August 16, 2022
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Food & Beverages

Food and Agriculture Technology and Products Market Size Forecast to Reach $816.7 Billion by 2026

Food & Agriculture Technology and Products market size is forecast to reach $816.7 billion by 2026, growing at a CAGR of 8.9% during the forecast period 2021-2026. Food and agricultural technologies are used in the development of farm machinery and food products. Moisture and temperature sensors, robots, aerial photography, GPS technology, and other technologies are used in agricultural and food production. Robotic systems and modern technologies provide an efficient, environmentally friendly, safe, and profitable business. Harvest automation, autonomous tractors, planting and weeding, refrigerated storage and drones are some of the primary technologies often used by farms. For the manufacture of plant-based protein and cultured meat products, the food industry employs a variety of technologies. The primary drivers driving the market’s growth include increased need for agricultural production as a result of expanding population, as well as rising desire for organic food items. Increasing government support to adopt modern technology is set to further enhance the overall market development of the Food & Agriculture Technology And Products Market for the period 2021-2026.

Key Takeaways

  • Asia-Pacific dominated the Food & Agriculture Technology And Products Market in 2020 owing to rising disposable income of the people coupled with growing demand for processed food products. The Food & Agriculture Technology And Products Market scope for different regions will be provided in the final report.
  • The factors increasing the growth of the Food & Agriculture Technology And Products Market are expanding the adoption of modern agriculture technology.
  • Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Food & Agriculture Technology And Products Market report.
  • High capital investment and fragmented agriculture industry is hampering the Food & Agriculture Technology And Products Market.

Food & Agriculture Technology And Products Market Segment Analysis – By Industry

Agriculture Industry held the largest share in the Food & Agriculture Technology And Products Market in 2020 and is estimated to grow at a CAGR 9.5% during the forecast period 2021-2026. Increasing demand for agricultural products and equipment as a result of this equipment is being widely available and used in almost every type of crop cultivation. Factors like growing food consumption as a result of population expansion and limited natural resources (water and land) have fueled the advancement of agricultural commodities and technology. Furthermore, rising consumer demand for pesticide- and herbicide-free food, as well as the growing need to reduce the carbon footprint of traditional agricultural operations, are likely to drive the agricultural sector. Agricultural Industry is estimated to register the higher CAGR over the period 2021-2026.

Food & Agriculture Technology And Products Market Segment Analysis – By Technology

Cold chain technology held the largest share in the Food & Agriculture Technology And Products Market in 2020 and is estimated to grow at a CAGR of 9.2% during the forecast period 2021-2026. Cold chain technology inhibits the growth of germs and reduces the deterioration of perishable commodities by refrigeration or freezing, hence increasing shelf life. Improved business networking interconnections across nations, rising consumer demand for perishable items through online purchasing, and increased flexibility in delivering perishable commodities at the right time are driving up demand for cold chain technologies in developed economies. Cold chain technology are estimated to register the higher CAGR over the period 2021-2026.

Food & Agriculture Technology And Products Market Segment Analysis – By Geography

Asia-Pacific dominated the Food & Agriculture Technology And Products Market with a major share of 39.4% in 2020. This is attributed to the growing disposable income of the people and in this region, there is greater use of numerous technologies. Furthermore, with increasing urbanization and a hectic lifestyle, people choose convenience food items, which is driving the expansion of the market in this area. However, North America is estimated to grow at a higher CAGR during the forecast period 2021-2026 The growing use of protein food items such as plant-based protein, cultured meat, and other goods in this region contributes to the region’s growth. The growing demand for packaged and processed foods is driving the growth in this region.

Food & Agriculture Technology And Products Market Drivers

Increasing Demand for Agricultural Production

Increasing demand for agricultural production owing to rising global population is increasing the growth of the Food & Agriculture Technology And Products Market. According to Food And Agriculture Organization (FAO), The world’s population is expected to grow by more than 35% by 2050. To feed that population, agricultural output demand must be doubled. Furthermore, the global usage of modern agricultural technologies is increasing. Thus, increasing the growth of the Food & Agriculture Technology And Products Market during the forecast period 2021-2026.

Growing Technological Advancement

Increasing advancement in technology that leads to rise in adoption of smart agriculture practice across the globe is increasing the growth of the Food & Agriculture Technology And Products Market. Smart farming techniques are utilized for end-to-end farm management, greenhouse automation, livestock monitoring, and meteorological information. To satisfy the growing population need, IoT is bringing cloud computing platforms and big data analytics solutions to increase agricultural performance and production. Thus, increasing the growth of the Food & Agriculture Technology And Products Market during the forecast period 2021-2026.

Food & Agriculture Technology And Products Market Challenges

High Capital Investment

Some of the factors that are set to impede the growth of the Food & Agriculture Technology And Products Market are high capital investment and maintenance cost of technologies and fragmented agriculture industry. Inadequate regulatory frameworks and supporting infrastructure in emerging nations are also expected to hamper the market growth.

Food & Agriculture Technology And Products Market Landscape

Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Food & Agriculture Technology And Products Market. In 2020, the Food & Agriculture Technology And Products Market share is consolidated by the top ten players present in the market. The Food & Agriculture Technology And Products Market, top 10 companies are AmeriCold Logistics LLC., MosaMeat, Groupe Grimaud, Eurofins, AKVA Group, Intertek, GEA, Zoetis, SGS SA and Deere & Company.
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