How Technology Is Fueling Growth Potential for Agricultural & Cultivation Industries

PALM BEACH, Fla., March 10, 2022 /PRNewswire/ -- Advancements in digital technologies in the agriculture sector has resulted in increasing efficiency of farming operations around the globe. Rising investment by major players for development of digital agriculture services which help farmers gather and cross-relate a wide range of critical data to make timely operating decisions that can improve yield and profitability is driving demand for digital technologies in the agriculture sector. IoT technology is being increasingly integrated with smart agriculture to reduce water wastage with the help of real-time field data collection, data analysis, and deployment of control mechanisms. Growing utilization of IoT-based applications such as precision farming, variable rate technology, smart greenhouses, and smart irrigation is contributing to further advancements and resulting in a gradual shift away from more traditional agricultural practices. According to a report from EMERGEN RESEARCH projected that the global connected agriculture market size is expected to register a CAGR of 16.8% during the forecast period. The report said: "Market revenue growth is primarily driven by rising need to increase agricultural productivity while minimizing negative impact on the environment. Increasing implementation of advanced technologies to manage, enhance, and control farming activities in order to improve crop yield and quality is expected to drive growth of the connected agriculture market during the forecast period." Active Companies in the markets today include AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI), Archer-Daniels-Midland Company (NYSE:ADM), Conagra Brands, Inc. (NYSE: CAG), Tyson Foods (NYSE: TSN), McCormick & Company, Incorporated (NYSE: MKC).

EMERGEN RESEARCH continued: "Increasing initiatives by governments in developing countries regarding modernization of the agriculture sector and prioritizing agricultural value chains in each region is driving growth of the global connected agriculture market. Increasing public-private partnerships, which include collaborations between agriculture development authorities with food and beverage manufacturers and agro-processing organizations, is resulting in rising deployment of more sustainable agriculture practices. Public-private partnerships are expected to promote adoption of IoT solutions as connected crop solutions are being increasingly adopted in developing countries to support agro-input providers in boosting field productivity and to help farmers improve yields. Major decline in agricultural workforce is resulting in increasing integration of IoT technology in agricultural operations, and automation reduces need for manual labor force for a number of agriculture-related tasks and operations. IoT technology also accelerates machinery commands with remote and real-time monitoring and helps farmers use resources more efficiently. These factors are driving growth of the global connected agriculture market to a significant extent."

AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI) BREAKING NEWS: AgriFORCE Growing Systems Announces Binding LOI to Acquire Deroose Plants NV, One of the Largest Tissue Culture Propagation Companies in the World - AgriFORCE Growing Systems Ltd. ("the Company"), an intellectual property (IP)-focused AgTech company dedicated to advancing sustainable cultivation and crop processing across multiple verticals, has entered into a binding letter of intent to acquire Deroose Plants NV ("Deroose"), one of the largest tissue culture propagation companies in the world with a leadership position in horticulture, plantation crops, and fruit and vegetables. 

Founded in 1980, Deroose has multi-national operations in Europe, North America, and Asia, over 2.11 million square feet of laboratory and greenhouse facilities, and over 800 employees. Deroose's unaudited 2021 revenues were US$40.5 million with EBITDA of approximately US$4.2 million.

The binding LOI is subject to completion of standard due diligence and entry into a definitive purchase agreement, which shall include commercially standard terms and conditions, including, but not limited to, representations and warranties, covenants, events of default and conditions to closing.

The net purchase price by AgriFORCE is expected to be approximately US$69 million. The purchase price represents approximately $46.4 million for the Deroose business on a cash and debt free basis and $22.6 million for the IP portfolio.

Transaction Highlights - The AgriFORCE acquisition of Deroose is expected to provide the following strategic benefits: Strengthens AgriFORCE's integrated AgTech business model by providing a leading position in tissue culture propagation and plant cultivation, including a robust IP portfolio, aimed at delivering increased crop yields with a reduced environmental footprint.

Enables AgriFORCE and Deroose to drive further growth in core markets for the development and trade of horticulture, plantation crops, as well as fruits and vegetables, building on Deroose's IP, driving improved genetics and higher yields.

