Mordor Intelligence, a market intelligence and advisory firm states Agri-Tech interventions have increased globally due to increased connectivity. However, challenges remain for Ag-Tech companies, such as precision farming adoption in large farms, small-scale agriculture adaptability, and efficient business model development.
After the impact of COVID-19, Agriculture, Food and Beverages industry is set to grow to new heights across the globe, however, USA, China, Brazil, India and other few countries seem to be leading the markets with favorable conditions. Here are some quick bites for October 2022.
The recovery in the Global Seed Industry has been robust. Increasing seed replacement rates and the use of hybrids in Asia-Pacific and Africa will have a positive impact on the growth of the seed industry. The Global Seed Market, which currently stands at USD 67 billion is expected to see rapid growth.
While rice prices have stabilized to pre-pandemic levels, short-term production challenges are expected to keep the prices high. Maize and soybean surged in 2021 on account of sustained heavy demand from China but have seen stability due to record production in the United States and Brazil.
The USD 207 billion valued fertilizer industry is projected to significantly boost the demand for specialty fertilizers. The USD 65 billion Crop Protection Chemicals Market will get a significant boost. With this, high-quality, safe agrochemicals would be available to farmers at a lower price, driving production and sales in the industry.
The rebound in tractor sales to pre-pandemic levels has given a short-term boost to farm mechanization. Although there are significant supply constraints of critical components, the medium-to-long-term outlook for farm mechanization remains positive with demands from developing markets.
Signs of a faster recovery coupled with increased commodity prices due to continuous disruptions in global supply chains. Bulk Commodity prices have shown a continued uptick in 2021 and 2022 after dropping for most of 2020 due to this recovery in food demand.
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