People are becoming more and more interested in indoor growing and vertical farming. A report came forth during August 2019 that said that there is a multibillion-dollar growth potential if farmers, old and new, or companies can use the new tech coming forth for agriculture. However, a shortage of agricultural laborers seems to be a problem as the article reports that ¼ of farmers in Canada will be 65 by 2025. The shortage for farmers is going to grow to 123,000 by 2030. The current output from the sector is $40 billion but that could easily reach $51 billion if money was put into the right places.
- Indoor gardening/farming is growing. Predictions say that agricultural production in Canada could see the industry grow from $41 billion to $51 billion.
- There is also a shortage of people in the field as it seems as if ¼ of farmers in Canada will be 65 by 2025.
- Reports say that there will be 123,000 jobs in the sector with no one to fill them by 2030.
Quote: “The bank’s Farmer 4.0 study estimated that in Canada, where one-quarter of farmers will be 65 or older by 2025, the agricultural labour shortage is expected to grow to 123,000 positions by 2030. However, Royal Bank determined that the sector’s GDP output could grow from $40 billion to $51 billion over the next decade if the right investments are made in people, skills and technology.” (Orton, 2020)