Jack Uldrich, futurist and former naval intelligence officer, shares three things he believes will be impacting agriculture in 2022.
Big food companies are betting that regenerative agriculture will thwart climate change which is ultimately paying farmers to sequester carbon by adopting conservation practices.
"We're seeing European governments be more aggressive in requiring agribusinesses and farmers to get more serious about regenerative agriculture, and the Biden administration will likely provide financial incentives for farmers to store carbon in their land. This is a huge opportunity for farmers; it's not too soon for every farmer to begin getting up to speed on this issue."
In 2020, plant-based protein sales went through the roof, which had a lot of people worried. Jayson Lusk, Purdue University agricultural economist, says plant-based food sales seem to have leveled off over the last few months, but despite that, plant-based protein is going to erode over real milk, meat, and eggs.
It's not going to become 100% of the market, but it's starting to look like it's going to grow faster than traditional food options.
Electric vehicles represent 2% of total global vehicle sales but are estimated to reach 24% within the next eight years.
The question being raised is if battery technology has improved, to which Jack Uldrich says:
"I think electric vehicles are going to take off faster than most farmers are currently estimating. If so, demand for gasoline goes down, which means demand for ethanol goes down. If ethanol demand goes down, the demand for corn goes down. My point is not to say that will happen, but corn farmers should be prepared for that possibility."