Agri-Food Industry Trends to Watch Out This 2023

Aug 28, 2023

The global food system industry has faced challenges in the past year due to supply chain disruptions, international conflicts, geo-political tensions, extreme weather events, food waste, and the COVID-19 pandemic. The past year has also revealed weaknesses in the areas of global hunger and food security. Because of this, the industry is seeing some practices that will further push the agri-food sector to recover in 2023.

Investments in agri-financing and sustainability projects

According to the United Nations, there have been few efforts to help poorer countries cope with the effects of global warming. This 2023, there will be changes in this situation as investments in sustainability projects will rise. Some major companies and organisations that are expected to fund green projects include PepsiCo and the Bill & Melinda Gates Foundation. The US Department of Agriculture also committed to investing under the Partnerships for Climate-Smart Commodities plan.

Investments in soil conservation and biodiversity

The root of productive agriculture is good soil health. That is why the industry is expected to invest more in various soil degradation and health solutions. Farmers need to gain new insights when it comes to regenerative farming practices. With this, NGOs, policymakers, agrochemical companies, and technology players will work together to bring about fresh initiatives and investments that will keep soil healthy.

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Digitisation of agriculture

One way to minimise the impact of farming and the economic slowdown is through the digitisation of agriculture. Enterprises and governments all over the globe are expected to leverage technology such as data, artificial intelligence and machine learning models, remote sensing, cloud computing, and earth observation. The agri-food sector is also expected to rely on the expertise of data science, weather data, and the Internet of Things, among others, to accurately adapt to the agri-production lifecycle. These types of technologies will help solve real-world agricultural problems and deliver various benefits that will ultimately boost food production and profitability.

Empowering smallholder farmers

Smallholder farmers at the grassroots level play an important role in the industry. Thus, they need to be trained in utilising smarter and more sustainable ways of farming. Private players, international organisations, governments, and development agencies are expected to tap into the 500 million small-holder farmers who are still not easily accessible. For instance, the Government of India has launched its Kisan Drones project, where drones will be used for crop assessment, digitisation of land records, and spraying of agrochemicals. This project is a great initiative for small farmers to learn more about agriculture technology.

Increasing food self-sufficiency and minimising food waste

A self-reliant food system is vital in every nation. Disruptions in food production and the threat of food security were high points of concern during the peak of the COVID-19 pandemic. This has to change this 2023. Governments will invest in leveraging data and technology to efficiently build self-reliance in their food supply systems. Digitisation can also help reduce food waste. Soil sensors, for example, can help prevent the loss of crops in the field. Applying IoT-enabled connected solutions to farming will also help farmers, suppliers, processors, and retailers track food produce and commodities. This results in less food loss in the supply chain.

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