Agriculture is the bedrock of many communities and economies around the world, providing sustenance and livelihoods to billions of people. However, as populations rise and environmental pressures mount, the agrifood industry is coming under increasing pressure to develop new methods of farming that can sustainably satisfy global food demand.
In recent years, a new wave of agricultural technology – or agtech – has swept the industry, promising solutions to the industry’s most pressing challenges and producing significant improvements in yield and efficiency. The agtech industry is experiencing rapid growth, with the global agtech market expected to double to $40 billion by 2030. New technologies are coming onstream every day, and popular technologies such as precision agriculture, automation, gene editing, and controlled environment agriculture are growing in prevalence.
At Farrelly Mitchell, our agtech consultants are attuned to the latest technological advancements within the agricultural industry. With decades of industry experience and an extensive knowledge of agricultural technologies, our agtech experts can assess the facilities and operations of a farm or agribusiness and identify suitable agtech solutions to improve productivity and efficiency. We are knowledgeable on both mature and nascent technologies and we provide risk assessments on any potential investment to make sure that it is sustainable and commercially viable in the long-term.
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Agtech, or agricultural technology, is a collective term for advanced tools and methods designed to improve farming efficiency, productivity, and sustainability. It includes innovations like precision agriculture, automation, gene editing, and controlled environment agriculture. Agtech is essential in meeting the increasing global food demand and reducing the agricultural sector’s environmental impact.
Agtech is pivotal for the future of agriculture, addressing rising global population and environmental challenges. It will enable sustainable farming practices, enhance crop yields with minimal resource waste, and foster economic growth in rural areas. The expanding agtech market, expected to reach $40 billion by 2030, underscores its significant role in evolving agriculture.
New agtech offers increased agricultural efficiency and productivity, reducing costs and maximizing yields. It promotes sustainable farming by minimising waste and pollutants, conserving resources like water and soil, and reducing carbon emissions. Additionally, agtech drives innovation and economic growth, benefiting farmers and rural economies.
Businesses should evaluate their current operations and goals to identify suitable agtech solutions. Assessing the sustainability and commercial viability of the technology is crucial. Consulting with agtech experts can help in understanding potential risks and ensuring alignment with business strategies for a successful investment.
If you are looking to adopt the latest technology and transform your agribusiness, our consultants can help. We offer key insights into the efficacy and integration of technologies from strategy to execution. Contact us today to embrace the future of agriculture and harness the most cutting-edge tools in the industry.
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