A new report released by the United Nations Food and Agriculture Organisation (FAO) reveals significant trends in the world food import market. With the global food import bill forecasted to reach a record-breaking $1.98 trillion this year, various factors are shaping the industry’s trajectory.
Among the key findings is that the top five importers in Africa, including Egypt, Algeria, South Africa, Morocco, and Nigeria, account for 50% of the continent’s total food imports. Egypt leads with a 15% share, followed by Algeria (12%), South Africa (9%), Morocco (7%), and Nigeria (7%).
According to the FAO’s Food Outlook estimates, the global food import bill is projected to rise by 1.5% to $1.98 trillion in 2023, compared to an 11% increase in 2022 and an 18% increase in 2021. However, the growth rate is expected to be slower this year due to rising world prices, particularly in fruits, vegetables, sugar, and dairy products. These higher prices have led to a decrease in demand, especially in economically vulnerable countries.
