This Viewpoint article, based on a lecture to the 2012 Oxford Farming Conference, examines the rise in economic power of the so-called ‘emerging markets’ (EM) and its implications for agricultural markets in the so-called ‘developed world’. In particular, the favourable demographic trends in EM are highlighted and contrasted to those in Western countries, creating a potential powerhouse of productive power. While it is easy to see the current impact on global markets, it is less easy to predict future effects of rapid growth either in the emerging markets themselves or on the economies of the rest of the world.