The world’s population increases by 200,000 every day. It’s estimated that in 2050, there will be more than nine billion people and we’ll need 60-70 percent more food.
Already, American farmers are the world’s most efficient. Consider these facts:
- Each U.S. farmer feeds 155 people per year.
- U.S. corn farmers grow 20 percent more corn per acre than any other nation.
- 55 percent of the world’s corn exports come from the U.S.
- The U.S. produces 40 percent of the world’s corn using only 20 percent of the total area harvested in the world.
- Thanks to our farmers, more and more people worldwide are able to enjoy healthy food.
Low food prices help the economy.
U.S. consumers spend a lower percentage of household income on food than consumers in any other country. In 2010, 6.8 percent of final purchases were spent on food.
Because prices are so low, Americans can choose from a wide range of products and, in turn, spend the remainder of their disposable income on other things, thus supporting economic growth in other areas.
Looking back over the past 30 years, the rate of inflation in general, and rate of inflation for food specifically, has fallen. The average annual increase for food-at-home prices between 1990 and 2011 was 2.8 percent.