The food & agriculture technology and products market 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. This is attributed to 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 market.
In the food & agriculture technology and products market, the animal industry has been segmented, on the basis of subindustry, into animal health, aquaculture products, and animal genetics. The animal health segment is projected to account for the largest share of the market by 2023. This is attributed to the high global demand from farmers for animal health products to improve the performance and prevent diseases in their livestock from obtaining quality products. Further, the rising awareness about the importance of animal health for sustainable output and increasing consumption of animal-derived protein are also projected to drive the market.
In the food & agriculture technology and products market, the agriculture industry has been segmented, on the basis of subindustry, into pre-harvest equipment, indoor farming technology, smart agriculture, and grow lights.
The smart agriculture segment is projected to be the fastest-growing segment in the agriculture industry for the food & agriculture technology and products market. This is attributed to the growing awareness about the benefits associated with smart agriculture practices, the initiatives taken by various governments to promote digital technology, and the increasing adoption of smart agriculture technology around the world.
Major vendors in the food & agriculture technology and products market include 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).
