Market Synopsis

The global food & agriculture technology and products market size was USD 674.50 Billion in 2022 and is expected to register a rapid revenue CAGR of 8.2% during the forecast period. Rising demand and consumption of livestock based products and seafood is a key factor driving market revenue growth. Seafood is high in protein, low in saturated fat, and high in key nutrients such as omega-3 fatty acids, and Vitamin A, and B. These nutrients are essential to overall health, particularly for brain, eyes, and immune system. Omega-3 fatty acids help to lower the risk of Alzheimer's Disease (AD) and prevent mental decline.

In addition, these nutrients also aid in the normal regulation of memory and emotion in the body, which in turn, is also driving revenue growth of the market. For instance, on 22 January 2020, BlueNalu, a cutting-edge biotech business that specializes in laboratory-grown seafood from fish cells, announced a strategic alliance with Nutreco, a global leader in animal nutrition and Aquafeed. The two firms established a collaboration agreement based on BlueNalu's platform technology for the manufacturing of cell-based seafood of various species. As worldwide demand for seafood rises, this is designed to produce a more stable and sustainable supply chain solution.

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Moreover, advanced technologies provide effective solutions for pest and disease management in agriculture, which is also expected to drive market revenue growth during the forecast period. Satellite and Global Positioning System (GPS) technologies, sensors, Smart Irrigation, drones, and automation, enable precision agriculture, which aids in resource utilization. For instance, on 13 October 2022, the AGCO Agriculture Foundation (AAF), a private foundation dedicated to preventing and alleviating hunger through sustainable agricultural development, announced a USD 250,000 grant to Heifer Netherlands to improve the sustainability, productivity, and resilience of smallholder dairy farming families in Nepal through the development of a climate-smart and productive dairy model. The project is an essential component of AAF's strategic sustainability actions to support climate action in agriculture.

Robots, drones, and sensors strategically positioned around farms collect data that can be processed to generate agricultural insights. Furthermore, cloud-based software is used to collect agricultural data and mix it with data from other sources to predict production output, irrigation schedule, disease outbreaks, pest infestations, and others, which is also expected to drive market revenue growth during the forecast period.

Market Dynamics:

Driver: Rising demand for packaged, convenience, and processed food products

Rising demand for convenience, packaged and processed food products is primary key factor driving market revenue growth. Processed foods have been altered in some way to make them healthier, taste better, or for storage purposes. For instance, breakfast cereals, Cheese, milk, soft drinks, and bread, are a few examples of processed food. The development of innovative food processing technologies allows for creation of a wide range of packaged and processed food products. Techniques, such as canning, freezing, freeze-drying, and Aseptic Processing, have extended the shelf life of foods, making them more convenient and accessible to consumers. Processed foods can be fortified with additional nutrients, such as Vitamins, minerals, and fiber, to improve the health profile of foods.

In addition, agritech firms are changing the face of agriculture by utilizing technology such as Internet of Things (IoT), BlockchainMachine Learning (ML), Geographic Information System (GIS), Artificial Intelligence (AI), GPS tagging, drones, satellite photos, and many. Precision agriculture operations benefit from the use of technical solutions such as IoT devices, as well as identification of appropriate Pesticide requirements. Satellites and remote sensors constantly monitor farms, allowing farmers and agribusinesses to analyze data and receive real-time updates to better understand and predict harvesting periods. Farmers and agribusinesses can utilize satellites to monitor broad agricultural regions in real-time, providing an estimate of water requirements and demand across the field. This aids in more effective water conservation as well as improved irrigation control and agricultural management. Furthermore, precision farming techniques increase agricultural efficiency by minimizing resource consumption, which is driving market revenue growth.

Restraint: Restrictions on the use of parasiticides

Restrictions on the use of herbicides in agriculture fields and Pesticides in the food chain is a key factor, which could restrain market revenue growth. Another drawback of technology is that it has simplified the production of processed foods, which are related to various health issues, such as obesity. The usage of chemicals with the assistance of machines diminishes the fertility of land and owing to a lack of practical understanding, farmers are unable to effectively operate the machines, which could also restrain market revenue growth.

Key Takeaways

Industry Outlook:

Based on industry, the food & agriculture technology and products market has been segmented into animal, agriculture, Cold Chain, Food & Beverages (F&B), and others. The agriculture segment is expected to account for largest revenue share in the global food & agriculture technology and products market over the forecast period. This is due to rising demand for agriculture technology as it has an impact on many aspects of agriculture, including fertilizers, herbicides, seed technology, and others. Pest resistance and higher crop yields have been achieved as a result of Biotechnology and genetic engineering. Mechanization has resulted in more effective tilling and harvesting, as well as a reduction in physical work. Farmers are no longer required to apply water, fertilizer, and pesticides in a uniform manner over entire fields. In addition, robotic technologies allow for more accurate monitoring and management of natural resources such as air and water quality. Furthermore, these technologies also provide producers with more control over plant and animal production, processing, distribution, and storage, resulting in lower pricing and more efficiencies, better farming conditions, and food safety, hence driving revenue growth of this segment. Top of Form Top of FormEnd-Use

Technology Outlook:

Based on technology, the food & agriculture technology and products market is segmented into bakery cold chain technology, F&B GPS technology, feed satellite imaging technology, and others. The bakery cold chain technology segment is expected to register steadily fast revenue growth rate in the global food & agriculture technology and products market over the forecast period. This is because cold chain ensures that perishable products are safe and of excellent quality when these arrive at their destination. Failure to maintain proper product temperatures can result in textural degradation, discoloration, bruising, and microbiological growth. In addition, high-quality product results in a delighted customer, rising demand, and overall public health protection, which in turn, is driving revenue growth of this segment. An efficient cold chain maintains the temperature of perishable, delicate food from the farm to its final destination, including storage and delivery.