Building on Deroose's strong financial performance and consistent growth in multiple locations across the world, AgriFORCE and Deroose plan for additional growth through expansion into new and high value crops. CONTINUED… Read this full release for AgriFORCE Growing Systems at: https://ir.agriforcegs.com/ 

Other recent developments in the markets include:

Archer-Daniels-Midland Company (NYSE:ADM), a global leader in nutrition that powers many of the world's top food, beverage, health and wellness brands, recently released its alternative protein outlook.

The protein outlook is a deeper dive into one of the seven top consumer trends identified by the company for 2022. The findings, based on research from the company's proprietary Outside Voice^SM consumer insights platform, reveal what's next for protein alternatives, which are expected to climb to a staggering $125 billion by 2030.

Leticia Goncalves, president of Global Foods for ADM, who oversees the company's focus on high-growth business, explains, "In the last 12 months, the number of plant-based meat, cheese and dairy products available to consumers has more than doubled. Innovation driven by future-forward brands like Air Protein, Future Meat Technologies, Nature's Fynd, in partnership with larger industry players such as ADM, are transforming the way we will feed a growing global population sustainably. Products aimed at meeting the heightened demand for health-forward solutions that can deliver on evolving consumer taste and texture expectations will continue to come to market over the next decade." New products will be heavily influenced by the seven emerging trends highlighted below, including the continued development of new protein sources, the introduction of varying product formats and a redoubled commitment to sustainable practices, from ingredient sourcing to packaging and distribution.

Duncan Hines, a brand of Conagra Brands, Inc. (NYSE: CAG) recently announced that it is launching a new line of Southern-inspired desserts with beloved GRAMMY® Award-winning artist, noted philanthropist and international icon, Dolly Parton. This new line includes cake mixes and frostings inspired by some of Dolly's favorite family recipes like Coconut Cake and Banana Puddin' Cake.

"I have always loved to cook and, growing up in the South, I especially love that authentic Mom and Pop kind of cooking," said Dolly Parton. "I am excited to launch my own line of cake mixes and frostings with Duncan Hines, bringing that sweet, Southern-style baking experience I enjoy to others."

The Board of Directors of Tyson Foods (NYSE: TSN), at a meeting on February 9, 2022, declared a quarterly dividend of $0.46 per share on Class A common stock and $0.414 per share on Class B common stock, payable on June 15, 2022, to shareholders of record at the close of business on June 1, 2022.

Tyson Foods (NYSE: TSN) is one of the world's largest food companies and a recognized leader in protein. Founded in 1935 by John W. Tyson and grown under four generations of family leadership, the company has a broad portfolio of products and brands like Tyson®, Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, Aidells®, ibp®, and State Fair®. Tyson Foods innovates continually to make protein more sustainable, tailor food for everywhere it's available and raise the world's expectations for how much good food can do. Headquartered in Springdale, Arkansas, the company had approximately 137,000 team members on October 2, 2021. Through its Core Values, Tyson Foods strives to operate with integrity, create value for its shareholders, customers, communities and team members and serve as a steward of the animals, land and environment entrusted to it.

McCormick & Company, Incorporated (NYSE: MKC) recently announced that it is scheduled to conduct a conference call and webcast of its first quarter 2022 financial results on Tuesday, March 29, 2022, at 8:00 a.m. Eastern Time. Lawrence Kurzius, Chairman, President & CEO; Mike Smith, Executive Vice President & CFO; and Kasey Jenkins, Senior Vice President Corporate Strategy & Investor Relations will be hosting the call.

McCormick & Company, Inc. presentation of First Quarter Fiscal 2022 Results, Tuesday, March 29, 2022, at 8:00 a.m. Eastern. Go to ir.mccormick.com

If you are unable to attend the live webcast, the presentation will be archived on our website at ir.mccormick.com. To listen to an audio replay, call 877-660-6853 in the United States or 201-612-7415 internationally. When prompted, enter the conference ID number 13727459. The replay will be available until 12:00 midnight Eastern time on April 19, 2022.

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