Driving efficiency and growth in the UK’s farming sector will require a more widespread adoption of agritech, a recently published whitepaper argues.
The global population is forecast to reach 10 billion by 2050. In the interim, a 70% increase in food production is required, which will require agritech to be put at the forefront of farming strategies.
However, the UK is lagging behind when it comes to the adoption of agritech.
Agfunder, an online venture capital platform dedicated to technology in agriculture, reported that the UK agritech sector is worth more than £14 billion and employs over 500,000 people and the government has invested a further £90 million at the end of 2018.
The ‘Future of Profitable Farming‘ whitepaper, commissioned by Enterprise Ireland, highlights the importance of improving yield, efficiency and profitability whilst protecting the environment.
A high demand for innovative and technological agricultural solutions has resulted in a significant number of Irish businesses working with UK farmers to achieve their growth and food production ambitions.
“Ireland’s agricultural links with the UK are centuries old and Irish businesses have a proven track record of servicing UK farmers, developing a reputation for durability and technical excellence,” said Shauna Higgins, Agritech Market Advisor for Enterprise Ireland in the UK.
“Irish agritech companies have the unique advantage of a strong understanding of the farming industry and its needs, which has empowered them to innovate and enhance traditional agricultural practices.
“Though technology has been applied to agriculture for some time, more UK farmers are turning to innovative agritech solutions to future-proof their businesses.”
According to Frost and Sullivan research, about 70% to 80% of new farming equipment sold today is equipped with some form of precision farming component while an increase in agritech funding and innovation demonstrates the sector’s growth potential.
Agritech is ultimately aimed at improving yield, efficiency and profitability. It has the potential to enhance traditional farming practices while also dealing with the challenges that are facing the agricultural industry today.