Need for High Agricultural Production to Fuel Adoption of Food Security Technologies, says TMR
The global food security technologies market is driven by the increasing government support and rising awareness among consumers, states a new report by Transparency Market Research (TMR). The report is titled, ‘Food Security Technologies Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.’ The report gives a detailed analysis of the market’s past and present valuation, which is further used to derive reliable insights into the market’s future. Key segments of the global food security technologies industry have been studied in detail.
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The report sketches out the competitive landscape, including the market share of top vendors, the strategies implemented by them, and information regarding their recent developments. Information regarding the degree of competition, threat of substitutes, threat of new entrants, and bargaining power of supplier and buyers has been given.
According to the report, the food security technologies market is expected to witness growth in the coming years owing to the rapid use of technology in the agriculture industry. A rise in the use of technology in the production industry and in food security is fueling the growth of the market worldwide. Various schemes are being launched by governments to encourage the use of food security technologies, thereby resulting in increased agricultural production.
Some challenges faced by the global food security technologies market are limited number of skilled resources and high cost of implementing the technology. Technical problems in several countries such as lack of electricity, heavy rainfall or draught, and extreme heat or cold are anticipated to act as obstacles hampering the growth of the global food security technologies market.
The global food security technologies market is segmented on the basis of technology into precision agriculture, nanotechnology, sprinkler irrigation, integrated soil fertility management (ISFM), water harvesting, micro irrigation, organic agriculture, crop protection technologies, no-till technique, and improved varieties- draught tolerant and heat tolerant characters.
On the basis of geography, the global food security technologies market is segmented into Europe, Asia Pacific, North America, and the Rest of the World (RoW). North America and Europe are being recognized as lucrative markets in the global food security technologies industry. The wide implementation of advanced technology and high investments in R&D are expected to be behind the growth of these regions. Asia Pacific is likely to witness substantial growth during the period from 2014 to 2020. The steadily growing awareness about technologies and their applications in the agriculture industry are anticipated to be behind the growth of the food security technologies market in Asia Pacific.
Key players in the market are: Cargill, Incorporated, Bayer CropScience AG, H.J. Heinz, Mahindra and Mahindra, Nestle, John Deere, BASF, Kraft Foods Inc., Novozymes, and DuPont Pioneer.