The global food & agriculture technology and products market size was US$ 541.1 billion in 2021. The global food & agriculture technology and products market is forecast to grow to US$ 1,311.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 9.9% during the forecast period from 2022 to 2030.
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Food and agricultural technologies are specifically used to create food and farm machinery. Moisture and temperature sensors, robots, aerial photography, and GPS technology are all used in agricultural activities and for food production. Various modern technologies and robotic systems are used to develop businesses that are efficient, safe, and environmentally friendly. Harvest automation, autonomous tractors, seeding and weeding, and drones are some of the most common agricultural technologies used by farms.
Factors Influencing the Market
Rising demand for agricultural production will primarily drive the growth of the global food & agriculture technology and products market. Furthermore, the increasing global population is driving the demand for food products. As a result, it will contribute to the growth of the global food & agriculture technology and products market during the study period.
Modern agricultural technologies are being used on a larger scale by farms to boost crop production. Moreover, governments across developing countries are offering favourable incentives to support farmers. Thus, it will considerably strengthen the scope of the food & agriculture technology and products market in the coming years.
Growing consumer capacity and increased consumer awareness about food safety will also drive the demand for food & agriculture technology and products market during the forecast period.
The growing range of technological advancements is expected to accelerate the growth of the market. In addition, a reduction in prices will bring lucrative growth opportunities for the food & agriculture technology and products market growth. In addition, rising awareness about the smart farming technologies, majorly for end-to-end farm management, greenhouse automation, livestock monitoring, etc., will benefit the food & agriculture technology and products market during the study period.
However, high costs associated with the food & agriculture technology and products may limit the growth of the market.
COVID-19 Impact Analysis
The COVID-19 outbreak increased the demand for farming practices, which surged the demand for food & agriculture technology and products across developed states. However, the high cost of food & agriculture technology and products acted as a major restraint in the industry growth during the study period.
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Regional Analysis
The Asia-Pacific food & agriculture technology and products market is forecast to register remarkable growth in the coming years. It is majorly attributed to the growing disposable income and changing living standards of people. Furthermore, rising awareness about urban farming methods and the benefits of advanced technology in farming practices will contribute to the growth of the food & agriculture technology and products market. Further, rising urbanization and hectic lifestyle will drive the demand for convenience food items, which will offer lucrative growth opportunities for the market.
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Competitors in the Market
? Daikin
? United Technologies
? ADM
? Evonik
? Deere and Company
? Zoetis
? Pentair
? Intertek
? Signify Holdings
? SGS SA
? Neogen
? Other Prominent Players
Market Segmentation
The global food & agriculture technology and products market segmentation focus on Industry, Technology, and Region.
By Industry
? Animal
? Agriculture
? Cold Chain
? Food & Beverage
? Cannabis
By Technology
? Cold Chain Technology
? Food & Beverages GPS Technology
? Satellite Imaging Technology
? Others
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By Region
�?� North America
o The U.S.
o Canada
o Mexico
�?� Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
�?� Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
�?� Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
�?� South America
o Brazil
o Argentina
o Rest of South America
What is the goal of the report?
? The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
? During the forecast period, the report analyzes the growth rate, market size, and market valuation.
? The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
? The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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