The food and agriculture sector has been a frontrunner in adopting latest technologies. One of the reasons behind it is the growing thrust on food quality and continued supply by governments. To that end, they are framing various rules and regulations and undertaking different initiatives. This is one of the main growth drivers of food security technologies market.
In 2015 the United Nations Sustainable Development Goals came into being. It aimed to end problem of global hunger by 2030 altogether. To fulfill the tall ambition, staggering numbers need to be achieved. It would not just require breeding drought-resistant corn but also having a backup plan when the corn fails anyway. To elaborate it further, it is as much about reengineering social networks as about what goes into the ground. This has spawned the food security technologies market.
Some of the prominent technologies being used in the global food security technologies market are micro irrigation, water harvesting, genetic engineering, heat tolerant, drought tolerant, bio seeds, sprinkler irrigation, nanotechnology, and crop protection technologies.
Going forward, the food security technologies market would rise further owing to the following factors:
At the forefront is the rising world population which means a pressing demand for food. To keep up with their demand for food, help of latest technologies is a must.
Emergence of more sophisticated technologies owing to constant thrust on cutting-edge research is also proving beneficial for the market.
Rising awareness about food security coupled with rising demand for organic food is another factor driving the food security technologies market.
However, on the flipside, the high cost of deploying the technology alongside the dearth of skilled resources is proving to be a drag on the food security technologies market.
Deteriorating environment and shortage of electricity in certain nations is also having a negative impact on the food security technologies market.
Nevertheless, surging investments in research and development and progress in technology is expected to open up new growth avenues for food security technologies. Deep pocketed players in the space are seen investing in improving their infrastructure and research and development to grow their market shares further. This is predicted to have a positive impact on the market.
Currently, the market for food security technologies is most developed in Europe because of the thrust on uptake of latest technologies. The high degree of awareness among the people in the region about quality food ingredients and their ability to shell out extra for better products is also serving to drive the market. Substantial allocations of research and development is promoting the market in the region too.
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With respect to growth pace, the Asia Pacific food security technologies market is expected to surpass all others. Reasons for it are its burgeoning population, rising government support, and growing deployment of superior technologies. The Middle East and Africa and Latin America markets too are predicted to witness healthy growth over the course of next few years.