Among other key points to come out of the event, Tyson Foods forecasts global protein consumption across beef, pork, and chicken will rise by close to 95 billion pounds (weight) over the next decade.

Alongside this, the company is targeting volume growth in every segment, and expects to open 12 new plants over the next two years, increasing capacity by about 1.3 billion pounds. Tyson has also set a target to make 50% of its volume value-added by the end of the 2024 financial year. Volume growth is expected to outpace the market at 2% per year.

The company will also be investing more than US$1.3 billion in automation over the next three years to increase yields, reduce labour costs and associated risks and deliver cumulative savings. Tyson expects to deliver more than US$250 million in savings by leveraging new digital solutions such as artificial intelligence and predictive analytics to drive efficiency in operations, supply chain planning, logistics and warehousing.

President and CEO Donnie King said: “We are working to enhance our portfolio and capacity to better serve demand – this includes increasing the relative contribution of branded and value-added sales to our overall mix. By focusing on our product portfolio and by adding capacity to meet demand, we expect to outpace the market.”