Chicago, May 21, 2024 (GLOBE NEWSWIRE) -- Market to Reach $94.3 Billion by Year-End, up 15.7% Year-over-Year
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%. Industry is undergoing a transformative journey, with a growing focus on sustainable practices, innovative technologies, and ethical organic farming.
Transformative Trends Shaping the Industry in 2024
- Focus on Agricultural Biologicals and Sustainable Practices: The demand for sustainable and carbon-neutral agriculture is driving growth in the use of agricultural biologicals. This shift reflects a commitment to eco-friendly practices and resource conservation.
- Integration of Advanced Technologies: Technologies like artificial intelligence (AI) and automation are redefining production processes, increasing efficiency and optimizing yields. Precision agriculture techniques are becoming increasingly popular, allowing for targeted resource use and data-driven decision making.
- Intensified Competition and Innovation: As the industry embraces technology and sustainability, competition among leading players is expected to intensify. This will fuel further innovation and development of new solutions that meet the evolving needs of farmers.
- Balancing High-Tech and Organic Approaches: The industry is witnessing a unique convergence of high-tech solutions and organic practices. Precision agriculture and biotechnologies are working alongside organic methods to achieve optimal yields while maintaining ecological balance.
- Emphasis on Automation and Novel Farming Systems: The use of automated farm machinery, agricultural biotechnology, and novel farming systems like vertical farming is accelerating growth and creating new opportunities for food production.
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Challenges and Solutions for a Viable Future
Despite the positive outlook, the industry faces significant challenges, including extreme weather events, rising costs of essentials, unpredictable economic conditions, and a shrinking skilled workforce. Agricultural companies are actively seeking solutions to navigate these complex issues and ensure the long-term viability of the sector.
Global Leaders in Agriculture
In the rapidly evolving landscape of the agriculture industry, top 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. The agricultural landscape is poised for a dynamic transformation driven by continuous investment in innovative technologies and product development. 2024 is expected to see a growing focus on expanding access to these advancements in developing nations. This global effort will be instrumental in achieving sustainable yield improvements and ensuring food security for all.
Regional Powerhouses: North America and Asia Pacific
North America remains the world's largest agricultural market, with well-established infrastructure, strong government support, and a robust agribusiness sector. However, the Asia Pacific region is poised for explosive growth, driven by its soaring population and strategic investments in agricultural modernization. China and India are leading the charge in this region, with significant investments in infrastructure, technology adoption, and sustainable practices.
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Investment Strategies for Continued Growth
Investment in the agriculture industry is expected to continue flowing, with distinct regional priorities. North America is focusing on optimizing production using advanced technologies, while Asia Pacific is prioritizing infrastructure development, cold chain logistics, and AgTech adoption. Sustainability remains a top concern for both regions, with investments directed towards minimizing environmental impact.
Conclusion
The agriculture industry is on the cusp of a transformative era, driven by a commitment to innovation, sustainability, and meeting the rising global demand for food. The coming year promises significant growth, with a focus on technological advancements, ethical farming practices, and regional expansion to ensure food security for all.
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