Thumbnail Image

Food Outlook – Biannual report on global food markets

Copyright licence

Year of publication 2025

Place of publication Rome, Italy ;

Pages 88 p.

Author FAO

Publisher FAO ;

Product type Book (series)

Category Technical study

ISBN 978-92-5-140262-7

Series title Food Outlook

Series number November 2025

To cite or share https://doi.org/10.4060/cd7448en

Synopsis (short abstract) Agricultural markets remain highly sensitive to a variety of external shocks, including weather fluctuations and policy developments, and merit regular monitoring. According to the latest FAO assessments, global food commodity production has broadly increased, supported by strong consumption growth and a recovery in inventories. However, the trade outlook continues to be clouded by an evolving global trade environment and persistent policy uncertainties. Beyond the core market assessments for major food commodities, each edition includes special feature articles and key market indicators. The November 2025 edition provides an update on the fertilizer market and recent developments in olive oil markets. The overview of market indicators summarizes trends in futures markets, ocean freight rates, the global food import bill, and food price indices.

Markets at a Glance

  • Cereals
    • This report provides an analysis of the most recent developments in the global cereals market, including a short-term outlook. Read it here
  • Wheat
    • This report provides an analysis of the most recent developments in the global wheat market, including a short-term outlook. Read it here
  • Coarse Grains
    • This report provides an analysis of the most recent developments in the global coarse grains market, including a short-term outlook. Read it here
  • Rice
    • This report provides an analysis of the most recent developments in the global rice market, including a short-term outlook. Read it here
  • Oilcrops, oils and meals
    • This report provides an analysis of the most recent developments in the global oilcrops market, including a short-term outlook. Read it here
  • Sugar
    • This report provides an analysis of the most recent developments in the global sugar market, including a short-term outlook. Read it here
  • Meat and meat products
    • This report provides an analysis of the most recent developments in the global meat market, including a short-term outlook. Read it here
  • Milk and milk products
    • This report provides an analysis of the most recent developments in the global milk market, including a short-term outlook. Read it here
  • Fish and other acquatic products 
    • This report provides an analysis of the most recent developments in the global fish market, including a short-term outlook. Read it here

Special feature

Fertilizer market developments

Fertilizer production rebounded in 2024 and 2025, led by nitrogen and potassium, while prices rose on high energy costs but remain below 2022 peaks. Global trade has stabilized, and short-term supply looks adequate, though policy risks and affordability will shape future trends.Read it here


Focus on olive oil

International olive oil prices declined significantly from their early 2024 peak following strong supply recovery in the 2024/25 season. As for 2025/26, tentative forecasts point to year-on-year stable olive oil production, while global consumption and trade are expected to keep expanding. Nevertheless, the sector still faces numerous challenges. Read it here


Cite this content as:

FAO. 2025. Food Outlook – Biannual report on global food markets. Food Outlook, November 2025. Rome.

https://doi.org/10.4060/cd7448en

Language English

Also available in:
No results found.

Related items

Showing items related by metadata.

  • Thumbnail Image
    Book (series)
    Technical report
    Food Outlook – Biannual Report on Global Food Markets
    jun/22
    2022
    Also available in:
    No results found.
    In view of the soaring input prices,concerns about the weather, and increased market uncertainties stemming from the war in Ukraine, FAO’s latest forecasts point to a likely tightening of food markets in 2022. Meanwhile, the global food import bill is on course to hit a new record high of USD 1.8 trillion, an all-time high, almost entirely on account of higher prices. Issued twice a year, Food Outlook offers FAO’s reviews of market supply and demand trends for the world’s major foodstuffs, including cereals, oilcrops, sugar, meat and dairy and fish. It also looks at trends in futures markets and shipping costs for food commodities. The new edition also contains two special chapters examining the role of rising prices for agricultural inputs, such as fuel and fertilizers, and the risks the war in Ukraine poses for global food commodity markets. Food Outlook is published by the Markets and Trade Division of FAO as part of the Global Information and Early Warning System (GIEWS). Food Outlook maintains a close synergy with another major GIEWS publication, Crop Prospects, and Food Situation, especially with regard to the coverage of cereals. Food Outlook is available in English. The summary section is also available in Arabic, Chinese, French, Russian, and Spanish.
  • Thumbnail Image
    Book (series)
    Technical report
    Food Outlook – Biannual report on global food markets 2025
    Also available in:
    No results found.
    Food outlook is a biannual publication (June and November) focusing on developments affecting global food commodity markets. FAO’s latest assessments indicate a relatively optimistic outlook for food commodity markets, with production and trade of all commodities, except sugar, anticipated to increase. However, this growth will have different impacts on stock recovery, influenced by the delicate balance between supply and demand. Global food commodity production remains vulnerable to weather conditions. Additionally, ongoing geopolitical tensions, uncertainties in policy developments, and potential retaliatory actions could negatively affect the trade outlook. In addition to market assessment, each edition contains a set of special features and market indicators. The June 2025 edition offers a feature article on economic impacts and trade implications of high pathogenicity avian influenza. Additional topics, such as changes in the trade flows following the start of the war in Ukraine, fertilizer update, economic drivers of fish fraud, and implications of decarbonization of the international maritime sector for net food-importing developing countries are also discussed. Overview of the market indicators summarizes developments on the futures markets, ocean freight rates, food import bill, and food price indices.
  • Thumbnail Image
    Book (series)
    Technical report
    Food Outlook – Biannual report on global food markets
    November 2023
    2023
    Also available in:
    No results found.
    FAO's latest forecasts point to favourable production outlooks across most basic foodstuffs. However, global food production systems remain vulnerable to shocks, stemming from extreme weather events, and rising geopolitical tensions and policies, potentially tipping the delicate demand-supply balances, dampening prospects for international trade in food commodities and with implications for global food security.
Show more

Users also downloaded

Showing related downloaded files
Show more