We at AquaSpark believe that aquaculture production will have to accelerate and have identified tilapia to be the fish to do so its scalable and its healthy, sustainable, and affordable. Read more Demand for locallyproduced fish opening up a multibillion dollar market in Africa
Earlier this year, the World Economic Forum (WEF) forecasted that the successful implementation of the African Continental Free Trade Area (AfCFTA) would create promising opportunities in the agriculture and agroprocessing sectors, specifically within the fish and meat industries.
Kenyan fishfarming business Victory Farms sells most of its fish to informal market traders.
Africas fish industry faces a significant supplydemand discrepancy, with aquaculture poised to fill the gap as demand continues to grow across the continent.
The East African fish supply deficit is one of the greatest supplydemand imbalances in the global food system today, said Kenyabased aquaculture company Victory Farms in a recent statement to announce a new fundraising round. Regional governments estimate a supply gap of one million metric tonnes of fish per annum.
As income levels in Africa increase, both sectors are anticipated to witness a rise in overall demand, paving the way for scaled production and expanded trade in processed goods. Demand for fish has outpaced local supply, growing at around 4 annually for the past decade, and meat consumption is also on the rise, stated the WEF in a report.
The study also highlights opportunities for new businesses to address the sectors needs for inputs such as fish feed.
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