The world’s population is estimated to rise to 8.5 billion by 2030. With this exponential growth, food consumption is also growing rapidly. And to cater to the growing demand for food is not an easy task. Worldwide, agriculture, being the oldest industry, has evolved over time and is now in the age of its third green revolution. In the wake of the industrial revolution, the world is witnessing another phenomenal evolution in the agri-sector that employs the application of modern information and communication technologies to improve sustainable agriculture with Agricultural Technology.
AgTech involves artificial intelligence and advanced technologies to enhance the growth of persisting agricultural practices. This will not only increase productivity but will also improve the quality and efficiency of farming products. The data collected using the AI will help the farm operators make better decisions on their farm lands at the right time to ensure a high quality output of the product.
EFFECTS OF CLIMATE CHANGE
Global population and economic growth, along with the growing pace of climate change, pose a danger to food security worldwide. Climate change is quite dangerous to agriculture. Higher temperatures eventually cause lower agricultural yields of desired crops while promoting the growth of weeds and pests. The probability of short-term crop failures and long-term production drops, rises with changes in precipitation patterns. Although some crops will experience advantages in specific parts of the world, the overall effects of climate change on agriculture are anticipated to be negative, endangering the security of the world’s food supply.
Many of these issues will still exist in 20 years. They can actually become worse. The problems we observe with rising food demand aggravate them. So, investment in AgTech must be made right away in both public markets and venture finance, so as to increase precision farming.
THE IMPORTANCE OF AGTECH
Strategists confirm that Ag Tech, or agriculture technology, can be the key to feeding the growing global population, which also has the threat of climate change. Technology stocks may sell off, and the economy can slow down, but people will still need food, and this is what makes it a strong theme for investors to invest in. It seems most investors have realised this, due to which a lot of money is pouring into these tactics currently.
PwC’s annual climate technology report states that during the second half of 2020 and the first half of 2021, 345 acquisitions totaled $10.7 billion in venture capital investment for food, agriculture, and land use. The middle class will grow by hundreds of millions of individuals thanks to an expanding market of consumers who will seek a more complex diet in the coming years. No matter what happens in the current inflationary environment, it will put a lot of strain on our food system.
The critically analysed data collected by the advanced AI-ML can support every stage of the farming process to spot patterns to help farmers treat crops with precision farming technology. The well provided AgTech solution can gather information from every perspective of farming and provide the farmer with compiled information. When it comes to technological applications for farming, the possibilities are numerous.
The impending use of technology has the scope to successfully reduce the risk and waste that have previously been associated with conventional farming practises. In order to accurately forecast the likelihood of future yields, farmers may now diagnose the land by identifying its fertility and conditions.
IoT and AI are crucial components of agriculture’s digitization in every stage of farming operations, including pre and post-harvest operations. The adoption of this technology, from crop monitoring to harvesting, can gradually change agriculture and improve farmers’ lives. This will also improve the overall yield and quality of crop products in the long run. The Agriculture Technology can not only improve the livelihood of farmers but also can help meet the global food requirements. This is what Mavuno is aiming to be a part of! Stay tuned with us for more updates.