Food & Agriculture Technology and Products Market Size 2031

Report Description

The global food & agriculture technology and products market size was USD 493 Bn in 2022 and is estimated to reach USD 720 Bn by 2031, expanding at a CAGR of 8.4% during 2023–2031. Increasing consumption of seafood and livestock and growing awareness of food safety are likely to boost the market.

Food and agriculture technology and products refer to the various technologies and products used in the agriculture and food industries to improve productivity, efficiency, and sustainability. Some examples of food and agriculture technology include precision farming tools such as sensors, GPS mapping, and drones, which help farmers optimize crop yields, reduce waste, and conserve resources such as water and fertilizer.

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Biotechnology and genetic engineering are used to develop new crop varieties that are resistant to pests and diseases, which have improved nutritional profiles, and withstand adverse weather conditions. In the food industry, technology is used to improve food safety, quality, and shelf life. For example, food processing equipment is used to preserve foods through techniques such as canning, freezing, and dehydration. Food packaging technologies help extend the shelf life of products and protect them from contamination.

In addition to technology, there are also various food and agriculture products that are used in these industries. These include fertilizers, pesticides, herbicides, other crop inputs, livestock feed, animal health products, and veterinary medicines.

The market report finds that the COVID-19 pandemic has fueled the food & agriculture technology and products market. Increased demand for food products among users and the implementation of modern technologies are boosting the market.

Food & Agriculture Technology and Products Market Dynamics

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Major Drivers

Rising demand for agricultural production, to cater to the growing global population is expected to drive the market. According to the Food and Agriculture Organization (FAO) of the United Nations, the world population is expected to grow by more than 35% by 2050. Food production is to increase by around 70% for an additional 2.3 Billion people by 2050.

Increasing technological advancements, due to the rising adoption of smart agriculture practices is anticipated to boost the market. Smart farming techniques refer to the managing farms by using modern communication and information technologies to increase the quality and quantity of the products. Techniques used for present-day farmers, livestock monitoring, greenhouse automation, and meteorological information. However, increasing adoption of advanced genetic technologies, rising consumption of seafood and livestock, and increasing awareness for food safety are expected to fuel the market.

Existing Restraints

High maintenance cost for agriculture processes is expected to restrain the food & agriculture technology and products market. Strict approval processes for antibodies and antimicrobials is hindering the market. High capital investments and the presence of a fragmented agriculture industry are anticipated to hamper the market.

Emerging Opportunities

The use of big data is rising on agricultural farms, as it provides farmers granular data on rainfall patterns, fertilizer requirements, water cycles, and others. This, in turn, is creating lucrative opportunities for the market players.

Scope of Food & Agriculture Technology and Products Market Report

The market report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.

Food & Agriculture Technology and Products Market Segment Insights

Based on industry, the food & agriculture technology and products market is divided into animal industry, agriculture industry, food & beverages industry, and others. The agriculture industry segment is further segregated into animal health, animal genetics, and aquaculture products. The agriculture industry segment is expected to expand at a significant pace during the projection period, owing to the wide availability and usage of this equipment in every type of cropping.

High demand for agriculture is increasing, due to the rising population and limited natural resources. The segment growth is attributed to the growing consumer demand for herbicide and pesticide-free food and the increasing requirement to reduce the carbon footprint of agricultural practices.

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In terms of technology, the global market is segregated into cold chain, satellite imaging, GPS, and others. The cold chain segment is projected to register a considerable CAGR during the forecast period, due to the high demand for perishable goods and increase in the number of retail stores for easy product availability. The segment growth is attributed to the increasing business networking relations between countries, greater flexibility for transporting perishable foods, and high consumer expenditure on perishable foods through online shopping.

Based on region, the global food & agriculture technology and products market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period, due to the increasing demand for processed food products and the rapid growth of the middle-class population. Increasing adoption of modern agriculture technology, rising disposable income of people and growing demand for processed food products are expected to drive the market in the region.

The market in North America is anticipated to expand at a rapid pace in the coming years, due to the increasing use of protein food items such as cultured meat and plant-based protein. Growing demand for processed and packaged foods is driving the food & agriculture technology and products market in the region.

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