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According to a research report “Global Agriculture Industry Outlook 2024 – Feeding the Future Through Innovation” published by MarketsandMarkets, the top ten agriculture markets will grow from $81.5 billion in 2023 to $94.3 billion by 2024 at a YOY increase of 15.7%. The report says the industry is undergoing a transformative journey, with a growing focus on sustainable practices, innovative technologies, and ethical organic farming.
Transformative Trends Shaping the Industry in 2024
- Focus on Agricultural Biologicals and Sustainable Practices: The demand for sustainable and carbon-neutral agriculture is driving growth in the use of agricultural biologicals. This shift reflects a commitment to eco-friendly practices and resource conservation.
- Integration of Advanced Technologies: Technologies like artificial intelligence (AI) and automation are redefining production processes, increasing efficiency and optimizing yields. Precision agriculture techniques are becoming increasingly popular, allowing for targeted resource use and data-driven decision making.
- Intensified Competition and Innovation: As the industry embraces technology and sustainability, competition among leading players is expected to intensify. This will fuel further innovation and development of new solutions that meet the evolving needs of farmers.
- Balancing High-Tech and Organic Approaches: The industry is witnessing a unique convergence of high-tech solutions and organic practices. Precision agriculture and biotechnologies are working alongside organic methods to achieve optimal yields while maintaining ecological balance.
- Emphasis on Automation and Novel Farming Systems: The use of automated farm machinery, agricultural biotechnology, and novel farming systems like vertical farming is accelerating growth and creating new opportunities for food production.
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