Increasing adoption of IoT in farming, rising FDI in emerging markets, untapped market potentials, and the emergence of developing countries.
According to the current analysis of Reports and Data, the global Food and Agriculture Products and Technology market was valued at USD 556.3 Million in 2020 and is expected to reach USD 886.0 Million by the year 2028, at a CAGR of 6.07 percent. Food and agriculture technology and products are used for making products and also in the production of machines used in farming. The food and agriculture technology and commodities provide a rise in crop production, efficient resources use, and safeguard of crops from harsh climatic conditions.
The factors which contribute to the growth of its market include the Increase in Demand and Consumption of Livestock-Based Products and Seafood, the Rise in Consumer Awareness About Food Safety, and Increasing demand for Convenience, packaged, and Processed items, Increase in the Legalization of Cannabis. Due to the increasing consciousness about the role and growth of food nutrients, especially protein, on the overall physical and mental growth. There is a growing trend shown among customers to spend on animal-sourced protein in the form of either egg, meat, or milk.
The change in demographics and rising consumer awareness have encouraged manufacturers to prioritize food safety. Due to hectic lifestyles, consumer preferences have changed from the conventional purchase of raw stuff to convenience and packaged items such as ready-to-eat (RTE) and frozen meals. The consumer demand for imported seasonal foodstuffs and RTE stuffs has risen, which in turn, drives the industry. The industry is also using more advanced technologies and processes to maintain the quality of stuff. With the growing demand for home meal replacements and convenience items, food processing machinery manufacturers are focussing on creating innovative products and equipment and making new product categories for efficient safety testing methods.
The Asia Pacific market accounted for a significant share of the industry. The large market share in this region is attributed to the rising demand for processed items as well as the rapid expansion of the middle-class population. Moreover, a higher intake of seafood and processed meat in the region, and higher consumption of proteins such as soy protein and its derivatives such as baked goods, functional dairy beverages, snacks, and meat alternatives are driving the market demands.
Further key findings from the report suggest
• The Food and Agriculture Products and Technology industry is growing at a CAGR of 9.2 % in the Asia Pacific, followed by North America and Europe. The increase in farming practice owing to the spiraling population has resulted in the region to be the fastest and most significant share in the industry.
• Based on the industry in the market, the agriculture industry is projected to be the second-fastest growing segment during the forecast period. This is due to the wide availability and usage of this equipment in almost every type of crop farming.
• Factors such as rising demand for food due to the increasing population and limited natural resources (water & land) have resulted in the advancement of agricultural products and technology. Additionally, the growing consumer demand for pesticide- and herbicide-free items and the ever-increasing requirement to reduce the carbon footprint of traditional agricultural practices are projected to drive the agriculture segment.
• The need for safety and processing equipment has improved in the global industry due to the execution of food safety regulations, globalization of trade, and advancements in technology.
• The Cold chain segment holds a significant share in the market due to the growing demand for storage of harvest and its transportation. Various economies across the globe are investing lump sum amounts of money for cold chain industries forecasting the need for this industry in upcoming years and expected to bolster the industry in forthcoming years.
• Key participants include global food & agriculture technology, and products industry are ADM (US), Evonik (Germany), Genus (UK), Neogen (US), AKVA Group (Norway), Eurofins (Luxembourg), Canopy Growth Corporation (Canada), DSM (Netherlands), United Technologies (US), Signify Holdings (Netherlands), SGS SA (Switzerland), Zoetis (UK), GEA (Germany), Deere & Company (US), Daikin (Japan), Pentair (UK), Intertek (UK), Americold Logistics (US), Groupe Grimaud (France), and MosaMeat (Netherlands).
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