Global farmers are increasingly prioritizing production over land use, thanks to the rising popularity of precision farming technologies. According to the OECD (Organization for Economic Cooperation and Development), the next decade’s crop production growth – around 80% – will be driven by yield improvements, with land expansion contributing only about 15%. Therefore, it’s crucial for businesses to enhance yields and embrace technology-driven farm management solutions. Here are some of the latest and most innovative agribusiness ideas.
The agriculture sector has traditionally stood as a cornerstone of economic development across the globe. Over the past few years, it has witnessed a notable wave of innovation and the rise of fresh avenues for business. Whether it’s urban farming or cutting-edge agri-tech solutions, contemporary entrepreneurs now have a diverse range of choices to explore within this flourishing field.
World-wide 15 New Innovative Agricultural Business Ideas
World-wide 15 new innovative agricultural business ideas are discussed below;
Nanotechnology is transforming agriculture with organic nanoparticles for oil quality, fertilizers, and precision monitoring. In Bangladesh, nanotech can boost crop productivity, pest control, and economic growth, creating job opportunities. For example, Canadian startup Vive Crop Protection has secured over $75 million in funding across six rounds, offering nanotech solutions to optimize fertilizer and pesticide delivery, reducing costs, and boosting yields for farmers.
2. Clean Technology
Clean energy tech is revolutionizing farming with electric tractors, solar wells, and biofuels for sustainability. Canada is investing $200 million in agri-tech subsidies, and startups like Agrisoma are improving biofuel quality with $35 million in funding. Bangladesh is also using clean tech for precision farming and renewables to boost efficiency, reduce environmental impact, and enhance crop productivity.
Investors are finding the flower industry particularly appealing due to recent supply chain disruptions, a scarcity of fresh flowers stemming from labor shortages, and unfavorable growing conditions, resulting in a surge in demand and skyrocketing prices. With millions of weddings taking place annually in the United States, flower growers stand to capitalize on this substantial revenue potential.
States, flower growers stand to capitalize on this substantial revenue potential.
In Bangladesh About 15 to 20 lakh people are earning their livelihood through floriculture.
According to a recent statistic published by the Dhaka Chamber of Commerce and Industry (DCCI),
- The local market of flowers and cut foliage has reached TK1,600 crore
- It is growing by 10 percent every year.
4. Herbal Products
The surge in herbal product demand in recent years has prompted an increasing number of farmers to refocus their efforts on these business prospects.
In Bangladeshi herbal medicine market is valued at Tk 3,300 million (approximately $60 million) at trade prices and has been growing at rates considerably higher than the 10% growth rate recorded for the allopathic market.
Major corporations have also introduced herbal product lines to capitalize on this burgeoning opportunity within the agricultural sector.
5. Agri Tourism
Agritourism is experiencing a surge in popularity as producers seek to broaden their income streams, and this fusion of agriculture and tourism creates fresh avenues for generating revenue.
Agro-tourism holds significant potential as a revenue stream for Bangladesh, given its abundant fertile land and an economy largely reliant on agriculture. To leverage this opportunity, Bangladesh could consider raising its agro-tourism promotional budget to approximately 4-5% of its total earnings from this sector.
6. Community-Supported Agriculture
Emerging urban farming trends have fueled the growth of community-supported agriculture (CSA) business concepts.
Notably, major players such as Nutrien Ltd. (NYSE:NTR), Corteva, Inc. (NYSE:CTVA), and Bunge Limited (NYSE:BG) are recognizing the vast potential of innovative agricultural ventures, including CSAs.
7. RNA Products for Agriculture
Microbiology is advancing agricultural protection against viruses and enhancing productivity. RNA technology is used to safeguard honeybees from viral infections. Greenlight, a US startup valued at over $1 billion, offers an RNA-based remedy that reduces mite infestations in bees, providing a cost-effective and efficient alternative to chemical pest control.
