Business Opportunities: 70% Growth in Current Food Production Level Required in 2050

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A report collated by the World Economic Forum (WEF) has emphasised that the current global food production level needs to improve by 70 per cent to meet population nutrition demand in 2050. According to the report agritech is poised to play a key role in driving the fulfilment of global food production target.

The report which is titled Agritech: “Shaping Agriculture in Emerging Economies, Today and Tomorrow” highlights agritech services comparative advantages in enabling sustainable farm production and running supply chains efficiently.

Going by a United Nations (UN) projection global population which currently stands at 8,005,176,000 will reach 8.5 billion by 2030, and 9.7 billion in 2050.

The projected population increase has high prospects for agribusiness especially. There will be more mouths to feed. Demand for innovative techs that are able to max farm outputs and logistics will expand. The spike in market activities in the food sector serves as an interesting lure for curious entrepreneurs.

Hence, the (WEF) report outlines “emerging technologies from a macro agriculture system perspective, from farm planning to consumption, and takes a broader view on the previous paper’s four-point approach – intelligent crop farming, smart farming, farmgate-to-fork and data – to drive the adoption of technology in farming, especially by the most vulnerable smallholder and women”.

For more insights, download the report https://www3.weforum.org/docs/WEF_Agritech_2024.pdf.

Toyin Afilaka
Toyin Afilaka
Toyin Afilaka writes with simplicity and insight. He aims to enrich the Nigerian small business landscape. Through Hustle24 he connects entrepreneurs with information about new policies, enterprise solutions and opportunities that will aid their 'hustle'. He has written extensively for CobraReview, a product review portal, and served as a lead project manager for MarketingMix where he consulted as PR consultant for MTN Project Fame and Business Next Titan etc.

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