Here are top five risks facing agriculture sector in 2024

The top 5 risks in agriculture according to the Allianz Risk Barometer 2024 are climate change, natural disasters, environmental dangers, regulatory changes and business interruptions. One in four said that climate change is having and will have the greatest impact, a whopping 59% of respondents listed it as the single largest threat using extreme weather which disrupts planting seasons for crops or worse causes heatwaves fatal to livestock. Inclement weather comes next at 57%, examples being floods and droughts that caused disruption in agricultural activities. The report recommends sustainable solutions such as precision farming, resilient infrastructure and being aware of changing regulations while investing in dependable equipment to mitigate these risks. Tackling these challenges is essential to the future resilience and food security in agriculture.
Source: BusinessDay

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According to the Allianz Risk Barometer 2024, agriculture in Africa faces five top threats between now and then: climate change, natural disasters environmental issues regulatory changes business interruption Risks such as these are spread across the whole value chain of agri-food from farm to market.
Unpredictable weather patterns, exacerbated by climate change ᅳ the most pressing concern on a global scale – have negative impacts on crops and livestock which in turn affects food availability and market stability. Infrastructure is destroyed and production slowed from natural disasters (floods, drought). At the same time, environmental challenges such as soil degradation reduce agricultural productivity in the long term and regulations can change rapidly due to trade agreements or new domestic ambitions that create impacts for exporters from compliance cost increases.
That said, if executed properly, these risks can become a foundation for evolution enabled by strategic decisions. The agri-food system is able to enhance resilience through the adoption of sustainable farming practices, reinforced infrastructure and felling in line with regulations. They ensure food security and salvage the sector from undue challenges.