8. App for Selling Imperfect Produce
Farmers frequently grapple with surplus or imperfect food in their stockpiles, but businesses have ingeniously tackled this issue. Among these innovative solutions is an app known as FarMart, which facilitates connections between farmers and establishments such as restaurants, cafes, soup kitchens, and other venues willing to utilize items rejected by major suppliers. Through this approach, they successfully curtail food wastage.
According to FarMart,
- It raised nearly $50 million in funding over six rounds
- It valued at more than $150 million.
9. Satellites to Analyze Field Data
Remote sensing in agriculture and land management has become crucial, especially for food security. To save on the high costs of satellite deployment, farmers often rely on commercial satellite data. These images, combined with climate analysis, help farmers choose the most profitable crops for each season.
10. Drones to Analyze Field Data
Drones can fulfill a variety of roles such as, aiding farmers in their pest management efforts by mapping fields and pinpointing areas in need of pesticide application, thus streamlining a process that would otherwise be time-consuming and costly if done manually.
- One of the best startups in this area is XAG,
- A China-based drone firm with businesses in Australia and the United Kingdom.
- The firm has raised more than $248 million in funding over three rounds
- The company expected to be worth more than $6 billion by the end of this decade.
11. Apps Connecting Farmers to Buyers
Balancing fair prices in agriculture is tough, but tech offers a solution. Companies like ProducePay use data to help farmers make informed decisions, offering a B2B marketplace and tech-driven financial solutions. In Bangladesh, digital platforms connect farmers and buyers for efficient trade, boosting the economy.
12. Smart Nitrogen Producer in Soil
Nitrogen-based fertilizers rank among the agricultural industry’s pivotal products. On average, farmers incur a cost of $0.68 per pound of nitrogen for field fertilization. A single acre might require up to 200 pounds of nitrogen to achieve a yield of 100 bushels.
- Kula Bio, a Massachusetts-based startup
- It has pioneered an economical biofertilizer that
- It releases nitrogen into the soil only when necessary
- Thus aiding in waste reduction and runoff prevention
- The company successfully secured over $50 million in January 2023
- Now it boasts a valuation exceeding $300 million
Based on a research report, Nitrogen consumption in Bangladesh stood at a mere 20,000 tonnes in 1961, surged to 1.27 million tonnes in 2008, but subsequently dipped to 1.19 million tonnes in 2019. Nevertheless, during the same period, the country’s nitrogen fertilizer consumption steadily rose, aimed at bolstering food production.
13. Robotic Rock Picking
Robotics and AI are aiding farmers by autonomously identifying and removing rocks from fields. TerraClear, led by co-founder Brent Frei, has raised over $38 million for their rock-picking tech. In Bangladesh, crop robots are expected to complement farmers’ work by assisting with tasks like rice transplanting, allowing farmers to focus on other essential aspects of farming.
14. Edible Coating to Help Produce Last Longer
Lately, several new companies have entered the organic food coating industry, which prolongs the shelf life of agricultural products during transportation. This not only reduces energy costs linked to refrigeration but also helps in lowering food waste and making shipping more cost-effective.
Bangladesh’s innovative edible coatings extend produce shelf life, reducing food waste and ensuring sustainable, longer-lasting fresh goods for all.
15. Urban Farming
According to a study by the research firm Industry Arc,
- The global urban farming market size was more than $200 billion in 2020
- It is projected annual growth rate will be 3% over the next six years
According to the government’s agricultural information service, Dhaka city has about 450 thousand roofs spanning about 4,500 hectares, which is equal to or even more than the area of an upazila (sub-district) Utilising this can produce an urban farming outcome that is absolutely amazing.
The agriculture sector is experiencing a remarkable transformation, with innovative ideas like nanotechnology, clean technology, and urban farming taking root worldwide. These ventures not only promise economic growth but also offer sustainable solutions to global challenges. As the agricultural landscape evolves, entrepreneurs and farmers alike have a wealth of opportunities to explore and contribute to the sector’s thriving future.