The F&B GPS technology segment is expected to account for significantly large revenue share in the global food & agriculture technology and products market over the forecast period. This is because GPS tracking software is the ideal tool for monitoring and sensing temperatures within vehicles transporting frozen, canned, and tinned meals. Using a variety of integrated systems and technologies, the GPS tracking system assists in keeping a track of the F&B products.

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Regional Outlook:

The Asia Pacific market accounted for largest revenue share in the global food & agriculture technology and products market in 2022. This is due to rising adoption of advanced genetic technologies and increasing consumer awareness about food safety. Moreover, increasing number of new companies and start-ups is also expected to drive market revenue growth in this region during the forecast period. For instance, on 1 August 2022, ADM, a global leader in nutrition and agricultural origination and processing, and Asia Sustainable Foods Platform announced the official launch of ScaleUp Bio, their joint venture company. It is Singapore's first company to offer contract development and production organization services for precision fermentation in food applications. ScaleUp Bio formed a multi-year collaboration with A*STAR's Singapore Institute of Food and Biotechnology Innovation (SIFBI) to build a precision fermentation lab.

The Europe market is expected register fastest revenue growth rate in the global food & agriculture technology and products market over the forecast period. This is due to rising demand for convenience, packaged, and processed food products in countries such as Germany and the UK. Moreover, strategic initiatives taken by the companies is also expected to drive market revenue growth in this region during the forecast period. For instance, on 20 September 2022, BASF SE and Evonik announced a partnership to improve the environmental impact of feed and animal protein industries. OpteinicsTM, a Digital ready-to-use sustainability platform, integrated into Evonik's global feed consultancy services. Customers able to create more sustainable feed and animal protein by combining BASF's digital sustainability solution OpteinicsTM with Evonik's revolutionary farm management tools and sustainability services.

The North America market is expected to account for considerably large revenue share in the global food & agriculture technology and products market over the forecast period. This is due to increasing livestock and seafood consumption and rising food safety awareness  and presence of major companies. For instance, on 5 February 2020, Neogen Corporation announced a collaboration with food industry blockchain pioneer Ripe Technologies to adapt breakthrough Blockchain Technology for use with Neogen's food safety diagnostics and animal Genomics. Blockchain is a type of digital technology that chains together blocks of information to create a permanent, irreversible record. Blockchain might be utilized in the food and livestock industries to generate a history of items and animals as these move through their entire production cycles.

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Competitive Landscape:

Competitive landscape of the global food & agriculture technology and products market is consolidated with a few key players operating on global and regional levels. Key players are engaged in strategic alliances to expand their respective portfolios and gain a robust footing in the global market. Major companies in the global market report include ADM, Deere & Company, Evonik, DSM, Signify Holding, SGS Société Générale de Surveillance SA, GEA Group Aktiengesellschaft, Pentair, Intertek Group plc, and Neogen Corporation.

  • On 20 December 2021, Signify, the world leader in lighting, announced that it has reached a definitive deal with AMS OSRAM to acquire Fluence in Austin, Texas, for USD 272 million. The acquisition is completely consistent with the goal of expanding in high-growth markets and commitment to increasing food availability by providing growers with horticulture lighting that allows to minimize resource consumption and improve yields.

Segments Covered in the report:

This report offers historical data and forecasts revenue growth at a global, regional, and country level, and provides an analysis of market trends in each of the sub-segments from 2019 to 2032. For the purpose of this report, Reports and Data has segmented the food & agriculture technology and products market based on, industry, technology, and region:

Food & Agriculture Technology and Products Market Report Scope

PARAMETERS DETAILS
The market size value in 2022 USD 674.5 Billion
CAGR (2022 - 2032)

8.2%

The Revenue forecast in 2032

USD 1,476.54 Billion

Base year for estimation 2022
Historical data 2020-2021
Forecast period 2022-2032
Quantitative units
  • Revenue in USD Billion

  • CAGR from 2022 to 2032

Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered By Industry Outlook, Technology Outlook, Regional Outlook
By Industry Outlook  
By Technology Outlook  
  • Bakery Cold Chain Technology
  • Food & Beverages GPS Technology
  • Feed Satellite Imaging Technology
  • Others
Regional scope North America; Europe; Asia Pacific; Latin America ; Middle East & Africa
Country scope U.S.; Canada; U.K.; Germany; France; BENELUX; China; India; Japan; South Korea; Brazil; Saudi Arabia; UAE; Turkey
Key companies profiled ADM, Deere & Company, Evonik, DSM, Signify Holding, SGS Société Générale de Surveillance SA, GEA Group Aktiengesellschaft, Pentair, Intertek Group plc, and Neogen Corporation.
Customization scope 10 hrs of free customization and expert consultation

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Key questions answered by the report