Global agric, food market to hit $729bn in 2023

Mazino Dickson

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The food & agriculture technology and products market 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.

This is based on a report released by Market Research Reports Search Engine (MRRSE) this weekend.

It attributed this development to an 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 cold chain segment accounted for significant market size in the food & agriculture technology and products market in 2018,” the report indicated.

“Cold chain technology restricts the growth of microbes and reduces the deterioration of perishable foods via refrigeration or freezing, thereby increasing the shelf life.

“Increased business networking relations between countries, higher consumer demand for perishable foods through online shopping, and greater flexibility for transporting perishable foods at the right time in developed economies are driving the growth of the cold chain market,” it added.