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AlexandraHealth2FOREWORD3The Asia Food Challenge report reflects a shared view within our three organisations that the significant challenges facing Asias agri-food industry create an outsized opportunity for innovation. Simply put, Asia is at a crossroads: huge growth in demand creates an attractive opportunity for investment; but collective action is required to unlock this opportunity. PwCNow is the time to take concrete steps to address the major food challenges we are facing; an issue that hits close to home and is central to PwCs purpose to build trust in society and solve important problems. Asia is poised to take advantage of this “perfect storm“ although investment currently lags behind other markets like the United States and parts of Europe. Greater collaboration between governments, the private sector, innovators, financial investors and academia across the food and agriculture industry can turn the tide, and ignite this game-changing opportunity for all of Asia.Ong Chao ChoonDeputy Chairman and Advisory Leader, PwC SingaporeRabobankIt is our shared responsibility and interest to help accelerate the shift to a more sustainable agri-food economy through climate-smart ecosystems. With our strong global network and growing a better world together mission, Rabobank strongly believes that partnerships are an essential link in the innovation process in solving Asias food challenges. In a nutshell, our shared ideals, shared knowledge and ability to work together is key to creating a strong sustainable agri-food chain.Diane BoogaardChief Executive Officer, Asia, RabobankTemasekWith the growth of the middle-income population in Asia, we at Temasek see a corresponding demand for more safe, nutritious and sustainable food sources. We can put our capital to good use across the whole agri-food value chain, from increasing farm yields, reducing the environmental impact of farming, to improving the safety, traceability and nutritional value of food. Together we can do well, do right and do good for our current and future generations.Robin HuHead, Sustainability principally corporates, but also investors, governments and non-governmental bodies. All of these will play a key role, often in collaboration, if the sector is to overcome the key challenges it faces.A number of key factors have driven this lack of investment. The food and agricultural industry is large, complex and diverse, creating a challenging investment environment but also significant opportunities for knowledgeable investors. The immaturity and pre-commercial nature of many technologies can mean longer timelines for investment returns. Furthermore, there is a range of specific challenges for Asia, including the diversity of countries, levels of economic development, regulatory systems, currencies and dietary preferences. Asian farms are also typically much smaller than their American or European counterparts, with lower capacity or capability for investment in technology. As a consequence, many innovations from other markets have proven less relevant in the Asian context.Limited Investment In Asia To DateThere have been some major Asian success stories, notably in the downstream segment. China is a global leader in e-commerce, food delivery and other consumer-facing platforms. Significant investment has focused on these areas in response to consumer demand for convenience. But the supporting food infrastructure allowing for just in time, consistent, high-quality production has not received the same attention and could hold back the roll-out of consumer-facing innovations.78EXECUTIVE SUMMARYAsia will not solve its food challenge through a continuation of traditional farming practices nor through linear modernisation. New technologies will need to be deployed to increase yields, reduce the environmental impact of farming, improve the safety, traceability and nutritional value of food, reduce waste, shorten the supply chain and bring food to consumers in their increasingly urban settings. These technologies will reflect the diversity of the farming environments and populations they serve; some high-tech and high-cost, others involving better farm practices to raise standards, improve yields and reduce waste as well as disintermediation to reduce price volatility. Innovation must stretch across the whole food and agriculture supply chain inputs, farms, processing, production, distribution, retail and food service; all critical and intertwined.We estimate a cumulative investment requirement of US$800 billion above existing levels over the next 10 years. The majority of this (around US$550 billion) will help to satisfy demand for better-quality food (including safer, healthier and more sustainable food). The remainder (around US$250 billion) will drive increased quantities of food to feed Asias growing population. Overall, these numbers imply a total annual investment requirement of US$290 billion in 2030 across Asia, a significant increase from the current US$130 billion. This investment would unlock market growth of around 7% per year, with the region more than doubling its total spending on food to over US$8 trillion by 2030. The scale of this transformation represents a significant commercial opportunity for investors, given the broad requirement for development and adoption of new technologies. The economic prize for the innovators who are able to meet the food requirements of 45% of the worlds population in 20303 should serve as a powerful motivator for increased activity in the space.4Ripe for Innovation3World Bank (this refers to China, India, Southeast Asia, Japan and Korea)4World Bank, IMF, OECD-FAO, USDA, Capital IQ, PwC analysis9The magnitude of this opportunity will draw interest from investors and corporates; but a concerted effort will be needed to fully unlock the investment potential. This will include greater collaboration between corporates, investors and academia; the establishment of corporate venture capital teams and incubators; greater acceptance of new technologies and food products by large corporates; and greater support from governments, including coherent legislation and supportive policies to foster technology development and support investors. The key underlying theme is greater collaboration and shared responsibility.The agri-food sector presents many characteristics that make it attractive for investment. Food is a necessity, demand growth will be strong, changing demand will drive complexity, and regulatory barriers are high, whilst climate change will drive an urgency to adapt. Disruption potential is therefore significant.While we expect this innovation and investment to be predominantly driven by the private sector, government will also have a crucial role in developing a suitable ecosystem for growth. Government-coordinated ecosystems and the development of regional agri-food tech hubs are critical catalysts for investment and innovation. By creating space for innovation, encouraging public-private sector interaction and drawing in entrepreneurs, such hubs will play an outsized role in driving investment and innovation in the region. We have identified many of the characteristics that make these global hubs successful; applying these to the Asian context provides examples of cities that we believe have the potential to be Asian agri-food tech hubs. These include Bangalore, Beijing, Hong Kong, Mumbai, Shanghai, Shenzhen, Singapore and Tokyo. We believe these cities can drive development, funding and collaboration across the food and agricultural sector. They have the potential to become global agri-food powerhouses, exporting technology and knowledge across Asia to improve food production and ensure a healthy, sustainable future.Unlocking the Opportunity10Asia will more than double its total spend on food over the next decade, from US$4 trillion in 2019 to over US$8 trillion by 2030.5 Rising Demand THE CHALLENGE5World Bank, IMF, OECD-FAO, USDA, Capital IQ, PwC analysis
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