Food and Agriculture Products and Technologies Market to Surpass USD 886.0 Million by 2028: Reports and Data

Reports and data

Growing adoption of IoT in agriculture, increasing FDI in emerging markets, untapped market potentials and emergence of developing countries.

NEW YORK CITY, NEW YORK, USA, Aug. 5, 2022 / — According to current reports and data analysis, the global food and agricultural products and technologies market was valued at USD 556.3 million in 2020 and is expected to reach USD 886.0 million by 2028, at a CAGR of 6.07%. Food and agricultural technology and products used for the manufacture of products and also in the production of machinery used in agriculture. Food and agricultural technology and products enable increased agricultural production, efficient use of resources and protection of crops against harsh climatic conditions. Factors contributing to the growth of its market include increasing demand and consumption of farmed and seafood products, increasing consumer awareness of food safety, increasing demand for convenience, packaged and processed items, increased legalization of Cannabis. Due to the growing awareness of the role and growth of dietary nutrients, especially protein, on overall physical and mental growth. Customers increasingly tend to spend on animal protein in the form of eggs, meat or milk. Changing demographics and growing consumer awareness have encouraged manufacturers to prioritize food safety. Due to fast-paced lifestyles, consumer preferences have shifted from buying conventional raw products to convenient, packaged products such as ready-to-eat (RTE) meals and frozen meals. Consumer demand for imported seasonal foodstuffs and RTE products has increased, which in turn is boosting the industry. The industry also uses more advanced technologies and processes to maintain product quality. With the growing demand for home meal replacements and convenience items, food processing machinery manufacturers are focusing on creating innovative products and equipment and creating new product categories for testing methods of effective security.

The Asia-Pacific market accounted for a significant portion of the industry. The large market share in this region is attributed to the growing demand for processed items as well as the rapidly expanding middle class population. Additionally, higher consumption of seafood and processed meat in the region, and higher consumption of proteins such as soy protein and its derivatives such as baked goods, functional dairy beverages, snacks and meat substitutes drive market demands.

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Other key findings from the report suggest

• The food and agricultural products and technologies industry shows a CAGR of 9.2% in the Asia-Pacific region, followed by North America and Europe. The increase in agricultural practices due to population growth has made the region the fastest growing and largest part of the industry.
• Based on the industry in the market, the agriculture industry is expected to be the second fastest growing segment during the forecast period. This is due to the wide availability and use of this equipment in almost all types of crops.
• Factors such as increased demand for food due to increasing population and limited natural resources (water and land) have led to the advancement of agricultural products and technology. In addition, growing consumer demand for pesticide and herbicide free items and the ever-increasing requirement to reduce the carbon footprint of traditional farming practices are expected to drive the agriculture segment.
• The need for safety and processing equipment has improved in the global industry due to the enforcement of food safety regulations, globalization of trade and advancements in technology.
• The cold chain segment holds a major share of the market owing to the growing demand for crop storage and transportation. Various economies around the world are investing lump sums in the cold chain industries, anticipating the needs of this industry in the coming years and expected to strengthen the industry in the coming years.
• Major participants include global food and agriculture technology, and product industry are ADM (US), Evonik (Germany), Genus (UK), Neogen (US) , AKVA Group (Norway), Eurofins (Luxembourg), Canopy Growth Corporation (Canada), DSM (Netherlands), United Technologies (USA), Signify Holdings (Netherlands), SGS SA (Switzerland), Zoetis (UK), GEA (Germany), Deere & Company (USA), Daikin (Japan), Pentair (UK), Intertek (UK), Americold Logistics (USA), Groupe Grimaud ( France) and MosaMeat (Netherlands)

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For the purposes of this report, Reports and Data has segmented the Food and Agriculture Products and Technologies market based on industry type and region:

Industry Type (Revenue, USD Million; 2018-2028)
• Animal
• Animal genetics
• Animal health
• Aquaculture products
• Agriculture
• Indoor farming technology
• Smart farming technology
o Farm management software
 Precision farming
 Livestock tracking
 Smart greenhouse
 Fish monitoring
 Others
o Pre-harvest equipment
 Primary tillage equipment
 Secondary tillage equipment
 Planting material
 Irrigation equipment
 Plant protection equipment
 Other equipment
o Grow lights
o Autonomous tractors
• The cold chain
o Refrigerated storage
o Refrigerated transport
• Food and drinks
o Seaweed products
o Food safety technology
o Traceability technology
o Food and beverage processing equipment
o Vegetable protein products
o Cultured meat products
• Others

Regional Outlook (Revenue in USD Million; 2018-2028)
• North America
o United States
o Canada
• Europe
o Germany
o France
o United Kingdom
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o India
o Japan
o Rest of Asia-Pacific
• Middle East and Africa
• Latin America
o Brazil

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Nikhil Morankar
Reports and data
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