Hungarian agriculture accounted for 2.1% of the EU’s agricultural output in 2016, up by 0.2 pp y/y. The agricultural sector accounted for 3.8% of the country’s total GDP and for 4.4% of the total gross value added (GVA). GVA generated in agriculture increased by 3.43% y/y from HUF 1,273bn in 2015 to HUF 1,317bn in 2016. Agricultural area in 2016 was 5.349mn ha, slightly above the 5.347mn ha in 2015. According to Central Statistical Office estimates, in 2016 there were 416,000 individual farms and 9,000 commercial farms. The average size of individual farms was 7.6 ha, which shows the large fragmentation of the Hungarian agricultural sector, even though the figure increased from the 5.6 ha in the previous farm survey from 2013. The average size of an agricultural enterprise was 253 ha in 2016, down from 310 ha in 2013.

Food security and environmental concerns are driving change in the Asian agribusiness sector, with biofuel mandates being increased and sustainable palm oil certification schemes being strengthened in Indonesia and Malaysia, while agricultural giants such as China and India modernise their production complexes by rationalising support policies and addressing excessive use of inputs. We assess the impact of China's 19th Communist Party Congress on key sectors, whilst frontier markets in the Mekong struggle to improve traceability and quality control systems.

The agricultural sector is responsible for one quarter of global greenhouse gas (GHG) emissions, and will play a central role as the world transitions to a low-carbon future. The livestock sector - and cattle ranching in particular - will be at the forefront of the policy debate, given its outsized contribution to emissions, but the transition will also impact the rest of the sector as governments move to regulate land and fertiliser use and incentivise the production of crop-based biofuels (see 'Environmental Regulation To Tackle Livestock & Fertilisers, Incentivise Biofuels', October 12 2017).

China's vast land mass and diverse topography put it among the world's top producers of livestock, grains and rice. Healthy consumption growth across most agricultural categories - excluding the dietary staples such as rice - has helped to keep both private and public investment in the sector high. The fragmented nature of many of China's agricultural sub-sectors provides room for strong production growth without the need for significant increases in acreage. With agriculture accounting for around 11% of GDP and more than 40% of employment, the industry remains a vital contributor to China's economy, ensuring a degree of government protection and favourable investment terms.

In 2015, we published a Special Report on 'Deconstructing The African Consumer: Risks & Opportunities', which posited that the optimistic Africa consumer narrative has been more myth than substance so far and that this would continue over the next decade. BMI has consistently advocated a more cautious view on the assumed trajectory of the Sub-Saharan African (SSA) consumer story, dating back to 2010. Rather than the rise of an emerging middle class driving spending in high value and premium goods, we favoured a 'high-volume, low-margin' strategy for consumer-facing companies in the region. Fast-moving consumer goods companies appear to be moving their strategy in this direction. We continue to hold the view that the slow formalisation process will weigh on the idea of an 'African consumer boom' and that consumer-facing companies must adapt their strategies more toward high volumes, low margins, localisation and embracing the informal retail sector (see 'Assessing Our Africa Consumer View', June 26 2017).

The agricultural sector is responsible for one quarter of global greenhouse gas (GHG) emissions, and will play a central role as the world transitions to a low-carbon future. The livestock sector - and cattle ranching in particular - will be at the forefront of the policy debate, given its outsized contribution to emissions, but the transition will also impact the rest of the sector as governments move to regulate land and fertiliser use and incentivise the production of crop-based biofuels (see 'Environmental Regulation To Tackle Livestock & Fertilisers, Incentivise Biofuels', October 12 2017).

The agriculture sector plays an important role in Russia’s economy, generating nearly 4% of the country’s GDP, employing 9% of the total workforce and accounting for 6% of the total exports. Over the past 15 years, Russia started from being a net importer of grains to emerge as one of the world’s largest grain exporters as a result of strong government support, improving yields and enlarging planted area. In 2016, the country’s overall sown area reached 80mn ha, with grain crops accounting for the bulk, or 60% of the total. Wheat alone, had a 35% share. Crops represented 55% of the country’s agricultural production value in 2016, ahead of the livestock sub-sector which generated the remaining 45%. In terms of type of producers, the sector is dominated by agricultural enterprises that produced 52% of the overall agricultural output in 2016. Households followed with a share of 35%.

益生从哈伯德引迚曾祖代，17年开始能够提供祖代种鸡，但对总量影响较小；17年实际从国外引迚癿祖代鸡45万套，16年癿62万套全部是从国外引种。国内自产替代了部分迚口。行业龙头凸显引种优势。引种量下降癿过去三年，国外供种企业更倾向二优先保证给行业龙头，益生和圣农的引种份额从禽流感前的29.4%和5.1%提升至34.0%和16.3%。