The Food & Agriculture Technology and Product Market size is forecast to reach $981.6 billion by 2026, growing at a CAGR of 8.89% during the forecast period 2021-2026. Food and agriculture have started using advanced technology and precision agriculture and robotic systems which allows their businesses to be more profitable, efficient and environment friendly. They use various technologies such as robots, temperature and moisture sensors, aerial images and GPS Technology. The increased demand for convenience food products and live-stock merchandise is majorly driving the expansion of Food & Agriculture Technology and Product Market. Other factors such as increasing government investment towards modern agriculture technology adoptions along with growing population, increasing buying capacity and rising food safety concerns is further set to enhance the growth of overall market for the Food & Agriculture Technology and Product Market during the forecast period 2021-2026.
Food & Agriculture Technology and Product Market Segment Analysis – By Industry Type
The Cold Chain held the largest share in the Food & Agriculture Technology and Product Market in 2020 and is estimated to grow at a CAGR of 9.56% during the forecast period 2021-2026. The increasing adoption of processed food and beverage have surged the demand for cold chain logistics. It is a temperature-controlled supply chain, involving series of refrigerated production, storage and distribution. The surge in demand for cold chain was high during the covid-19 outbreak owing to the restricted movement of supply chain. This resulted in increased cold storage of food products to maintain their longer shelf life and to prevent spoilage, as consumers all over the globe started to stockpile the processed food. In addition, the pandemic also resulted in a shift towards organized retailing and networked businesses, as consumer demand for perishable good have increased through online retailing which requires timely shipment of food products is driving the market for cold chain. Moreover, the increasing demand for increased ready to eat and convenience foods have increased the need for refrigeration which is propelling the demand for cold chain.
Cold chain is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2021-2026.
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Food & Agriculture Technology and Product Market Segment Analysis – By Geography
Asia-Pacific is anticipated to dominate the Food & Agriculture Technology and Product Market in 2020 with a share of %, owing to various factors which includes increasing research and development on water management and rising government initiative towards introducing smart farming technologies and improving rural infrastructure and climate impact on crops. Also, technological improvement across various value chains is also promoting the developing economies to achieve the sustainable development goals in order to meet the future needs. Moreover, changing demographic preferences is also driving the need for better nutritional sources of food. Furthermore, introduction of sensors and robotics is also boosting the agriculture in terms of genetics, mechanisation, fertilisers and pesticides. Thus, Asia-Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026.
Food & Agriculture Technology and Product Market Drivers
The increasing demand for processed food and livestock
The growing urbanization, and rising disposable income is driving the market for Food & Agriculture Technology and Product. The changing urban lifestyle is increasing the consumption for processed food and high protein-based meat products. In addition, the livestock farming is also surging the demand for high protein-based feed in order to produce high quality dairy and poultry products. Moreover, consumers have also started shifting towards alternative plant-based products which requires production of vegetables and fruits in large quantities is also driving the market for Food & Agriculture Technology and Product.Thus, increasing the growth of the Food & Agriculture Technology and Product Market during the forecast period 2021-2026.
Technological advancement is increasing the adoption of smart agriculture
The advancement in technology is further driving the demand for Food & Agriculture Technology and Product market. The surge in demand for Internet of Thing in various industries have also started penetrating the agriculture segment to promote smart farming. Smart farming techniques are used for end to end farm management, green house automation, cattle monitoring and weather information. IoT is providing cloud computing platforms and big data analytics solutions for enhancing the crop performance and production in order to sustain the growing population demand. Moreover, the demand for food is exceeding the availability of natural resources such as land and water owing to which Agri-tech is driving the production process in a cost-effective manner. Thus, increasing the growth of the Food & Agriculture Technology and Product Market during the forecast period 2021-2026.
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Food & Agriculture Technology and Product Market Challenges
High capital investment and maintenance costs of smart technologies
Some of the factors that are set to impede the growth of the Food & Agriculture Technology and Product Market includes the high capital investment and maintenance cost of the automated technologies hinders the market growth for the Food & Agriculture Technology and Product market.
Food & Agriculture Technology and Product Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Food & Agriculture Technology and Product Market. In 2020, the Food & Agriculture Technology and Product Market share is consolidated by the top ten players present in the market. Food & Agriculture Technology and Product Market, the top 10 companies are Evonik,ADM,DSM,Deere and Company,AKVA Group, United Technologies,GEA Group,Zoetis,Pentair,Daikin,SGS SA.
In Sep. 2020, Evonik launched GuanAMINO a guanidinoacetic acid (GAA) based product. The product provides farm animals with natural creatine precursor GAA, which will help in enhancing the animal nutrition required in livestock production.
Asia-Pacific is anticipated to dominate the Food & Agriculture Technology and Product Market in 2020 owing to several factors such as growing population, rising disposable income and increasing government support towards adoption of smart farming techniques. The Food & Agriculture Technology and Product Market scope for different regions will be provided in the final report.
Increasing urbanisation and rising disposable income is surging the demand for processed foods which is resulting in the adoption of smart farming technologies which is likely to aid in the market growth of the Food & Agriculture Technology and Product.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Snacks pellet equipment Market report.High capital investment and maintenance cost of smart farming technologies is poised to create hurdles for the Food & Agriculture Technology and Product Market.
Related Reports :
A. Food By-Products Market
B. Precision Agriculture Market
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