Agribusiness

Reinvention by Necessity

Of all industry sectors, agribusiness is facing the greatest challenges given the global outlook. From providing enough food to feed the projected world population of 9 billion by 2050, many of whom already suffer from food insecurity, to addressing the climate crisis and sustainability demands, participants across the agribusiness value chain need to embrace change to ensure their very survival. For producers of agricultural chemicals, both farm and nonfarm, the need to address environmental issues extends to adopting sustainability practices throughout the supply chain. For end-users, whether a commercial farm operator or a homeowner, land management in the midst of climate change and extreme weather conditions, which are becoming more the norm, are threats that require new products and practices.

To address these challenges, industry participants are adopting new strategies and tactics. In farming, this translates to practices such as precision agriculture, utilizing enablers such as advanced products (e.g., biofertilizers) and digital tools (e.g., drones) to increase efficiency and crop yields. For agricultural chemical producers, products and practices that minimize water use and lower carbon emissions are priorities. Digital technology and predictive analytics are more vital than ever in scenario planning for the rise in extreme weather events.