Taking Stock of All That’s Good in Agriculture
December 25, 2024 This year has been extremely tough for farmers. The combination of rising input costs, extreme weather, and instability in commodity prices, not to mention a stalled Farm Bill, weighed heavily on U.S. farm incomes.
Fortunately, there are silver linings among the clouds. Young people who choose agriculture as a profession and likewise view it as a meaningful endeavor, give me a lot of hope. Another is the ongoing progress in ag tech and how certain “tried and true” technologies are making measurable and positive impacts for farmers.
At the same time, witnessing the resilience and fortitude of farmers is as humbling as it is encouraging.
During this year’s VISION Conference, Vasanth Ganesan, a Partner with McKinsey & Company, offered insights on farmer sentiments and trending ag tech in the U.S. and globally.
Ganesan and his colleagues’ latest report, Global Farmer Insights 2024, contained several positive developments that are worth noting. Here are a few that stood out for me: In North America, farmers identified three key areas for increasing their profits over the next two years: improved yields, higher crop prices, and lower prices for inputs. To get there, farmers said they would try new yield-increase products (57%) and new crop protection products (37%), as well as purchase innovative equipment, products, or technology (29%).
These farmers see adoption of sustainable practices as a way to improve yields (77%), lower production costs (58%), and provide additional revenue stream (44%).
In the U.S. specifically, the highest-ranking sustainable practices included crop rotation (87%), reduced or no tillage (78%), variable rate spraying or fertilization (56%), planting cover crops (49%), and use of biocontrols, biofertilizers, and biostimulants (23%).
Although the use of biocontrols and bionutrients is growing globally, the U.S. lags leader Brazil, where 64% of respondents currently use biostimulants/biofertilizers, and Europe, where 33% report use of biostimulants/biofertilizers. In the U.S., it’s 26%.
When it comes to ag tech adoption, North American farmers outpaced others with 75% reporting use or willingness to adopt at least one technology, compared to Latin America (60%), Europe (55%), and India (11%).
In addition, large American farms (more than 2,500 acres) were 45% more likely to adopt ag tech than small farms (less than 100 acres), according to the report.
Nonetheless, ag tech adoption faces challenges. Just over half of North American farmers found unclear ROI (53%), high implementation and maintenance costs (41%), and time-consuming set-up and inability to understand ag tech (35%) as the biggest barriers.
Lastly, there is another thing to feel good about, and that’s the new Biostimulant Innovator of the Year Award, sponsored by Valent Biosciences in partnership with Meister Media Worldwide (publisher of CropLife® magazine).
“This award is our way of showcasing those who are leading the charge in innovation and inspiring others to do the same,” says Shane Hand, Vice President of Global Marketing and Business Development at Valent BioSciences.
Learn more about the award at our sister brand, Growing Produce.
Let’s get growing!
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