The global food and agriculture technology and products market size is projected to grow from $494.9 billion in 2018 to $729.5 billion by 2023, at a CAGR of 8.1% during the forecast period, according to a survey presented by MarketsandMarkets, New York.
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," depicts the technology and products market size to increase thanks to 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 the demand for agricultural production due to the increasing population.
The animal health segment projected to hold the largest market share
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 performance and prevent diseases in their livestock. 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.
Smart agriculture is projected to grow at the highest rate during the forecast period
The smart agriculture segment is projected to be the fastest-growing segment in the agriculture industry. 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.
Europe is projected to hold the largest market share
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 adopt smart agriculture technologies to increase their farm profits, while small farm owners have been 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.