David Willey of Benzinga claims that the continuous and significant increase in food prices has rattled consumer confidence and caused a general slowdown in purchasing as we head into the new year. The latest report from the Consumer Price Index (CPI) shows that inflation is finally slowing down. However, food prices have gone up 10.6% since last year, so customers are still paying a lot for food.
However, there is reason to believe that the strains brought on by the disruption to the supply chain in Ukraine will begin to ease once the growing and harvesting season in the northern hemisphere comes to a close with the arrival of winter. As the focus now shifts to food production in the southern hemisphere, agricultural technology (AgTech) companies may be able to come up with ways to boost food production there.
There is currently more than $18 billion worth of activity in the AgTech industry, which aims to improve the effectiveness of crop growth and development. Companies such as FMC Corp., Tyson Foods Inc., and AgriFORCE Growing Systems Ltd. are examples of businesses that are actively seeking opportunities in the AgTech field.
In particular, AgriFORCE is working on AgTech breakthroughs and constructing a comprehensive intellectual property (IP) portfolio in order to come up with original solutions to challenges faced by the industry. As we move into a new year, the organization may take stock of how far it has come in pursuing its lofty goals through the myriad of projects it has undertaken.
One can expect a boom for agriculture sectors for the coming years. The similar trends are expected to hit global markets with India being the leading provider. One can expect the demand for Indian goods and services to soar with increasing inflation and welcoming globalization. This entails more room for agtech services and innovation, thus making it a growing industry in the coming years.