As climate change shines a light on food security, eAgronom's Robin Saluoks explains how agrifintech could unlock funding for an underbanked group: farmers
From ruined crops due to heatwaves, grain hostage taking in the Black Sea and worrying levels of food price inflation, agricultural sustainability and food security have suddenly been catapulted into mainstream news from relative obscurity. At the same time, investments in the space, in particular agritech and its subset agrifintech, are growing rapidly. The smart agriculture market, for example, is forecast by some to grow by 10% CAGR to US$20.8bn by 2026, while others put the number of the global agtech market as a whole at US$32.5bn by 2027.
With demand for food set to increase by 70% by 2050 while the world’s resources are being rapidly depleted, it is no surprise that agriculture has become a hotbed for innovation in the last few years. Having come under the spotlight as an industry has also laid bare one of the biggest obstacles for farmers to thrive and adopt more sustainable practices: access to finance.
By Robin Saluoks
September 25, 2022