Farming of the Future
For as long as there’s been farming, there’s been a push to make it faster, easier, and more efficient through Agricultural Technology. Recent advances in the field have transformed the modern farm into a high-yield, state-of-the-art operation. But this transformation is far from complete—and will rely on businesses like yours.
The Ag Tech Industry is Blooming
As populations continue to grow, the need for Agricultural Technology will too. By 2027, the North American AgriTech market value is expected to reach $16 billion (up from $6.73 billion in 2017).[1] The sector is already trending upward, which you can see in the near-doubling of AgTech-related venture capital deals between 2020 and 2021.[2]
Along with private investments, the Agricultural Technology industry is enjoying unprecedented government support.
- The Inflation Reduction Act (IRA) of 2022 will provide $19.5 billion over five years to agricultural producers adopting climate-smart practices[3]—practices that will rely on innovative AgriTech.
- The California Energy Commission’s Food Production Investment Program (FPIP) from the State of California earmarks an additional $40 million for forward-thinking projects in the food production industry between 2023 and 2024.[4]
It’s no wonder agricultural science jobs are projected to grow by 9%—faster than average—in the coming years.[5]
Cultivate Your Business in Camarillo
As the country’s most productive agricultural region, California is the obvious place to lay down roots and tap into the AgriTech boom. And Camarillo—with its longstanding agricultural heritage and abundance of fresh strawberries, mangoes, tomatoes, and more—is the perfect proving ground for emerging tech. Home to the University of California’s new Hansen Agricultural Research and Extension Center (HAREC),[6] the growing city of more than 70,000 is poised to be an epicenter of Agricultural Technology.
Camarillo is also well-connected to the rest of California’s $50 billion+ agricultural industry by road, air, and sea.[7] With thousands of farms within reach and the tech hub of Los Angeles just an hour away, the community bridges the gap between the state’s urban and agrarian regions.
Today, Camarillo is more than just ready for the expansion of AgriTech—we’re powering it. Through financial incentives like the California Competes Tax Credit, we’re helping Agricultural Technology businesses set up shop in our city. Care to join us?
[1] Research and Markets. North America Agritech Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Type and Application. https://www.researchandmarkets.com/reports/5316858/north-america-agritech-market-forecast-to-2027
[2] Forbes. Why Agritech Should Be Where Your Business Is At. https://www.forbes.com/sites/theyec/2023/01/17/why-agritech-should-be-where-your-business-is-at
[3] U.S. Department of Agriculture. Biden-Harris Administration Announces Availability of Inflation Reduction Act Funding for Climate-Smart Agriculture Nationwide. https://www.usda.gov/media/press-releases/2023/02/13/biden-harris-administration-announces-availability-inflation
[4] California Energy Commission. Food Production Investment Program. https://www.energy.ca.gov/programs-and-topics/programs/food-production-program
[5] U.S. Bureau of Labor Statistics. Agricultural and Food Science Technicians. https://www.bls.gov/ooh/life-physical-and-social-science/agricultural-and-food-science-technicians.htm
[6] California Ag Network. New Beginnings for Hansen Agricultural Research and Extension Center in Camarillo. https://californiaagnet.com/2023/02/10/new-beginnings-for-hansen-agricultural-research-and-extension-center-in-camarillo/
[7] California Department of Food and Agriculture. California Agricultural Production Statistics. https://www.cdfa.ca.gov/Statistics/
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