Agribusiness is a complex industry that is influenced by several megatrends. They pose many problems in the agricultural sector. Agribusiness faces the challenge of increasing demand for farm products due to population growth. In addition, the industry is influenced by the Health & Wellness trend, which means consumers are interested in healthy and organic food.
Agribusiness is also facing the challenge of global warming, so farms must make efforts and introduce modern field monitoring technologies to increase sustainability. They also use different indices, including NDWI to observe the state of the crops. All the problems associated with these phenomena are difficult to solve, especially given that agricultural business participants do not have a common opinion about the most important.
Megatrends are driving the globalization of the agri-food industry. It means building complex supply chains around the world to meet consumer demand for fresh and healthy food. Companies have to connect their production and distribution chains. They also strive to ensure the security of supply and increase resilience to fluctuations in commodity prices.
Many of the problems facing the agricultural sector today can be solved through innovation. However, access to finance is an obstacle to developing and implementing technological innovations in the agri-food sector. What is the solution to this problem? There are two possible ways. The first is to invest in basic science from universities and specialized institutes, but this may take too long. The second approach is more promising and consists in using technologies that have already matured in related industries and repurposing them for agriculture.
Precision agriculture
Precision agriculture is a relatively new farming practice and will definitely contribute to the future of agri-food. This concept originated in the United States in the 80s with the first differential fertilization maps, which were based on soil analysis. However, this idea has gained global acceptance in the last five years. It happened thanks to the development of mobile technologies. In addition, high-speed internet has become more accessible, as has accurate satellite data.
This practice includes observing the condition of fields and crops and measuring and responding to change. Precision agriculture works with various technologies such as satellite imagery and sensors that track changes in plant and soil conditions.
Thus, farmers can determine precisely in which areas agrochemicals should be applied. It helps save resources as farmers do not need to evenly cover all fields with fertilizer or treat them with pest control. All the procedures are carried out only for those plants that need them. In addition, reducing the use of agrochemicals has a beneficial effect on the environment, including the condition of groundwater and water bodies. Thanks to artificial intelligence and GPS systems, agricultural machinery can work semi-autonomously for agriculture.
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