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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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.
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
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