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Food & Agriculture Technology and Products Market: Segmented: By Industry (Animal, Agriculture, Cold Chain, Food & Beverage, and Cannabis), By Technology (Cold Chain Technology, Food & Beverages GPS Technology, Satellite Imaging Technology, Others), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
[ 170 + Pages Research Report ] Food & Agriculture Technology and Products Market to surpass USD 1,318.9 billion by 2031 from USD 548 billion in 2021 at a CAGR of 9.2% in the coming years, i.e., 2021-31.
Food and agricultural technologies are used to develop food products and farm machinery. Different technologies such as Moisture and temperature sensors, robots, aerial photography, and GPS technology are used in agricultural and food production. Efficient, safe, and environmentally friendly businesses are developed by using various modern technologies and Robotic systems. agricultural technologies which are mainly used by farms are harvest automation, autonomous tractors, seeding and weeding, and drones.
The global Food & Agriculture Technology and Products market is expected to project a notable CAGR of 9.2% in 2031.
Expanding population along with rising awareness for organic food items increases the requirement for agricultural production which, in turn, is expected to increase the food & agriculture technology demand over the coming years. Furthermore, an increasing number of initiatives implemented by governments in both developed and developing countries to encourage the use of modern technology are expected to accelerate the industry growth during the forecast period.
Agriculture segment to grow with the highest CAGR during 2021-31
Global Food & Agriculture Technology and Products market are classified based on Industry into Animal, Agriculture, Cold Chain, Food & Beverage, and Cannabis. The agricultural segment accounted for the largest market share of the global Food & Agriculture Technology and Products market agricultural products and equipment are widely available and also used in a different types of crop cultivation which is expected to drive the Agriculture Industry shortly. Increasing food consumption on account of the rising population across the globe is expected to create a huge demand for food and agricultural technologies in Agriculture Industry. Factors such as limited natural resources, increasing demand for pesticide- and herbicide-free food, and the necessity to reduce the carbon footprint of traditional agricultural operations are expected to continue pushing sales in the forthcoming years.
Cold chain technology segment to grow with the highest CAGR during 2021-31
Based on Technology, the global Food & Agriculture Technology and Products Market is fragmented into Cold Chain Technology, Food & Beverages GPS Technology, Satellite Imaging Technology, and Others. Cold chain technology is used to increase the shelf life of a product by slowing down the growth of germs as well as reducing the decay of putrescible foods. the rising demand for Cold chain technology owing to the increasing demand for perishable food items through online channels and Improved business networking interconnections across the world.
Increasing Demand for Agricultural Production
Rising demand for agricultural production owing to the increasing population is expected to bolster the food & agriculture technology and products market growth in the forecast period. Furthermore, modern agricultural technologies are used by farms on a larger scale leading to the growth of the food & agriculture technology and products market. The major factors contributing to the growth of the food & agriculture technology and products market are growing consumer capacity, increasing consumer awareness about food safety, and initiatives implemented by governments.
Technological advancements
Technological advancements accelerate the adoption of advanced agriculture practices around the world escalating the growth of the Food & Agriculture Technology and Products Market. Some major Smart farming technologies are most generally being utilized for end-to-end farm management, greenhouse automation, livestock monitoring, and meteorological information.
High-Cost Investment
High-cost investment and maintenance costs of technologies are estimated to hamper the growth of the global food & agriculture technology and products market. Inadequate regulatory frameworks and supporting infrastructure in developing countries restrain the growth of the food & agriculture technology and products market in a considerable manner.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The global Food & Agriculture Technology and Products market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific Digital Food & Agriculture Technology and Products market is expected to see remarkable growth during the forecasted period. Increasing disposable income and improvement in living standards of consumers are expected to accelerate the growth of the food & agriculture technology and products market. Due to rising urbanization and hectic lifestyle, people select convenience food items driving the growth in this region.
Increasing demand for high-quality food products and higher safety standards. Demand for food & agriculture technology and products increased due to the shortage of labor and disturbance in the supply chain.
Global Food & Agriculture Technology and Products is further segmented by region into:
Food & Agriculture Technology and Products Segments:
| Report Attribute | Details |
| The market size value in 2021 | USD 548 billion |
| The revenue forecast in 2031 | USD 1,318.9 billion |
| Growth Rate | CAGR of 9.2% from 2021 to 2031 |
| The base year for estimation | 2020 |
| Quantitative units | Revenue in USD million and CAGR from 2021 to 2031 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Industry, Technology, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Key companies profiled | Daikin, United Technologies, ADM, Evonik, Deere and Company, Zoetis, Pentair, Intertek, Signify Holdings, SGS SA, Neogen, and Other Prominent Players. |
Food & Agriculture Technology and Products Market size was estimated at USD 548 billion in 20211 and is expected to reach USD 1,318.9 billion by 2031.
Key players are Daikin, United Technologies, ADM, Evonik, Deere and Company, Zoetis, Pentair, Intertek, Signify Holdings, SGS SA, Neogen and Other Prominent Players
Agriculture segment are anticipated to hold the largest Food & Agriculture Technology and Products Market.
Drivers: Increasing Demand for Agricultural Production and Technological advancements
Food and agricultural technologies are used to develop food products and farm machinery. Different technologies such as Moisture and temperature sensors, robots, aerial photography, GPS technology are used in agricultural and food production.
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