Advancing technology and new farming methods offer a new approach to agricultural production with the potential to drastically change its effect on the environment. From drones and satellites to IoT and Artificial Intelligence, technological innovation is reshaping the farming industry. The global smart farming market has been steadily growing over the last years and is projected to grow even faster in the coming years.
Indoor farming is another popular farming alternative which reduces the reliance on weather, skilled labor, high soil fertility, and water consumption. It allows for a more consistent and reliable yield throughout the year and minimizes the chance of negative effects from disease or pests. The ability to use vertical space and reduce the need for additional land and construction activity contributes to the appeal of vertical farming in large cities. The market is most prominent in North America, Europe, and the Asia Pacific region.
Global grain production in 2021/22 is forecast to expand by 60 million tons, to 2,284 million tons, mainly tied to an increase in corn production. The EU yielded about 126 million tons of wheat in 2020/21 accounting for more than one-fifth of the world's wheat production.
The Russian invasion of Ukraine and the pandemic have both impacted food commodity prices around the world. Prices have risen as high as during the global food crisis between 2010 and 2011.
Rapid changes in human demographics and eating habits have led to substantial increases in livestock production. Cattle meat such as beef and veal is one of the most widely consumed types of meat across the globe. The United States is the top producer of beef and veal, with more than 30 million cattle slaughtered annually. Pork is widely consumed and produced in China and Europe. As of April 2021, China was home to the largest number of pigs with over 400 million heads.
Global meat industryMarket size and demand of fresh fruit and vegetables in Europe has brought an opportunity for large external suppliers especially in developing countries. Europe is responsible for half of all global fresh fruit and vegetable trade. Germany and the Netherlands are the leading importers in this market. In 2020, Germany imported 12.4 billion euros of fruit and vegetables. The largest annual fruit harvest occurs in Asia. China alone produces over 240 million metric tons of fruit annually.
Fruit market in EuropeFarm equipment has probably had the most significant impact on how farmers raise crops and care for livestock. In addition to tractors, combines, and robotic milk machines, smart farming solutions could completely change operations in arable farming. The market size for drones in smart farms will increase to 4.8 billion U.S. dollars by 2024. The agricultural internet of things (IoT) in Europe is expected to grow from approximately one billion in 2020 to 2.06 billion U.S. dollars by 2025.
Smart agricultureFarming is one of the oldest businesses and comprises the cultivation of crops and livestock for food or use as biofuel. Major crops include corn, soybean, hay, rice, and wheat. The livestock sector mainly concentrates on cattle and dairy farming, hog and pig farming, poultry and egg production, and sheep and goat farming.
Common farming methods include conventional and organic farming. Conventional farming is the main farming method used during the 20th century and still dominates most farming today. Depending on national regulations, farmers are allowed to use chemical plant protectors and chemical fertilizers. Intensive mass livestock breeding is widely practiced.
In contrast, the organic farming sector sets higher animal- and plant-friendly standards. Specific laws regulate organic crop production and livestock breeding. They dispense the use of chemical fertilizer and use natural fertilizers and pesticides instead.
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