The world population is predicted to reach 9.3 billion by 2050, which indicates that agricultural production needs to grow by 70% in order to feed people around the world. By 2030, neighbouring India will have the largest population globally, representing 1/3 of Asia’s population, and 17% of world population. Other emerging markets such as Indonesia, China, and Malaysia are expected to drive global demand for food products.
The climate in Sri Lanka is tropical and consists of very distinctive dry and wet seasons, with the average temperature ranging from 28 – 32 degrees Celsius. This makes for an ideal climate for growing fruits and vegetables. Being an island surrounded by rich marine life, Sri Lanka also has an abundant supply of fish and other seafood suitable for processing.
Thus, Sri Lanka represents an excellent opportunity for food manufacturing and processing companies looking to benefit from shifting close to the growing customer base in Asia.
Potential areas for investment
• Fruits and vegetables (Canned, frozen, juices, pre-cut and readymade salads, dried and dehydrated)
• Value added coconut products
• Value added spice products
• Canned/bottled products
• Processed food
• Confectionery and bakery products