Asia is “cannot feed itself” and the growing population in the already most densely populated continent means that it needs more than $ 800 billion in the next 10 years to meet the food requirements of the people in the continent.
The population in Asia has been increasing at an alarming rate and there is a demand for safer, healthier and more sustainable food in the region. The total spending on food this year so far has been around $4 trillion but according to the Asia Food Challenge Report, this will double to $8trillion by 2030.
If Asia is not able to accumulate the money required for expenditure in the food sector then the population in the region may fall under food shortage and poor food quality for people in the region according to the report compiled by PwC, Rabobank and investment firm Temasek.
Asia is now relying a lot on imports of various food items from the US, Europe, and Africa. The 2018 United Nations Conference on Trade and Development report also says the same thing that while most of the countries in Latin and North America, East Africa and Europe are exporters of food items while some countries in Africa and the majority of the countries in Asia are food importers.
The constant climatic degradation and rising population in the region is going to challenge the supply issues as well as the volatility in prices. Climatic change could reduce crop yields and make crops more vulnerable to diseases. The total amount of cultivable land in Asia is also expected to decline and reduce by 5% in 2030. This is because the land will be used up for settlement purposes for the rising population.
The population in the continent is expected to grow by another 250 million in the next decade.
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