Market Opportunities expanding for Agricultural Trade and Investment

Michael E. Johnson, Stephen Morgan and Jarrad Farris

Amber Waves:The Economics of Food, Farming, Natural Resources, and Rural America, 2023, vol. 2022

Abstract: Many African countries have become increasingly important destinations for global trade and foreign investment. The continent has more than 1.4 billion people, and the population is expected to continue growing at some of the fastest rates in the world. The United Nations projected Africa could become the most populous geographic region in the world by the end of this century, reaching up to 3.4 billion people. Compounding the effects of population growth on the future demand for agricultural imports is the even faster rate of urbanization on the continent. By 2050, the share of the total population living in urban areas is projected to be a majority as the number of urban dwellers more than triples from what it is today. With rising urbanization comes shifts in consumer preferences. Urban consumers typically buy foods more convenient for their lifestyles such as prepared foods or meals at restaurants. As incomes also rise in urban settings, consumers seek a greater diversity of food in their diet, especially animal-based protein, prepared cereals, fats and sugars, and fruits and vegetables. Current production trends indicate Africa’s agricultural output alone will not be enough to feed the region’s growing population.

Keywords: Consumer/Household Economics; Demand and Price Analysis; Financial Economics; International Development; International Relations/Trade; Productivity Analysis (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:ags:uersaw:338888

DOI: 10.22004/ag.econ.338888

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