It's true that technological innovations are permeating across all sectors of business, and Agribusiness is no different.
Every link in the food chain, from seed to fork is being transformed, and there are a handful of trends that are the drivers for change.
Farm profits are at a record 12-year low, down 6.7 percent, with tech-savvy customers driving the demand for organic products, sustainable retail supply chains, and zero deforestation commitments.
Retailers are also under pressure from the seed and crop protection industry, as well as changing consumer demands.
Not to mention that volatile pricing and expansion of in-house storage has disrupted the fundamental business model for many.
With 1.3 billion metric tonnes of food wasted per year, and the rising population resulting in an increased demand for food, precision farming techniques and technological advancements will help address these challenges, driving the next wave of agricultural revolution.
Remote Sensing. Thanks to remote sensing, farmers are now able to see their crops from multiple perspectives. Whether that be via satellite images, footage capture by drones or in-field sensors. This 'real time' information allows for changes to crops to be made accordingly.
Machine Learning and Analytics. Machine learning is able to predict which traits and genes will be best for crop production, and these can be applied before seed planting, giving farmers the most accurate data available. At field level, techniques can distinguish between crops, meaning valuable information can be gathered as to logistics and crop insurance.
Farm Robotics. There is certainly a demand for robotics to be used in agribusiness, particularly when looking at fruit picking. It's expected that the use of robots will have increased five-fold by 2024. Their viability right across the agricultural value chain is being explored. Grocery logistics, planting, harvesting and even meat processing, all stand to benefit.