Dublin, March 25, 2019 (GLOBE NEWSWIRE) -- The "Food & Agriculture Technology and Products Market by Industry (Animal, Agriculture, Cold Chain, Food & Beverage, and Cannabis), and Region (North America, Europe, Asia Pacific, Rest of the World) - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
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 food & 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 & supporting infrastructure in developing countries are projected to hinder the growth of the market.
The food & agriculture technology and products market is segmented into the animal industry, agriculture industry, cold chain industry, food & beverage industry, and others. The focus on improving animal health, innovative agricultural practices, and rising consumer demand for healthy products drive the market for food & agriculture technology and products, globally. Further, the demand for food safety technology and food processing equipment has been increasing in the global market due to the implementation of food safety regulations, globalization of food trade, and advancements in technology.
The agricultural industry has been transformed into a technologically intense and data-rich industry with the advent of advanced technologies such as guidance systems, variable rate technology, Internet of Things (IoT), artificial intelligence (AI), remote sensing, and grow lights.
The growth of this market is attributed to the increase in demand and consumption of livestock-based products such as dairy-based products, meat, and eggs, and seafood. Further, the growing consumer awareness about the importance of food safety and an increase in demand for convenience, packaged, and processed food products owing to busy lifestyles are also driving the market growth.
Factors such as fragmentation of the agriculture industry, restriction on the use of parasiticides in food-producing livestock, and lack of supportive infrastructure in developing countries restrain the market growth. In this report, the food & agriculture technology & products market has been studied on the basis of industry and region.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Food & Agriculture Technology and Products Market
4.2 Animal Industry, By Region
4.3 Agriculture Industry, By Region
4.4 Cold Chain Industry, By Region
4.5 Food & Beverage Industry, By Region
4.6 Others, By Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.3 Drivers
5.3.1 Increase in Demand and Consumption of Livestock-Based Products and Seafood
5.3.2 Increased Adoption of Advanced Genetic Technologies
5.3.3 Rise in Consumer Awareness About Food Safety
5.3.4 Increase in Demand for Convenience, Packaged, and Processed Food Products
5.3.5 Governments' Support to Adopt Modern Agricultural Techniques
5.3.6 Growing Demand for Agricultural Production Owing to the Increasing Population
5.3.7 Increasing Need for Temperature Control to Prevent Potential Health Hazards
5.3.8 Increase in the Legalization of Cannabis
5.4 Restraints
5.4.1 Overall Fragmented Agriculture Industry
5.4.2 Restrictions on the Use of Parasiticides in Food-Producing Animals and Ban on Antibiotics in Different Nations
5.4.3 Lack of Coordination Between Market Stakeholders and Improper Enforcement of Regulatory Laws & Supporting Infrastructure in Developing Countries
5.4.4 High Energy and Infrastructure Cost
5.4.5 Complex Regulatory Structure for the Use of Cannabis
5.5 Opportunities
5.5.1 Untapped Market Potential and Emerging Regional Markets
5.5.2 Advent of Big Data in Agricultural Farms
5.5.3 Increasing Foreign Direct Investments in Emerging Markets
5.5.4 Product Development Via Research and Novel Product Delivery Solutions
5.6 Challenges
5.6.1 High Initial Investment and Recurring Cost
5.6.2 Lack of Infrastructural Support in Emerging Markets and of Skilled Resources in Developed Markets
5.6.3 Declining Prices as the Product Gets Commoditized
5.6.4 Stringent Approval Process for Antimicrobials and Antibiotics
