NEW research from Barclays has revealed that while a large proportion of potato growers plan to adopt technological innovations with the potential to improve productivity and bottom lines, they are not being provided with the support needed.
Barclays’ latest report, Agritech: Supporting The Future of Farming draws on insights from growers and Agritech companies to highlight key barriers slowing the adoption of transformative technologies. Financial challenges coupled with perceived lack of government support were highlighted as the primary obstacles.
Almost half (45%) of those surveyed cited an unclear return on investment and extensive upfront costs (41%) as key financial barriers, followed by a lack of knowledge on how best to use the technologies (24%).
Against a challenging political backdrop, growers felt there was more that the government could do to support them, from providing clarity around long-term policy (71%), providing more support and guidance on sustainable farming practices (48%), to providing overall support for and promotion of UK farms (48%).
The report also highlights the risk the UK could face in falling behind other geographies if it can’t get the supporting supply chain and ecosystem aligned with one company executive in the report highlighting the difference between the UK and Europe, saying the approach in Europe was far more joined-up between growers, manufacturers and universities.
Barclays is calling on government to address these barriers and carry out three key actions to aid the development and adoption of agrotech, including:
Barclays is renewing its Eagle Lab partnership with the University of Lincoln. Launched in 2020, the partnership is focused on supporting agricultural start-ups and entrepreneurs, providing access to facilities including a dedicated robotics lab, as well as to experts across the industry.
Abdul Qureshi, Managing Director, Business Banking, Barclays, said: “We recognise it will take a collective effort to create the right enabling environment, but if we get this right, agritech can help our growers and play a meaningful role in both protecting and driving forward one of Britain’s most vital sectors. As the government develops its 25-year agriculture roadmap and national food plan, there is no better time.”
Agritech is worth an estimated £13bn to the UK economy.
