Published July 17, 2023
Report Ocean released a thorough intelligence report named “Food & Agriculture Technology and Products Market“ Report, Size, Share, Competitive Landscape, Technology, Latest Updates, and Forecasts to 2030. This research offers a thorough examination at the micro-level, concentrating on insurers, significant market sectors, products, and distribution methods within the industry.
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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.
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.
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.
Competitors in the Market
Deere and Company
Other Prominent Players
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The global food & agriculture technology and products market segmentation focus on Industry, Technology, and Region.
Food & Beverage
Cold Chain Technology
Food & Beverages GPS Technology
Satellite Imaging Technology
o The U.S.
o The UK
o Rest of Western Europe
o Rest of Eastern Europe
o Australia & New Zealand
o Rest of Asia Pacific
Middle East & Africa (MEA)
o Saudi Arabia
o South Africa
o Rest of MEA
o Rest of South America
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Furthermore, years considered for the study are as follows:
Historical year 2017, 2020
Base year 2021
Forecast period 2022 to 2030.
Target Audience of the Market in This Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
Key Reasons to Purchase this Report:
Strategic Direction: This research report provides insightful analysis and strategic advice for senior executives, decision-makers, professionals, sales managers, and other market stakeholders working in this space. It aids in decision-making and offers strategic recommendations for product advancements.
Comprehensive Analysis: Both economic and non-economic aspects are taken into account in the report’s thorough qualitative and quantitative analysis of the market. For a complete knowledge of market dynamics, it contains a segment breakdown with market evaluations expressed in terms of value (USD Billion) for each segment.
Growth Opportunities: The research highlights the geographies and market categories predicted to expand at the highest rates, potentially positioning them to dominate their respective markets. It offers a thorough examination of consumption trends in various geographic areas and highlights the variables affecting regional market trends.
Competitive Landscape: The competitive landscape section lists the top market rivals and discusses current business expansions, collaborations, product launches, and acquisitions. This data makes it easier to evaluate significant players’ market positions.
Detailed Company Profiles: These include their company description, insights, product benchmarking, and SWOT analysis, providing a thorough picture of the major market participants. Stakeholders are able to assess the advantages and disadvantages of the leading market players due to these profiles.
Future Market Outlook: The study presents recent trends, growth prospects, drivers, challenges, and restraints in both emerging and developed regions. It also includes current and future market outlooks. It gives stakeholders knowledge of potential industry trends and aids in their prediction of upcoming market dynamics.
Industry Analysis: Using Porter’s Five Forces Analysis, the research provides a comprehensive analysis of the industry, looking at factors such as the bargaining power of customers and suppliers, rivalry among businesses, the threat of alternative products, and the threat of new entrants. This research helps to comprehend how fiercely the market is competitive.
Value Chain Insights: Through a thorough examination of the value chain, the research offers insightful information about the market. This aids stakeholders in comprehending the main processes and actors involved in the creation and supply of the good or service.
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