According to a research report “Global Agriculture Industry Outlook 2024 – Feeding the Future Through Innovation” published by MarketsandMarkets, the Top 10 Agriculture Markets Will Grow From USD 81.5 billion In 2023 to USD 94.3 billion by 2024 at A YOY Increase of 15.7%.
Market Dynamics:
Driver: Increasing demand for food
The undeniable surge in global population is the most fundamental driver shaping the future of agriculture. By 2050, the world will need to feed an additional 2 billion people. This translates to a staggering 50% increase in agricultural output compared to today. This exponential growth presents a monumental challenge as food production systems are strained. Traditional farming practices are reaching their limits, and resource scarcity like water and arable land threatens to impede further expansion.
To ensure food security for all in the face of this rising demand, a significant agricultural sector transformation is imperative. Focus on intensifying production – growing more food on less land – while simultaneously ensuring sustainable practices is essential. This necessitates embracing innovation like precision agriculture, maximizing yields through targeted resource use. Ultimately, meeting the demands of a growing population hinges on our ability to innovate, optimize resource use, and explore sustainable solutions.
Opportunities: Technological Innovation in Agriculture
Technological innovation is the engine propelling agriculture towards a brighter future. One of the biggest challenges, feeding a growing global population, can be addressed through advancements like precision agriculture. This data-driven approach utilizes sensors, robotics, and AI to gather real-time information about soil health, moisture levels, and crop growth. This allows for targeted application of water, fertilizers, and pesticides, maximizing yields while minimizing waste. Drones are another game-changer, providing aerial imagery to monitor crop health and identify problem areas early on.
Furthermore, automation takes over repetitive tasks like planting and harvesting, freeing farmers’ time for strategic decision-making. Technologies like gene editing hold promise for developing climate-resilient crops resistant to pests and diseases. Overall, this innovation wave transforms agriculture into a more precise, efficient, and sustainable practice, paving the way for a future where more food can be grown with fewer resources.
Top Agriculture Industry Companies :
In the rapidly evolving landscape of the agriculture industry, key companies are spearheading transformative initiatives across various sectors. In the agrigenomics industry Eurfins Scientific (Luxembourg), and Illumina Inc. (US) are leading the charge. In the connected space IBM (US), AT&T (US), and Microsoft (US) are leveraging their expertise in technology to offer premium agricultural services. For organic agricultural production, Syngenta (Switzerland), UPL (India), BASF SE (Germany), Bayer AG (Germany), and Marrone Bio Innovation, Inc. (US) are at the forefront. Additionally, in plant breeding and CRISPR Plants technologies companies such as Corteva, Inc. (US), BASF SE (Germany), and Bayer AG (Germany), are leading the charge by offering biotechnological and conventional methods of plant breeding to obtain desirable agriculture outputs.