Asia’s population could grow by approximately 250 million in the next decade. While consumers are demanding safer, healthier, and more sustainable food, a new study shows the continent is “unable to feed itself.”
Asia is “relying on imports flowing through long supply chains from the Americas, Europe and Africa,” states a report from PwC, Rabobank, and investment firm Temasek.
“If this investment does not materialize, we believe the industry will struggle to keep up with demand, resulting in poorer food outcomes for Asia’s population,” the report explains.
Food spending is expected to more than double by 2030 from the current $4 trillion.
“In general, countries in Latin America, East Africa, and South Asia are net food exporters, while most of the rest of Asia and Africa remain net food importers,” the Key Statistics and Trends in International Trade report added.
It pointed out that climate change and population growth will also add to the region’s problems by causing supply issues, as well as price volatility. The amount of arable land for each person in Asia is expected to decline by five percent by 2030.
These factors paint a stark picture, according to PwC’s Richard Skinner who is Asia Pacific deals strategy and operations leader. He told CNBC: “If we don’t solve this, we will be in a bad position in 10 years’ time.”
There’s an $800 billion investment opportunity in Asia’s agri-food industry that needs to be filled in the next decade, Skinner said. He explained that technology and innovation, in particular, will be key to solving that.
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