Growing More with Less: IMF Highlights Efficiency in Agriculture with Agritech Advances

May 21, 2024

USA News Group – Food production is rapidly evolving. The International Monetary Fund (IMF) underscores the urgent need to "grow more with less," emphasizing efficiency in agriculture. Artificial intelligence (AI) is revolutionizing the sector by developing new crop varieties, providing vital soil data, and utilizing precision drones for fertilizers and pesticides. To meet the rising demands for sustainable agriculture, agritech innovations are accelerating. The global agritech market, valued at $24.4 billion in 2023, is expected to grow at a CAGR of 12.33%, reaching $49.2 billion by 2031, according to Adroit Market Research. This expansion is fueled by advances in precision farming, biotechnological applications, and the integration of AI and Internet of Things (IoT) technologies, with agritech companies leading the way to ensure future food security, including developments from Bee Vectoring Technologies International Inc. (CSE: BEE) (OTCQB: BEVVF), Bunge Global SA (NYSE: BG), Archer-Daniels-Midland Company (ADM) (NYSE: ADM), Origin Agritech Limited (NASDAQ: SEED), and Ingredion Incorporated (NYSE: INGR).

An innovative system utilizing commercially-reared bees to deliver biological pesticide alternatives directly to crops is making waves in the $250 billion crop protection and fertilizer market. Bee Vectoring Technologies International Inc. (CSE: BEE) (OTCQB: BEVVF) is at the forefront of this development, focusing on biological agricultural products ("biologicals") expected to replace chemical pesticides and fertilizers. According to DataHorizzon Research, the biologicals sector is projected to grow at a compound annual growth rate (CAGR) of 13.3%, reaching a market size of US$45.3 billion by 2032.

Recent progress has been made with BVT's proprietary biological control agent, CR-7, especially in its use as a seed treatment for soybeans. This advancement highlights CR-7's compatibility and safety on seeds, propelling it toward commercialization in the agricultural sector.

"Two years of rigorous testing confirmed CR-7's exceptional safety profile on soybean seeds, showing no signs of toxicity or adverse effects on plant health," said Dr. Mason Newark, Field Technical Manager at BVT. "These results establish CR-7 as an excellent candidate for seed treatment, given its long shelf life, compatibility with other common seed treatment products, and its safety for use on seeds."

Research shows that CR-7 maintains a long shelf life when coated on soybean seeds, ensuring extended viability. Additionally, tests have confirmed CR-7's compatibility with various seed treatment products, including other biologicals and chemical pesticides. Extensive safety evaluations demonstrated that CR-7 does not negatively affect soybean plant germination or growth, confirming its safety and effectiveness in conjunction with other treatments.

"Investing in this research is crucial for understanding the potential market for a CR-7 seed treatment product," said Ashish Malik, CEO of BVT. "We continue to progress our collaborations with major global multinationals. These are potential partners looking to differentiate their seed treatment portfolio offerings in soybeans, a major global crop that is worth US$155 billion annually and projected to reach US$278 billion by 2031."

Recent advancements in BVT's corporate partnerships have led to new international trials and expanded use of the CR-7 biological control agent. A significant achievement includes results from a Michigan State University trial, which showed that CR-7 reduces early disease infection and fungal diseases by over 90% compared to untreated plots, matching the effectiveness of conventional chemical treatments.

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