Food & Agriculture Technology Market Progressing at 8.1% CAGR to 2023 – Farmers, Producers, Research Centers Drives the Growth

Study covers food & agriculture technology and products market across segments. Food & beverage processing equipment segment projected to hold largest share in animal, agriculture, cold chain, food & beverages, cannabis. It aims at estimating market size, growth potential across different industries and region.

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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 study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Study covers food & agriculture technology and products market across segments. It aims at estimating market size and its growth potential across different industries such as animal, agriculture, cold chain, food & beverages, & cannabis, and region. The food & beverage processing equipment market is projected to grow, due to the rise in the number of investments by major manufacturers in this market, growing food demand, and the growing support by governments.

Premium Insights
1 Attractive Opportunities in the Food & Agriculture Technology and Products Market
2 Animal Industry, By Region
3 Agriculture Industry, By Region
4 Cold Chain Industry, By Region
5 Food & Beverage Industry, By Region

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Food & agriculture technology and products market, the agriculture industry is projected to be the second-fastest growing segment during the forecast period. This is due to the wide availability and usage of this equipment in almost every type of crop farming. Factors such as rising demand for food due to the increasing population and limited natural resources (water & land) have resulted in the advancement of agriculture products and technology.

The global aquaculture production has grown rapidly during the past decades. The rise in the demand for seafood has led to the expansion of the aquaculture industry. Several products are being introduced in the market to widen the companies’ consumer base and ensure food security. Innovations in aquaculture technology and the introduction of new species contribute significantly to the growth of the global aquaculture segment.

Food & agriculture technology market 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.

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Asia Pacific market accounted for the largest share in the food & agriculture technology and products market. The large market share in this region is attributed to the increasing demand for processed food products as well as the rapid growth of the middle-class population. Moreover, a higher consumption rate of seafood and processed meat in the region, and higher consumption of proteins such as soy protein and its isolates in food such as functional dairy beverages, baked goods, snacks, and meat alternatives.

Reasons to Purchase the Report
The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors,food & beverage companies, agricultural products & equipment companies, and executives from various key organizations operating in the food & agriculture technology and products market.
• By Company Type: Tier 1: 18%, Tier 2: 36%, and Tier 3: 46%
• By Designation:C-level:30%, D-level: 20%, and Managers: 50%
• By Region: North America: 23%, Europe: 16%, Asia Pacific: 46%,and RoW: 15%

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Release ID: 501144