Increase in Demand and Consumption of Livestock-Based Products and Seafood is Driving Food & Agriculture Technology and Products Market

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 increase in demand and consumption of livestock-based products and seafood, rise in consumer awareness about food safety, governments’ support to adopt modern agricultural techniques, and demand for agricultural production due to the increasing population are some of the major drivers for the growth of the food & agriculture technology and products market.

The food & agriculture technology and products vendors include ADM (US), Evonik (Germany), DSM (Netherlands), United Technologies (US), Deere & Company (US), Daikin (Japan), Signify Holdings (Netherlands), SGS SA (Switzerland), Zoetis (UK), GEA (Germany), Pentair (UK), Intertek (UK), Genus (UK), Neogen (US), AKVA Group (Norway), Eurofins (Luxembourg), Canopy Growth Corporation (Canada), Americold Logistics (US), Groupe Grimaud (France), and MosaMeat (Netherlands). Acquisitions were the most dominating strategy adopted by major players, followed by new product launches. This has helped them to increase their presence in different regions and expand their product portfolio.

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In the food & agriculture technology and products market, the animal industry has been segmented, on the basis of subindustry, into animal health, aquaculture products, and animal genetics. 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 the performance and prevent diseases in their livestock from obtaining quality products. 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.

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 had started adopting smart agriculture technologies to increase their farm profits, while small farm owners were 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.

Deere & Company is engaged in the development, manufacture, and distribution of its diverse range of agricultural and other machinery. The company operates primarily through three business segments – agricultural & turf, construction & forestry, and financial services. It offers tractors, pre-harvesting equipment, planting equipment, and precision farming equipment and technology under the agricultural & turf segment.  The construction and forestry segment primarily manufactures and distributes a broad range of machines and service parts used in construction, earthmoving, road building, material handling, and timber harvesting. The financial services segment primarily finances sales and leases by John Deere dealers of new and used agriculture & turf equipment and construction & forestry equipment. In September 2018, Deere & Company acquired PLA (Argentina), to enhance its product portfolio of sprayers, planters, and specialty products for agriculture.

DSM is a global science-based company operating in the health, nutrition, and materials business. The company operates through five segments—nutrition, materials, innovation center, corporate activities, and partnerships. Its nutrition segment includes DSM Nutritional Products and DSM Food Specialties. The nutrition and food specialty segment of the company caters to different end-use application industries, such as food, feed, nutraceutical, infant nutrition, personal care, and pharmaceutical. The company offers nutritional supplements such as vitamins, carotenoids, nutritional lipids, omega acids, premixes, and astaxanthin for both human and animal nutrition. These products are developed under its DSM Nutritional Products business. The company offers its feed additives through its animal nutrition & health division, which falls under the DSM Nutrition Products business. It offers a wide range of products that include carotenoids, eubiotics, vitamins, and feed enzymes for various animal species, such as aquaculture, poultry, ruminants, swine, and companion animals. DSM operates in more than 40 countries with over 100 commercial production facilities.

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