6 Food & Agriculture Technology and Products Market, By Industry
6.1 Introduction
6.2 Animal
6.2.1 Animal Genetics
6.2.1.1 High Demand for Superior Breeds is Driving the Market for Animal Genetics
6.2.2 Animal Health
6.2.2.1 Rising Demand for Animal-Derived Food Products
6.2.3 Aquaculture Products
6.2.3.1 Increasing Seafood Trade Propelling the Demand for Aquaculture Products
6.3 Agriculture
6.3.1 Indoor Farming Technology
6.3.1.1 Need for Higher Yields, Using Limited Space and Water
6.3.2 Smart Agriculture Technology
6.3.2.1 Increasing Adoption of the Internet of Things (IoT) and Artificial Intelligence
6.3.2.2 Farm Management Software
6.3.2.2.1 Focus on Livestock Monitoring & Disease Detection to Improve the Efficiency of Farming
6.3.2.2.2 Precision Farming
6.3.2.2.2.1 Increasing Focus on Farm Productivity
6.3.2.2.3 Livestock Monitoring
6.3.2.2.3.1 Awareness About the Importance of Animal Health and Hygiene
6.3.2.2.4 Smart Greenhouse
6.3.2.2.4.1 Government Support to Adopt Modern Agriculture Technology
6.3.2.2.5 Fish Monitoring
6.3.2.2.5.1 Increasing Implementation of Technologies in Fish Farming
6.3.2.2.6 Others
6.3.2.2.6.1 Growth of Horticulture and Forestry
6.3.3 Pre-Harvest Equipment
6.3.3.1 Primary Tillage Equipment
6.3.3.1.1 Awareness About Soil Health for Long-Term Sustainability
6.3.3.2 Secondary Tillage Equipment
6.3.3.2.1 Conservation of Soil Moisture to Enhance Yield
6.3.3.3 Planting Equipment
6.3.3.3.1 Higher Yield With the Use of Seed Drill
6.3.3.4 Irrigation Equipment
6.3.3.4.1 Rapid Demand for Cereals Crop
6.3.3.5 Plant Protection Equipment
6.3.3.5.1 Increasing Focus on Reducing Crop Losses Due to Pests & Insects
6.3.3.6 Other Equipment
6.3.3.6.1 Rising Concerns About Weed and Evaporation Reduction From the Soil
6.3.4 Grow Lights
6.3.4.1 Growth in Indoor Farming Practices
6.3.5 Autonomous Tractors
6.3.5.1 Growth in the Trend of Mechanization in the Agricultural Industry
6.4 Cold Chain
6.4.1 Refrigerated Storage
6.4.1.1 Increasing Need for Temperature-Controlled Storage to Prevent Potential Health Hazards
6.4.2 Refrigerated Transport
6.4.2.1 Growing Consumer Demand for Perishable Foods
6.5 Food & Beverages
6.5.1 Algae Products
6.5.1.1 Growth in Consumer Awareness About the Health Benefits of Algae-Based Products
6.5.2 Food Safety Technology
6.5.2.1 Incidences of Foodborne Illnesses are Driving the Market for Food Safety Technology
6.5.3 Traceability Technology
6.5.3.1 Ease of Product Recall and Growing Consumer Concerns About Food Safety are Driving the Market for Traceability Technology
6.5.4 Food & Beverage Processing Equipment
6.5.4.1 Growing Demand for Processed and Convenience Food
6.5.5 Plant-Based Protein Products
6.5.5.1 Increasing Consumer Awareness About Healthy Diets
6.5.6 Cultured Meat Products
6.5.6.1 Technological Advancements in Cellular Agriculture
6.6 Others (Cannabis)
7 Food & Agriculture Technology and Products Market in the Animal Industry, By Region
8 Food & Agriculture Technology and Products Market for the Agriculture Industry, By Region
9 Food & Agriculture Technology and Products Market in Cold Chain Industry, By Region
10 Food & Agriculture Technology and Products Market for Food & Beverages Industry, By Region
11 Food & Agriculture Technology and Products Market for the Cannabis Industry, By Region
12 Competitive Landscape
12.1 Overview
12.2 Competitive Scenario
12.3 Expansions & Investments
12.4 Acquisitions
12.5 Agreements, Collaborations, Joint Ventures, and Partnerships
12.6 New Product Launches
13 Company Profiles
13.1 ADM
13.2 United Technologies (Carrier Corporation)
13.3 John Deere
13.4 Daikin Industries
13.5 Evonik
13.6 DSM
13.7 Signify Holding
13.8 SGS SA
13.9 Zoetis
13.10 Eurofins
13.11 GEA
13.12 Pentair
13.13 Intertek
13.14 Genus
13.15 Neogen Corporation
13.16 Akva Group
13.17 Canopy Growth Corporation
13.18 Americold Logistics
13.19 Groupe Grimaud
13.20 Mosameat
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