involves grappling with production challenges brought about by climate change as well as navigating the simultaneous crises of undernutrition and obesity.

“It is not just climate smart any more, it has to be nutritionally smart too,” he said.

Otero called for policies that enable small-holder farmers to adopt new technologies such as digital agriculture to grow productivity, and which stabilize rural economies by keeping farmers on the land. That has a stabilizing effect on cities too.

“Every time a producer becomes a consumer, we face a problem,” Otero said, noting outward migration from rural areas creates unsustainable pressure on urban infrastructure and food systems.

Speakers said making it possible for people to thrive in rural communities requires major investments in rural connectivity to make productivity-enhancing digital technology more accessible.

Need for timely innovation

The food system also needs more entrepreneurs and investment capital at all levels to bring new ideas to market, said Justine Hendricks, president and CEO of Farm Credit Canada.

“We’ve been hearing more and more the need to accelerate innovation, the time to get innovation through to commercialization is certainly too long in Canada,” she said. “Whether you are early stage or all the way through to a growth stage, some of the work we’ve done shows that in the Canadian ecosystem, there were gaps all along the way.”

FCC has recently dedicated $2 billion in spending over the next five years to support Canada’s innovation pipeline.

“Canada has got really outstanding innovation hubs, our education system is second to none, we’ve got land, we’ve got water we’ve got what the world wants,” she said. “Canada has this generational opportunity. We just need to bring those things closer together.”

Plus, it requires building a foundation of trust with consumers beneath the sector’s never-ending drive to innovate.

Lisa Bishop-Spencer, executive director for the Canadian Centre for Food integrity, said public trust in the food system has been eroded in recent years, but Canada doesn’t face that trend alone.

“This is common across many countries in the Americas,” she said.

“What we know is that people trust farmers, they trust individuals. Where they start to lose that trust is when it starts to become more institutional in its setting,” she said.

“’Innovation’ is a wonderful word and it means so much to our industry, but consumers are afraid of innovation,” Bishop-Spencer said.

“When you position it terms of outcomes that’s when it becomes more resonate for people,” she said. “People understand the values behind the little red barn and little green tractor are still behind what do no matter what scale we do it at.”

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“Until now, investment dollars have been scarce and have not scaled to meet the increasingly sophisticated needs of the sector,” said FCC president Justine Hendricks in a news release.

The cash comes through FCC’s investment arm, FCC Capital, launched in 2024. It will be directed toward technology and practices designed to improve efficiency, productivity and sustainability.

In 2024, FCC Capital closed nine direct investment deals totaling $170 million, invested in three new funds, and added a business accelerator to its portfolio, the news release said.

Those investments included Catalera BioSolutions, a Vancouver firm that produces bio-pesticides and other agricultural biologicals.

Canada has historically struggled with a lack of venture capital for agriculture and food companies.

More FCC direct investment is needed in Canada because the amount of cash deployed to technology firms — including the agriculture/agri-food sector — has dropped, Graeme Millen, FCC Capital’s vice president of strategic finance and business development, told the Western Producer in September.

However, that’s begun to turn around, Millen said.

“Over the last eight months we’re seeing an incredible amount of interest from international … and really high calibre investors in agriculture and food as a category and Canada as a market,” Millen said.

“It is truly a generational opportunity for Canada to respond to the market need … the global demand for more food.”

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Margins are expected to shrink but remain strong.

The sector saw four strong years, including double-digit growth in sales in 2022 and 2023, says FCC’s 2025 Food and Beverage Report. Last year saw lower prices translate to a 15.5 per cent drop in sales while volume (sales adjusted for inflation) decreased by 2.9 per cent. However, lower crop prices translated to a margin in crease 7.4 per cent year over year.

FCC predicts grain and oilseed millers will see sales decline by 3.8 per cent while volumes drop by 8.3 per cent this year. Margins are predicted to decrease by 4.7 per cent, which will still place them above 2023 levels. However, “margins could fall further in 2025 if global trade disruptions persist causing weaker demand, particularly for oilseed products,” the report said.

