Future of Agriculture - Additional Trends

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Part
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Future of Agriculture - Additional Trends

Key Takeaways

  • Finding new ways to create food and use of connectivity in farming are two future trends in farming/agriculture.
  • Adopting innovative ways to produce plant-based meat would free up more land that could be used to grow crops rather than livestock feed.
  • Improved connectivity in agriculture could add more than $500 billion to global gross domestic product by the end of the decade, a critical productivity boost of 7 to 9% for the industry.

Introduction

We've identified two future trends in agriculture and farming. A description of the trends, factors influencing the trend, and examples of companies leaning on or thought leaders discussing the trend have also been covered. Our findings have been added to slides 11-12 of the attached document.

Summary

Finding New Ways To Create Food

  • Adopting innovative ways to produce plant-based meat would free up more land that could be used to grow crops rather than livestock feed. As the world's population increases, this will become increasingly important.
  • Plant-based meats, also known as cultured meat, are genetically identical to real meat but are made from animal cells, obviating the need for factory farms and animal slaughter.
  • The agricultural industry is gradually adopting the innovation, despite the fact that it is still in its early stages. According to estimates, meat alternatives will account for ten percent of the global meat industry by 2029.
  • Beyond Meat is a pioneer in plant-based meat development, and Barcelona-based startup NovaMeat is a leader in 3D printing plant-based food, having already created the world's first 3D printed piece of "meat" that appears to mimic the fibrous nature of real meat.

Connectivity

  • Recently, many farmers have begun to consult data about critical variables such as soil, crops, livestock, and weather. However, few, if any, have had access to advanced digital tools that could aid in the transformation of these data into useful, actionable information. Almost all farm-work in less-developed areas is done by hand, with little or no advanced connectivity or equipment.
  • Improved connectivity in agriculture could add more than $500 billion to global gross domestic product by the end of the decade, a critical productivity boost of 7 to 9% for the industry.
  • Smart-crop monitoring, drone farming, smart-crop monitoring, autonomous-farming machinery, and smart-building and equipment management are just a few of the advanced connectivity use cases that have the potential to transform many aspects of farming by 2030.
  • Large tracts of land can be surveyed more easily with connectivity, and the fixed costs of developing IoT solutions can be offset more easily in large production facilities than on small family farms. Because of the large average size of farms, relatively higher player consolidation, and better applicability of connected technologies, these sectors have more use cases than meat and dairy.
  • Smartbow and Blue Level Technologies are companies already using connectivity in farming to monitor livestock and measure levels of silos and warehouses.

Research Strategy

We used publications from reputable media sites and industry reports from sources such as Forbes, McKinsey, Agrifarming, to provide future trends in agriculture, and farming.

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