According to the International Food and Agribusiness Management Association (IFAMA), agribusiness in Africa is rapidly growing and is projected to be a $1 trillion dollar industry by 2030. Because of Africa’s land availability, farm production is projected to grow rapidly. According to the study by IFAMA, Africa’s agricultural resources will help with global food production in order keep up with the rapidly increasing world population.
By 2050, an increased demand for food and products is forecasted to come from North America, Western Europe, and China markets. This is where Africa’s abundance of resources will play a very important role in supplying many other countries with food. Imports and exports of high value food products are projected to increase as well.
South America, Asia, Central America, North America, and Europe’s food growth potential is projected to decrease compared to the recorded averages between 1980 and 2004. Between 2005 and 2050, Africa’s percentage change in food grain production increases from 75% to 150% by 2050. Because of Africa’s abundant land resources, Africa’s food supply will help to supply products that keep up with the growing global demand worldwide.
The percentage of land that is suitable for growing crops is steadily decreasing around the world today. According to the IFAMA review, global food production will need to increase by 70% by 2050 in order to supply enough food for the world’s ever-increasing population. Africa’s land availability is predicted to increase from 18% to 60% by 2050. Europe, Central and North America’s land potential is less than 3%, which showcases the importance of agribusiness exports from Africa. As the land resources steadily decrease in other countries, they will rely on Africa’s abundant land for food supply.
IFAMA discusses the trends in agri-food resources, and states that the driving forces of income growth, demographic shifts, globalization, and technical change have led to a reorganization of the agri-food system since the 1990s. The food industry in Africa has been changed to keep up with the high global demand for food production. The land in Africa is partially undiscovered, and will continue to be the site for future farm production to keep up with the growing demand for food all over the world. The value of Africa’s outputs is going to steadily increase as the demand increases.
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