The United Nations Department of Economic and Social Affairs (UNDESA) stated that the world population is expected to grow from 7.6 billion in 2017 to 9.8 billion by 2050. The tremendous growth of the world population is further expected to increase the demand for food exponentially. The increase in population, in addition to the shrinkage of agricultural lands, depletion of natural resources, increase in urban population and, the increased demand for fresh crop produce, can propel the need for increased farm productivity and enhanced farm yield.
In the recent past, the dynamics of the industry has changed drastically with the rise of disruptive technologies in the field of agriculture. Also, the demand for food grains and agriculture produce has always on the rise due to increasing population. But the shrinking supply of agricultural land, depletion of natural resources and declining workforce creates a gap between the two. Over the years different measures have been adopted to bridge this gap and precision agriculture is one of them. It is a way to manage the agricultural operations with support from technology so that both the soil and crops are nourished with the right nutrients and at the right time. The use of technology in this process ensures that human error does not affect it. According to a market research report, published by the BIS research, titled ‘Global Precision Agriculture Market’ – Focus on Solutions and Application, the market for technological advancement in the agriculture industry is likely to witness an upward trend in the near future.
Globally, the demands for food safety testing are rising at a rapid rate owing to the globalization of the food supply, mass catering, and changing food habits. Food poising outbreaks and stringent government regulations are some of the factors responsible for the growth of the food testing systems market. According to the latest market intelligence report by BIS Research titled, ‘Global Food Safety Testing Systems & Services Market- Analysis and Forecast (2018-2022),’ the market is anticipated to reach $19.63 billion by the year 2022. This significant market growth is attributed to the increase in the number of food-borne illness, rising food recalls, improvement in food testing technologies, and stringent government regulations.
With the rise in the various chronic diseases such as cancer, heart diseases, diabetes, and osteoporosis have led to an increase in the healthcare costs. This, in turn, has enabled the consumers to become aware of the relationship between better diet and health. For the same, the demands for better forms of farming technologies are also rising, and several agronomists, farmers, and companies are coming up with the concept of hydroponics, aquaculture, aquaponics, and aeroponics technologies. According to the latest market intelligence report by BIS Research titled, ‘Global Aquaponics & Hydroponics system & Equipment Market -Analysis and Forecast (2017-2022)’, the market is expected to reach a value of $1.98 billion by 2022. This significant market growth is primarily attributed to the increasing emphasis on food security and high adoption of soilless farming techniques by farmers, across the globe.