Growing consumer demand for meat proteins around the world has boosted profits for Cargill, the world’s largest player in the agricultural commodities sector. Reporting its financial results for 2017, Cargill said that its meat protein business continued to experience strong consumer demand in both the retail and foodservice sales channels.

Operating profits for Cargill increased by 85% last year to more than $3bn (€2.6bn) as profit margins increased 130 basis points to 2.8%. Sales for the year increased 2% to $109.7bn (€95bn), while net debt was reduced 30% by year-end to $7.5bn (€6.5bn).

Cargill said the strong increase in profits in 2017 was driven by the “exceptional performance” of its global meat protein business. In North America, beef sales benefited from strong consumer demand, which was complemented with brisk export demand for beef. On the chicken side, profit margins were boosted by higher exports of cooked chicken from its operations in southeast Asia.

Cargill said its grains business benefitted from the growth in livestock production globally, which led to strong exports of US grain and oilseeds last year.