Food & Agriculture Technology and Products Market Projected to Reach $729.5 Billion by 2023

The report "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" 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 major factors driving the food & agriculture technology and products market include an increase in demand and consumption of livestock-based products and seafood, the rise in consumer awareness about food safety, governments’ support to adopt modern agricultural techniques, and demand for agricultural production due to the increasing population.

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The animal health segment is projected to hold the largest market share during the forecast period in the animal industry

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.

The smart agriculture segment from the agriculture industry is projected to grow at the highest rate during the forecast period.

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.

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Europe is projected to hold the largest market share during the forecast period in the agriculture industry for the food & agriculture technology and products market.

Europe is estimated to account for the largest share of the market in 2018. It is highly professional and technologically advanced for smart agriculture. This region has one of the strongest economies and widespread industries, which create high capital investment capabilities. In Europe, large farm owners had started adopting smart agriculture technologies to increase their farm profits, while small farm owners were hesitant due to less investment capacity. Farmers are already using smart agriculture technologies for enhanced yield. These factors drive the segment in the European region.

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).

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