"Farmers' willingness to invest in AgTech"
Added on 03 January 2023
One of the findings of the survey by McKinsey shows that farmers are willing to innovate despite the macroeconomic uncertainty and the inflationary era. Indeed, according to the poll, 70% of farmers expect profits to remain stable or increase and many intend to try new products increasing their yield productivity to capture the current high crop price opportunity even if the risks of seeing an increased price of inputs remain.
The technology adoption varies widely by region. In fact, western countries are leading agtech adoption with farm management software being the most adopted followed by precision agriculture hardware. In the near future, farmers in South America are more willing to adopt new technologies contrary to Asia which has the lowest adoption rates.
Image provided by Lyn Ong