INNOVATIONS IN MODERN AGRIBUSINESS

Kareska, Katerina (2023) INNOVATIONS IN MODERN AGRIBUSINESS. Agricultural economics eJournal, 4 (65).

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Abstract

Agribusiness refers to the business of agricultural production, including everything from farming and livestock production to food processing, distribution, and marketing. It involves the integration of all the activities involved in producing and distributing agricultural products, from the initial production stages to the final consumer. Agribusiness is an important sector of the economy, particularly in developing countries where agriculture is a major contributor to gross domestic product (GDP) and employment. The concept of agribusiness is often associated with the application of modern technologies and management practices to improve the efficiency and profitability of agricultural production and marketing.
The modern agribusiness approach is a more advanced and technologically-driven method of farming that has emerged in recent decades. It involves the use of modern technologies and practices to maximize yields, increase efficiency, and improve profitability. Some key elements of modern agribusiness approach include: Large-scale farming, Mechanization, Use of chemical fertilizers and pesticides, Dependence on irrigation, Use of genetically modified crops, Datadriven decision-making, Integration of marketing and supply chain management, and ect. The modern agribusiness approach reflects the increasing importance of technology and efficiency in agriculture. Innovations in agribusiness are driving significant changes in the agriculture industry, with new technologies, business models, and approaches emerging to improve sustainability, increase yields, and reduce costs. Precision farming techniques, such as the use of drones and sensors, are helping farmers to monitor crop health and soil conditions in real-time, while new plant varieties are being developed to better withstand pests and climate change. Circular economy approaches that reduce waste and optimize resource use are also gaining traction, creating new opportunities for collaboration and partnership. These innovations are helping to shape the future of agribusiness, and those who embrace them will be best positioned to succeed in the years ahead.

Item Type:	Article
Subjects:	Scientific Fields (Frascati) > Agricultural Sciences > Agricultural biotechnology Scientific Fields (Frascati) > Social Sciences > Economics and Business
Divisions:	Scientific Tobacco Institute
Depositing User:	Prof d-r. Katerina Kareska
Date Deposited:	01 Nov 2024 10:37
Last Modified:	01 Nov 2024 10:37
URI:	https://eprints.uklo.edu.mk/id/eprint/10078

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