This presentation was given at the AHAT BSAS International Conference in Kohn Kaen, Thailand, 15 November 2005. The main points of the presentation were that demand for food of animal origin is saturated in industrialised countries and growing elsewhere; the only way for the livestock industries of industrialised countries is to expand exports or to invest in other countries. The investment in other countries depends on high demand density and a legal and infrastructure framework. Agricultural statistics are presented for global, Vietnamese and Indian farming. The presentation concludes that private capital is indispensable to expanding small-holder livestock capacity, in concert with a multi-level development of rural agriculture and poverty reduction.