GLOBAL SMART AGRICULTURE MARKET EXPECTED TO REACH $20 BILLION BY 2026
Updated: May 24, 2022
The smart agriculture market is expected to be driven by rising demand for sustainable farming techniques and innovations that are useful to minimize the use of non-renewable energy resources and embrace sustainable agronomic practices. Also, crops developed employing cutting-edge and environmentally responsible farming practices such as Ultra-High-Density Plantation (UHDP), optimal pesticide and fertilizer use, are also of high quality. This approach shields customers from exposure to toxins and other harmful contaminants, providing numerous health benefits which will also boost the market growth.
The other factors supporting the growth of the market are rising advancement and implementation of technologies like artificial intelligence (AI) and internet of things (IoT) in agricultural industry and rising pressure on food supply system, owing to rapidly growing population. A report from Global Market Estimates projected that the global smart agriculture market is projected to grow from USD 13.1 billion in 2021 to USD $20.6 billion by 2026 at a CAGR value of 9.7%. Agricultural industry is witnessing a technological revolution, which is being backed by policymakers and launch of latest technologies all across the globe.
The Global Market Estimates report said: "Precision farming and contract agriculture are models of sustainable and ethical farming approaches that assist farmers improve their economic and social status while minimising their need on subsidies and concessions to live a good life. Furthermore, rising adoption of technologies such as crop rotation, crop diversification, and the use of renewable resources all assist to the transition to sustainable farming and are prime factors driving the markets growth throughout the forecast period.
Modern agricultural tools such as mapping software, variable rate technology (VRT), yield mapping software, GIS, GPS, and data management software help to improve land fertility and profitability, facilitate sustainable agriculture, increase production, and lower farming costs. Two significant aspects that promote the introduction of smart agricultural instruments are increased business efficiency through process automation and greater production with lower farming costs."
Independent lab testing indicates that MNG's soft white wheat baking flour contains over 30 times the fiber, 3 times the protein, and more than 80% less starch than conventional flour without compromising taste, texture and quality. The Company's initial focus is on wheat, in which the flour has applications for baked goods, breads and snacks.
The Company is on track to pilot test its first branded product in the specialty flour category under the brand un(Think) Foods with businesses and consumers later this year. The un(Think) brand aims to evolve the way people think about their favorite foods and create a new standard for nutrition.
The Company has also completed the engineering work for small-scale manufacturing and has begun preparation for planned production in Saskatchewan, Canada, with initial operations expected to commence in second half of 2022.