Global management consulting firm McKinsey and Company conducted a survey of more than 5,500 farmers worldwide to better understand the global state of the agricultural industry.

Although different challenges are expected according to the region surveyed, the common risk for all farmers in the world is the increase in the price of the insums.  In addition, interest rates, loan amounts and transaction costs are also challenges in securing agricultural financing.

With regard to technology, Western countries are leading the way, with agricultural management software being the main one, followed by precision agriculture hardware. The region most willing to adopt agricultural technology in the next two years is South America, while Asia has the lowest adoption rates.

Another highlight is regarding the adoption (or planning of use) of biological products for pest control, such as biostimulants or as biofertilizers. At this point Brazil leads, followed by the countries of the European Union.

70% of farmers worldwide expect their profits to remain stable or increase as a result of higher prices. Still, optimism is cautious, motivating investments in products focused on increasing productivity and crop protection.

Source: Agrolink