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with global population, gross domestic product (gdp ) and per capita income rising steadily, Bunge’s three businesses— agribusiness, fertilizer and food products–are well positioned for growth. 

As higher incomes, especially in the developing world, allow people to increase their consumption of meat, the market for soybean meal, the primary protein component in commercial animal feed, should grow. Last year, according to the USDA, the world consumed 130 million tons of soybean meal, up from 118 million in 2000. Future growth is forecast to top four percent per annum. 

Demand for vegetable oil should increase at a similar rate. Growth will be particularly strong in China and India. Last year, global consumption reached 100 million tons, up from 89 million tons in 2000. 

Total agricultural trade is also expected to increase, as the majority of growth in food consumption occurs away from primary growing areas. 

One of these areas, South America, is cementing its position as the world’s leading agricultural producer. Both Brazil and Argentina produced large soybean crops in 2004, and their output is expected to grow steadily in coming years. 

In Brazil, where most soil is nutrient defi cient, production growth brings increased fertilizer use. In 2004, fertilizer consumption was nearly 23 million tons–a 39 percent increase over 2000. 

These global trends represent strong growth, but we intend to exceed them. In 2004, we took numerous steps to improve Bunge’s positions in the world’s fastest-growing and most valuable markets. 

In Vietnam, we signed an exclusive throughput agreement 

## more people eating healthier diets every year 

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with Phu My Port, the leading port for dry bulk cargo in the country. Vietnam is the fastest-growing market for soybean meal consumption in Southeast Asia, a region that has seen a 40 percent increase in demand for the product since 1999 and in which Bunge is the leading importer. 

In the U.S., we formed AGRI-Bunge, LLC, a joint venture with AGRI Industries. The partnership links AGRI’s crop origination network in Iowa with Bunge’s global sales, marketing and logistics. The result is a new source of crops for Bunge and wider market access for AGRI and U.S. farmers. 

We also entered the value-added market for cholesterol- reducing phytosterol ingredients by creating a partnership with Procter & Gamble and Peter Cremer North America. 

## spotlight on eastern europe 

Our strategy in Eastern Europe is an example of how Bunge moves to capitalize on high-growth markets. 

Eastern Europe is endowed with fertile soil, room for yield and effi ciency improvements, and strategic access to growing consumption markets, which together give it the potential to regain its status as one of the world’s breadbaskets. The USDA predicts that grain exports from Black Sea nations 

