Asian people spend so much on food!

Photo by Debbie Tea on Unsplash

The population is growing all over the world every day. As well as increasing food demand. Rising food costs. But food production is under threat day by day due to environmental disasters. A report titled ‘Asia Food Challenge Report 2021’ has been published recently.

According to the report, Asia will become the world’s largest food and beverage market by 2030. In 2030, the cost of food for the people of Asia will double. But the amount of food that is healthy or environmentally friendly will also decrease. By 2030, the cost of food for Asians will increase to 6 trillion a year. It will cost another 1.5 trillion dollars to meet the additional demand. The research report was jointly published by financial and investment services providers PWC, Rabobank, and Temasek.

According to a report by CNBC, Asian consumers are set to double their spending on food by 2030. The cost will double from 4 trillion in 2019 to 6 trillion in 2030. This situation is very beneficial for investors. Sustainable investment opportunities will also be created. Much of this additional demand will come from a growing health-conscious and rapidly growing population. By 2030, Asia will be home to 4.9 billion people and 75 percent of the world’s middle class. This is what the financial and investment service providers are predicting.

Anuj Maheshwari, managing director of Temasek’s agribusiness, said people now want healthy food, they want safe food. Besides, they want to buy food online and they must be sustainable food. India and Southeast Asia will have the highest spending on food. In India, the annual growth rate is 5.3 percent, and in Southeast Asia, it is 4.6 percent. Although China as a whole will retain its position as the largest market.

The survey was conducted on 3,700 consumers in 12 countries in the Asia-Pacific region. The results of the report are based on discussions with senior officials in the sector and analysis of data from more than 3,000 food and beverage companies.

Asia’s growing food pressure has intensified since the start of the Corona epidemic. According to the report, meeting this growing demand will require an investment of 1.55 trillion in the entire food supply system in the current decade.

The report highlights six complex trends in the region: healthy diet, fresh produce, safe and searchable resources, sustainable costs, and alternative protein and online purchases. According to Egfunder, which has invested in the development of food and agriculture, investment in the agricultural technology sector has increased significantly since 2014. The amount of this investment has increased by 36 percent to 35 billion dollars.

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