Despite economic disturbances, high crop prices are giving farmers around the world cause for cautious optimism, according to a new survey.
Global consultancy McKinsey & Company this week released the results of its global survey of 5,500 farmers from nine countries. Seventy percent of farmers expect profits to remain stable or increase – the result of higher crop prices driving profitability in the next two years. Consequently, farmers are being inspired to invest in new products that are focused on yield increase and crop protection.
Despite an uncertain future with supply chains impacted by geopolitical conflicts, farmers are facing the changes head on, innovating in new areas and adopting new strategies.
Vasanth Ganesan, Partner at McKinsey, says, “Products and services should be tailored and personalized for growers, to stimulate uptake and provide farmers access to yield-driving technologies and greater cost-efficiencies.
McKinsey & Company is a global management consulting firm in more than 130 cities and 65 countries.