Food and Agriculture Technology and Products Market

Food and Agriculture Technology and Products Market (2023-2028)

The global Food and Agriculture Technology and Products Market size was assessed to be US $ 494.9 billion in 2022 and is determined to reach a valuation of US $ 729.5 billion by 2028 with an annual rate of 8.1% between 2023 and 2028.

Market Overview:

Food and agricultural technology and products are used in food formation and the production of machinery used in agriculture. Food and agricultural technologies and products protect crops from increased production, efficient use of resources and harsh weather conditions. Various technologies are used in the food and agriculture industry, such as humidity and temperature sensors, robotics, aerial imaging, GPS technology, and more. Robot systems and advanced devices provide efficient, green, safe and profitable businesses.

The adoption of modern technology by farmers to increase crop yields and meet growing food demand is expected to be a key driver of the global food and agriculture technology market.

Food and Agriculture Technology and Products Market Growth:

The emergence of Al and blockchain technology may reveal new avenues for food and agricultural technology and products market in the near future.

REPORT COVERAGE:

Drivers:

The demand for food growing technologies and products is increasing as the world population grows, as the demand for increased food production increases, depending less on weather conditions. The increased demand for processed food and livestock products is a key factor that is expected to drive growth in the food and agricultural technology and products market in the coming years. Food and agricultural technology and products market is improving as food security, government support for the adoption of modern agricultural technologies, and an increased awareness about intake for products derived from livestock and seafood. In addition, government initiatives and investments to adopt modern agricultural technology, increasing population, rising consumer capacity, and increased consumer awareness of food safety are some of the other factors expected to drive the Food and Agriculture Technology and Products market in the next years. Also, market growth is accelerating as the demand for packaged and processed foods increases Besides, the increasing use of various agricultural technologies for smart agriculture is another factor supporting the growth of the global market for agricultural and food products and technology. The demand for food growing technologies and products is increasing as the world population grows, as the demand for food production increases with less dependence on weather conditions. This is one of the main reasons for increased demand and consumption of livestock and shellfish, increased consumer awareness of food security, government support for adopting modern agricultural technologies, and demand for agricultural production due to population growth market growth engine.

Growth in the agriculture industry, energy and cost savings, government support and increased yields and profitability are some of the driving forces in the food and agriculture technology market. Lack of technical knowledge and high initial investment are some of the limiting factors for broadband market penetration and mobile technologies such as precision web-based agriculture and drone applications are opportunities in the food and agriculture technology market. The agricultural industry has grown into a technologically powerful and data-rich industry with the advent of advanced technologies such as mapping systems, variable speed technology, Internet of Things (IoT), artificial intelligence (AI), remote sensing, and lighting. In addition, the busy lifestyle has led to the growth of the food and agricultural technology market, as consumer awareness of the importance and desirability of food security and increased demand for packaged and processed foods increases. The growth of this market is due to the increased demand and consumption of products derived from livestock, such as dairy products, meat, eggs and seafood. Growth in R&D in the agriculture industry and adoption of cloud computing platforms and big data analysis of smart farming practices are expected to create favorable opportunities for manufacturers operating in the food and agriculture technology and products market.

Restraints:

The generally fragmented agricultural industry, lack of coordination among market stakeholders, and inadequate enforcement of regulatory laws and supporting infrastructure in developing countries are expected to hamper Food and Agriculture Technology and Products market growth. The fragmented agricultural industry also disrupts markets for agricultural and food products and technology. High capital investment and energy demand are key factors that can slow the growth of markets for agricultural and food products and technology. Furthermore, strict regulations regarding the use of cannabis and parasites in many countries are another factor that is expected to hinder the growth of Food and Agriculture Technology and Products markets to some extent.

Food and Agriculture Technology and Products Market Segmentation Analysis:

The global food and agriculture technology and products market is classified by industry and region.

By industry, the cold chain segment is expected to occupy the largest share during the outlook period. Cold chain technology occupied a significant size in the agricultural and food products and technology markets in 2018. It prolongs shelf life by limiting microbial growth and reducing spoilage of perishable foods by refrigeration or freezing. Networked business relationships in all countries are increasing, consumer demand for perishable food through online shopping is increasing, and the flexibility to ship perishable food in a timely manner in developed countries is driving the market growth of the cold chain.

In addition, the agriculture industry is expected to be the second fastest-growing sector during the outlook period. This is because this equipment can be widely used in almost all types of agricultural crops. The growing demand for food due to population growth and limited natural resources have led to the development of agricultural products and technologies. Growing consumer demand for pesticide and herbicide-free food and the need to reduce the carbon footprint of traditional farming practices are also expected to lead the agricultural sector.

Moreover, the cold chain sector is expected to dominate the market because it is important to transport industries, goods, equipment and products from one food to another in the food and agricultural technology and product markets. Globally, the refrigeration industry is growing by increasing the shelf life of food without compromising nutritional value. Since this market covers all industries, it is expected to grow at a moderate rate during the forecast period.

Impact of COVID-19 on the Food and Agriculture Technology and Products Market

The increased demand for agricultural products during the COVID-19 period, the transition to food quality and safety standards with higher consumer preferences, and the inability to use labor are some of the driving forces in the markets for agricultural and food products and technology. The impact of COVID-19 in the market is estimated to be positive. Labor shortages and disruption of the supply chain are expected to increase demand for food and agricultural technology and products.

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Regional Analysis:

Europe was the main regional market for Food and Agriculture Technology and Products in 2017, followed by North America. The growth of the European agricultural technology market can be attributed to increased startup activity in agricultural and food innovations, high adoption rates of agricultural technology, and crowdfunding for various indoor agricultural initiatives. The North American market is expected to record significant growth in terms of sales in world markets for agricultural and food products and technology in the coming years. This cane credited to the surge in need for packaged foods, organic fruits and vegetables, and rising development skills related to cloud computing and big data analytics in agricultural operations. The Asia Pacific food products and technology market is likely to expand with a considerable growth rate in the following years, owing to the rising call for processed foods and developments in the agricultural sector. The Asia Pacific market is expected to grow rapidly in the next decade. In addition, population growth, disposable income, and the deployment of various technologies in the food and agriculture industries are other factors that are expected to drive growth in the Asia Pacific Food and Agriculture Technology and Products market. Factors such as population growth, disposable income and the implementation of various technologies in the food and agriculture industry will create favorable growth prospects for the food and agriculture products and technology markets in the Asia Pacific area.

Key Players in the Market:

Major Key Players in the Global Food and Agriculture Technology and Products Market are

• Evonik
• ADM
• DSM
• Deere & Company
• AKVA Group
• United Technologies
• Daikin
• SGS SA
• Signify Holdings
• Zoetis
• Pentair
• GEA
• Intertek
• Neogen
• Genus
• Mosa Meat