Farming is hardly a glamorous industry. As someone whose maternal grandparents were farmers, I appreciate that it can be tough work, sometimes for relatively little reward. What’s more, farmers have a reputation for being “a conservative bunch who like to stick to traditional techniques and place great store on experience”, says Stephen Pickup, head of agriculture at Traditum Private Equity.
Even the big agricultural companies “are not renowned for innovation, with many... effectively outsourcing their research and development (R&D) by acquiring small firms with new and promising technologies”. Nevertheless, many people believe that the sector is on the brink of an upheaval as big as the “green revolution” that took place after World War II, when the spread of mechanisation and fertilisers boosted production.
A need for change
As with many other periods of rapid technological change, the big driver has been necessity. Jeneiv Shah, portfolio manager at Sarasin & Partners, notes that while estimates of global population growth have been tempered in the last few years, “the global population is still expected to jump from eight billion to nearly ten billion by 2050”.
Meanwhile, emerging-market consumers’ growing wealth and incomes will also
