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Food & Agriculture Technology market projected to reach US$ 729.5 billion by 2023 explored in latest research

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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.

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.

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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.

Further, increasing demand for bakery and dairy products and the growth of the beverage industry are also expected to drive the demand for food & beverage processing equipment for faster and more efficient processing.

Food & beverage processing equipment is attributed to 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.

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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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 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 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.

Access the “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” report at www.rnrmarketresearch.com/contact…me=2046371 .

The study covers the food & agriculture technology and products market across segments. It aims at estimating the market size and its growth potential across different industries such as animal, agriculture, cold chain, food & beverages, and cannabis, and region.

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%

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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