Global Food And Agriculture Technology Market Size, Share, Opportunities, And Trends By Industry (Animal, Agriculture, Cold Chain, Food And Beverage, Others), And By Geography - Forecasts From 2023 To 2028

Farm equipment and food items are developed using agricultural and food technology. Agriculture and food production involves a variety of technologies, including robotics, aerial photography, GPS, moisture and temperature sensors, and others. Modern technology and robotic systems enable lucrative, efficient, safe, and secure corporate operations. Drones, planting and weeding robots, autonomous tractors, chilled storage, and harvest automation are some of the main technology that farms frequently utilize. The food business uses a range of technologies to produce goods using plant-based proteins and cultured meat.

Farm automation technology may significantly improve agricultural enterprises' productivity, profitability, and sustainability. The use of automation and other cutting-edge technology may result in the loss of human labor, which might have a detrimental impact on the local economy and communities. It is essential to make sure that agricultural automation technologies are implemented in a way that takes these possible effects into account and resolves them.

Growing adoption of cutting-edge genetic technologies, rising food safety awareness, rising consumer preferences for packaged and processed foods, the prevalence of legalized marijuana, and growing demand for temperature control are factors controlling the market growth. Increasing applications from emerging markets, combined with the availability of big data in agricultural farms, will, on the other hand, further boost several opportunities that will contribute to the expansion of the food and agriculture technology and product market during the period covered by the forecast.

Growing technological advancements to surge market expansion

The market for food and agricultural technologies and products is expanding as a result of rising technological advancements that encourage the use of smart agriculture practices all over the world. Smart farming techniques are used to manage the entire farm, automate greenhouses, monitor animals, and manage weather information. IoT is providing cloud computing platforms and big data analytics solutions to enhance agricultural performance and output to meet the demands of the expanding population. Hence, the market for food and agricultural technology and products would expand more throughout the predicted period.

Government programs for sustainable agriculture are influencing the market for food and farm technologies all around the world.

Governments from all around the world are collaborating with diverse food and beverage producers, agro-processors, and financial institutions to advance programs for sustainable agriculture. These programs seek to boost farmers' production and efficiency as well as increase food security. In addition, partnerships between public and private companies in emerging countries like China, India, and Brazil have increased the opportunities for farmers to make money, which has boosted the development of the market for smart agriculture. Also, several agriculture-related sectors are working with various European governments to incorporate cutting-edge technologies like IoT and machine learning, which will help farmers effectively plan and carry out a variety of agricultural activities, resulting in a profitable potential for market expansion.

Asia Pacific is projected to be the prominent market shareholder in the food and agriculture technology market and is anticipated to continue throughout the forecast period.

The Asia Pacific area dominates the market for food and agricultural technology and goods, in part because of the region's strong demand for processed food items and the expansion of its middle-class population. The substantial consumption of processed meat, seafood, and proteins like soy protein in the area also contributes to the market's growth. The development and acceptance of new technology and products in the sector, such as cutting-edge machinery, automation, and sustainable practices, are being driven by several large agricultural and food processing corporations based in the Asia Pacific area. Due to the rising population, shifting consumer tastes, and the uptake of new technologies, the market in this area is anticipated to develop over the next years.

Market Key Developments

• In April 2022, With the use of machine learning, AI perception, and robotics technology, Verdant Robotics unveiled a robotic farming system that can assist in spraying and weeding concurrently.
• In December 2021, Lely worked with Connectera B.V., a Dutch company. Lely hopes to give farmers additional information through this partnership by utilizing Connecterra B.V.'s advances in machine learning and artificial intelligence. Moreover, the technologies support the development of farm management systems by merging agricultural technology with artificial intelligence.
• In April 2021, Through a strategic alliance with the cutting-edge agricultural equipment company EZ-Drops, AGCO Corporation will give it's North American dealers access to a brand-new nutrition delivery system.

Global Food And Agriculture Technology Market Scope:

Segmentation:

• By Industry
  • Animal
  • Agriculture
  • Cold Chain
  • Food and Beverage
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Taiwan
    • Thailand
    • Indonesia
    • Others