Agribusinesses are unsure how to approach agriculture technology investment and are at risk of being left behind if they don’t make it a core part of their strategy, revealed research conducted by BCG Consulting and AgFunder.
The report, which presents findings from a survey of C-Suite agribusiness executives and agritech venture capitalists, joins a group of commentators in the sector that are pointing to a new paradigm for the industry, where technological innovation stands to disrupt the food and agriculture industry’s status quo leaving some agribusinesses unsure about their future.
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The report revealed that total agritech investment from global agribusinesses was between $17 billion and $22 billion in 2015, representing between 4% and 7% of company revenues, an all-time high. With venture investment in the sector at $3 billion in 2015, according to AgFunder data (minus foodtech and food ecommerce), that was a record total $20 billion to $25 billion of investment into agritech.
Furthermore, investment is expected to continue at this pace with 80% of agribusiness respondents planning to maintain or increase this level of investment.
Find out which categories the corporates are investing in and more by downloading the full report.