Increase in demand and consumption of livestock-based products and seafood, the rise in consumer awareness about food safety, and demand for agricultural production due to the increasing population are projected to drive the overall growth of the food and agriculture technology and products market, according to the Food & Agriculture Technology and Products Market by Industry And Region – Global Forecast to 2023 report just released.
The global food and agriculture technology and products market size is projected to grow from $708 billion in 2018 to $1.044 trillion by 2023, at a CAGR of 8.1 per cent during the forecast period. The food and agriculture technology and products market is driven by various factors such as an 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, increase in demand for convenience, packaged, and processed food products, and demand for agricultural production due to the increasing population. However, the overall fragmented agriculture industry, lack of coordination between market stakeholders, and improper enforcement of regulatory laws and supporting infrastructure in developing countries are projected to hinder the growth of the market.
The food and beverage processing equipment segment is projected to hold the largest market share in the food and beverage industry for the food and agriculture technology and products market.
The food and beverage processing equipment market is projected to grow, due to the rise in the number of investments by manufacturers in this market, growing food demand, and the growing support by governments. Further, increasing demand for bakery and dairy products and the growth of the beverage industry are also expected to drive the demand for food & beverage processing equipment for faster and more efficient processing.
The aquaculture products segment is projected to grow at the highest CAGR during the forecast period in the animal industry for the food and agriculture technology and products market.
The global aquaculture production has grown rapidly during the past decades.The rise in the demand for seafood has led to the expansion of the aquaculture industry.
Several products are being introduced in the market to widen the companies’ consumer base and ensure food security. Innovations in aquaculture technology and the introduction of new species contribute significantly to the growth of the global aquaculture segment.
The Asia Pacific is projected to be the fastest-growing region in the cold chain subindustry for the food and agriculture technology and products market.
The market in Asia Pacific is projected to be fastest-growing, due to the increasing demand for perishable foods in the region.Countries such as India and China lack access to these cold chain requirements and are, therefore, unable to maintain cold chain integrity.
Increasing awareness about the prevention of food wastage before consumption, the growth of the organized retail sector, rising consumer demand for perishable foods, and government support and initiatives indicate the significant growth potential for the cold chain industry in the region. Furthermore, the increasing number of food companies and the introduction of favorable policies by the government across countries are contributing to the development of the refrigerated transport market in the Asia Pacific region by creating their own distribution networks with capable refrigerated transport facilities.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, food & beverage companies, agricultural products & equipment companies, and executives from various key organizations operating in the food & agriculture technology and products market.
• By Company Type: Tier 1: 18 per cent, Tier 2: 36 per cent, and Tier 3: 46 per cent
• By Designation: C-level: 30 per cent, D-level: 20 per cent, and Managers: 50 per cent
• By Region: North America: 23per cent, Europe: 16 per cent, Asia Pacific: 46 per cent, and RoW: 15 per cent
The study covers the food & agriculture technology and products market across segments.It aims at estimating the market size and its growth potential across different industries such as animal, agriculture, cold chain, food & beverages, and cannabis, and region.
The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.ß