A recent Market Insight report, "Global Food & Agriculture Technology and Products Market" estimates that the market was valued approximately at $494.9 billion in 2018 and is anticipated to grow with a growth rate of more than 8.1% over the forecast period 2019-2026.
Food & Agriculture Technology and Products are used for production of machines to be used in farming and to make food products. Various technologies such as moisture and temperature sensors, robots, aerial images, GPS technology, and others are used in agriculture and food industries. Food & Agriculture Technology and Products provides increased crop production, efficient resource use, and protection of crops from harsh climatic conditions. Factors such as increasing demand for processed food products and livestock-based products is increasing the demand of the market. The rising global population along with growing need for increased food production with less dependency on climatic conditions is augmenting the demand for Food & Agriculture Technology and Products. Increasing R&D in agriculture industry and adoption of cloud-computing platforms and big data analytics for smart agriculture practices will boost the growth of global Food & Agriculture Technology and Products market over the forecast period of 2019-2026.
Global Food & Agriculture Technology and Products Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe is the leading/significant region across the world in terms of market share owing to the strongest economies and widespread industries, which create high capital investment capabilities. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as growing population, high disposable income, and implementation of various technologies in food & agriculture industries would create lucrative growth prospects for the Food & Agriculture Technology and Products Market across Asia-Pacific region
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