IMF emphasizes efficiency in agriculture through agritech advances
The International Monetary Fund (IMF) stresses the urgent need to “grow more with less” in agriculture, highlighting the role of artificial intelligence (AI) in revolutionizing the sector. AI advancements are leading to new crop varieties, vital soil data collection, and precision drone usage for fertilizers and pesticides.
The global agritech market, valued at $24.4 billion in 2023, is projected to reach $49.2 billion by 2031, driven by precision farming, biotechnology, and the integration of AI and Internet of Things (IoT) technologies. Companies like Bee Vectoring Technologies International Inc., Bunge Global SA, Archer-Daniels-Midland Company (ADM), Origin Agritech Limited, and Ingredion Incorporated are at the forefront of these innovations.
Bee Vectoring Technologies is pioneering the use of bees to deliver biological pesticide alternatives, while its CR-7 biological control agent shows promise as a seed treatment for soybeans. Bunge Global’s potential merger with Glencore-backed Viterra, valued at $34 billion, faces competition concerns in Canada. Meanwhile, ADM advances its environmental efforts and Origin Agritech gains a GMO safety certificate for its transgenic maize.
Ingredion’s new stevia-based sweetener solution aims to reduce sugar without the bitter aftertaste, continuing its legacy of innovation in the sweetener market.
