Food & Agriculture Technology and Products Market: Agriculture Industry is Projected to be the Second-Fastest Growing Segment

Posted on 2021-01-29 by MarketsandMarkets in Internet & Online // 0 Comments

The global food & agriculture technology and products market size is projected to grow from USD 494.9 billion in 2018 to USD 729.5 billion by 2023, at a CAGR of 8.1% during the forecast period. The increase in demand and consumption of livestock-based products and seafood, rise in consumer awareness about food safety, governments’ support to adopt modern agricultural techniques, and demand for agricultural production due to the increasing population are some of the major drivers for the growth of the food & agriculture technology and products market.

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The agriculture segment is projected to witness the second-fastest growth in the food & agriculture technology and products market during the forecast period. On the basis of industry in the market, the agriculture industry is projected to be the second-fastest growing segment during the forecast period. This is due to the wide availability and usage of this equipment in almost every type of crop farming.

Factors such as rising demand for food due to the increasing population and limited natural resources (water & land) have resulted in the advancement of agriculture products and technology. Additionally, the increasing consumer demand for pesticide- and herbicide-free food and the growing requirement to reduce the carbon footprint of traditional agricultural practices are projected to drive the agriculture segment.

The Asia Pacific market accounted for the largest share in the food & agriculture technology and products market. The large market share in this region is attributed to the increasing demand for processed food products as well as the rapid growth of the middle-class population. Moreover, a higher consumption rate of seafood and processed meat in the region, and higher consumption of proteins such as soy protein and its isolates in food such as functional dairy beverages, baked goods, snacks, and meat alternatives.

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The major vendors in the global food & agriculture technology and products market are ADM (US), Evonik (Germany), DSM (Netherlands), United Technologies (US), Deere & Company (US), Daikin (Japan), Signify Holdings (Netherlands), SGS SA (Switzerland), Zoetis (UK), GEA (Germany), Pentair (UK), Intertek (UK), Genus (UK), Neogen (US), AKVA Group (Norway), Eurofins (Luxembourg), Canopy Growth Corporation (Canada), Americold Logistics (US), Groupe Grimaud (France), and MosaMeat (Netherlands).

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