In March, China placed at 100 per cent tariffs on Canadian canola oil and meal, along with peas. Canola producers have also eyed on-again-off-again U.S. tariffs with unease.

Biofuel demand uncertain

“The demand from the U.S. biofuels market in 2025 looks hazier compared to just a few months ago,” FCC said in the report.

Between 2020 and 2024, Canadian canola oil exports to the U.S. increased by 94 per cent, buoyed by U.S. government policy encouraging biofuel production. A 2023 policy shift made canola oil an eligible feedstock in the country’s biofuel tax credit program, which spiked imports to 2,855 million metric tonnes from 2,036 in 2022.

In 2024, the U.S. imported 3,343 million metric tonnes of canola oil from Canada—91 per cent of all U.S. canola imports. Over half went to industrial use, FCC said.

However, the new Trump administration is reviewing the Clean Fuel Production Credit incentive program, which has added uncertainty to the market. Construction of two major biofuel facilities in Canada is also on hold.

“As such, demand for soybean and canola oil has suddenly become more difficult to gauge,” FCC said.

Cooking oil competition reduced

However, the U.S. has also withdrawn eligibility for incentives for biofuel made from imported used cooking oil. This could increase demand for vegetable oils. China has also begun to divert shipments of used cooking oil to Europe and elsewhere due to high U.S. tariffs, Reuters reported in late April.

Overall, the milling sector entered 2025 on good financial footing, FCC said. However, with 60 per cent of its sales exported to the U.S. it is among the agricultural sectors most vulnerable to trade disruption.

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Dairy margins to rise

FCC forecast an 8.3 per cent increase in dairy product sales, with a 6.0 per cent increase in volume (sales adjusted for inflation). Farmgate milk sales were up in 2024 and are expected to grow again in 2025.

Gross margins in dairy product manufacturing are expected to rise to the highest level in the past two years, as raw material costs decrease. The Canadian Dairy Commission has decided to leave farmgate prices of milk “essentially unchanged,” resulting in a small actual decrease, the report said.

Trade tensions could throw spanners into the works, though FCC noted that the dairy sector is less reliant on trade than many agri-food sectors, and thus less vulnerable to disruption.

“However, the cost of non-dairy raw materials from outside Canada, including packaging, could rise under U.S./Canada trade disruptions,” the report said.

At time of writing, U.S. President Donald Trump was poised to impose new, sweeping tariffs on countries including Canada as a month-long reprieve on 25 per cent tariffs expired. Details remained scant.

Trump has complained about Canadian trade barriers to U.S. dairy products. Prime Minister Mark Carney has said Canada’s supply-managed dairy is “off the table” in negotiations with Trump.

Pork and beef demand uncertain

In 2024, the meat product manufacturing sector saw sales grow by 1.4 per cent, but a decrease in volume (sales adjusted for inflation) of 1.4 per cent—the first year since 2020 to see a decrease in volume.

FCC predicted prices will continue to drive sales upward for an increase of 2.8 per cent, but volume would decrease by 3.6 per cent.

“It’s expected that 2025 will be a challenging year for pork and beef manufacturers’ margins,” the report said.

Tight cattle supplies, which have contributed to record high prices, will keep input costs up. The hog supply is “robust,” said FCC, but demand for pork is uncertain. Along with potential U.S. trade disruptions, China has imposed a 25 per cent tariff on Canadian pork imports.

If trade disruptions lead to decreased demand for live cattle and hogs, Canada could have a surplus, thus driving prices lower for processors.

Poultry outlook ‘mixed’

“Poultry processing faces a mixed outlook for 2025,” FCC said.

Chicken stocks are declining from a high in 2023, and chicken prices are stabilizing at the farm level. Chicken has also remained competitive with consumers as retail prices rose more slowly than those of pork and beef.

“Demand for other poultry meats will continue to face headwinds in 2025,” the report said.

The poultry sector also relies almost exclusively on the domestic market for sales.

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