Global Agricultural Farming in 2023 and Beyond

By Rashmi Phumatia , 27 January, 2023

Farming is one of the oldest businesses on which livelihood depends. With time, the methods and approaches to agriculture have also changed. Agricultural production is changing drastically with advancing technology and new farming methods.

According to reports, the global crop production market will be USD 5,813.66 billion in 2023 at a CAGR of 10.3 percent, which rose from USD 5,271.98 billion as compared to its value in  2022. Further, the crop production market is supposed to grow to USD 8,483.55 billion by 2027 at a CAGR of 9.9 percent.

The World Grain reveals that the total estimated grain crop in the EU-27 and the UK would increase to 304.4 million tonnes in 2023, as forecasted by COCERAL. The demand for fresh fruits and vegetables in Europe has increased market size and the need for large external suppliers, especially in developing countries.

The developing technologies have a significant impact on how farmers raise crops and livestock. Farm equipment is the necessary tool. Smart farming solutions will help to change operations in crop production. The reports reveal that drones in farming and the market size will increase to 4.8 billion USD by 2024. Again, the IoT (internet of things) in Europe will grow from one billion in 2020 to 2.06 billion USD by 2025.

Research also says the demand for Agribots (agriculture robots) is increasing due to a labor shortage and an increase in the need for agriculture tools. These are used to spray pesticides, herbicides, weeding, pruning, etc. From agribots to drones, technological innovations are helping to reshape the farming industry.

Thus, the studies have proven that the global smart farming market has been growing steadily over the last few years and will progress even faster in the upcoming years.

Farm Bill Projected Funding, In Billions 2019-2023