The document discusses trends affecting future water demand such as population growth, urbanization, dietary changes, and climate change. It also discusses water use in agriculture, which accounts for 70% of all water use. While specialization, basin cooperation, and water reallocation can improve water productivity, water allocation has societal dimensions and economic instruments play a limited role due to issues with water markets. Overall, the document examines factors influencing water demand and supply, opportunities to improve water use efficiency, and challenges around water allocation and pricing.