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Food And Agriculture Technology And Products Market Size And Forecast
Food And Agriculture Technology And Products Market size was valued at USD 594.7 Billion in 2024 and is projected to reach USD 852.34 Billion by 2031, growing at a CAGR of 9.2% during the forecast period 2024-2031.
Major factors driving the market growth include food and agriculture technology. The Food And Agriculture Technology And Products Market has seen significant growth due to increasing demand for livestock-based products and seafood, the adoption of advanced genetic technologies, and increased consumer awareness about food safety. These factors have led to the use of modern technologies and techniques in food production, which can help to improve the quality and yield of food crops, the health and productivity of livestock, and the safety and quality of the food supply. It is expected that this trend will continue in the future.
Food And Agriculture Technology And Products Market Definition
Food and agriculture technologies, including sensors, robots, aerial images, GPS technology, and more, are used in the farming and food production industries to improve efficiency, reduce costs, and increase sustainability and profitability. These technologies are employed in agriculture for tasks such as harvest automation, seeding and weeding, and the operation of autonomous tractors, and in food production to improve the efficiency and safety of the process and enhance the quality of the final products. The use of these technologies is expected to continue to grow as the agriculture and food industries seek ways to improve their operations.
Farm automation technology has the potential to significantly improve the efficiency, sustainability, and profitability of farming operations. However, it is essential to consider the potential impacts of these technologies on employment and the environment. Adopting automation and other advanced technologies can lead to the displacement of human workers, which can negatively affect the local economy and communities. It is crucial to ensure that farm automation technologies are adopted in a way that considers and addresses these potential impacts.
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Global Food And Agriculture Technology And Products Market Overview
Several key factors drive the growth of the Global Food And Agriculture Technology And Products Market, including the increasing demand and consumption of livestock-based products and seafood, the rise in consumer awareness about food safety, and government support for adopting modern agricultural techniques. The growing population is also contributing to the demand for agricultural production. In addition, market growth is fueled by the increased adoption of advanced genetic technologies, the increasing demand for convenience, packaged, and processed food products, the need for temperature control to prevent potential health hazards, and the improvement in the legalization of cannabis in some regions. These factors are likely to continue to drive market growth in the future.
The food and agriculture industries produce various products to meet global demand and utilize multiple technologies to improve efficiency and sustainability. These technologies include the Internet of Things (IoT) and artificial intelligence (AI), which can monitor, track, identify, and control various services. The products produced in these industries include meat, poultry, seafood, cereals, fruits, vegetables, and more. Adopting technology in the food and agriculture industries has many benefits, including reliable data, reduced labor requirements, and improved crop security. The COVID-19 pandemic has also positively impacted the market, as the implementation of modern technologies and increased user demand have contributed to market growth. The use of technology in the food and agriculture industries is expected to continue to expand in the future.
The agriculture industry faces several challenges that may hinder its growth, including a fragmented sector, restrictions on the use of pesticides and antibiotics in food-producing animals, a lack of coordination between market stakeholders, and complex regulations for the benefit of cannabis. In addition, high energy and infrastructure costs and a lack of supporting infrastructure in developing countries can also impact the industry’s growth. These challenges must be addressed to ensure sustainable development and support producing high-quality agricultural products.
Global Food And Agriculture Technology And Products Market: Segmentation Analysis
The Global Food And Agriculture Technology And Products Market is Segmented on the basis of Industry and Geography.
Food And Agriculture Technology And Products Market, By Industry
- Animal
- Agriculture
- Cold Chain
- Food and Beverage
- Others
Based on Industry, the market is bifurcated into Animal, Agriculture, Cold Chain, Food and Beverage, and Others. The agriculture industry is expected to experience significant growth in the coming years due to various factors, such as the increasing global population and the need to produce more food to meet the demand of this growing population. Using advanced technology and equipment in agriculture, such as precision farming tools, can help increase crop yields and efficiency, contributing to the industry’s growth. Additionally, the increasing demand for organic and sustainably produced food and the focus on reducing the carbon footprint of traditional agricultural practices are driving factors in the agriculture industry’s growth. Challenges and opportunities exist within the industry, but with the adoption of technology and sustainable practices, it is well-positioned to continue to meet the growing demand for food and other agricultural products worldwide.
Food And Agriculture Technology And Products Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the world
The Global Food And Agriculture Technology And Products Market is segmented on the basis of geography into North America, Europe, Asia Pacific, Rest of the World. The Food And Agriculture Technology And Products Market in the Asia Pacific region holds a large number of shares due in part to the region’s high demand for processed food products and the growth of its middle-class population. Additionally, the region’s high consumption of seafood and processed meat and proteins like soy protein contribute to the market’s size. The Asia Pacific region is home to many major agricultural and food processing companies driving the development and adoption of new technologies and products in the industry, including advanced equipment, automation, and sustainable practices. The market in this region is expected to continue growing in the coming years due to population growth, changing consumer preferences, and the adoption of new technologies.
Key Players
The “Global Food And Agriculture Technology And Products Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Deere & Company, Groupe Grimaud, Daikin, ADM, Evonik, DSM, SGS SA, Zoetis, GEA, Pentair, Intertek, Genus, United Technologies, Signify Holdings, Canopy Growth Corporation, Neogen, AKVA Group, Eurofins, Americold Logistics, and MosaMeat.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis.
Ace Matrix Analysis
The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.
Market Attractiveness
The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Food And Agriculture Technology And Products Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.
Porter’s Five Forces
The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Food And Agriculture Technology And Products Market, gauge the attractiveness of a certain sector and assess investment possibilities.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period |
2021-2031 |
| Base Year |
2024 |
| Forecast Period |
2024-2031 |
| Historical Period |
2021-2023 |
| Unit |
Value (USD Billion) |
| Key Companies Profiled |
Deere & Company, Groupe Grimaud, Daikin, ADM, Evonik, DSM, SGS SA, Zoetis, GEA, Pentair. |
| Segments Covered |
|
| Customization Scope |
Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
Research Methodology of Market Research:
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as ”
