Why this is important to Wisconsin businesses: The idea is to lower the cost and increase the volume of crop production.
When it comes to the availability of food, South Korea is lagging behind some of its comparable countries. So, the government is working to promote smart farms.
According to the 2022 Global Food Security Index released by Economist Impact and Corteva Agriscience, South Korea ranks 39th overall in terms of affordability, availability, quality and safety, and sustainability of agricultural products.
As a result, the South Korean government, corporations, and startups have invested in smart farm research and development.
Smart farms use advanced information and communication technology to improve the efficiency, sustainability, and profitability of farming processes. The technology helps monitor conditions and control environments. Smart farms are often set up as vertical container systems, and use robots and automated controls and dispensers.
South Korea began smart farm operations in 2021 and in its first year, production in the horticulture sector—which included about 75% of the participating farms—increased 33% while hours of labor declined by 12%, the Ministry of Agriculture, Food, and Rural Affairs said. Production costs also fell because of the reduced need for fertilizers and pesticides, and greenhouse gas emissions were 2% lower.
By January 2024, smart farming expanded significantly. Nearly 900 horticulture farms and 500 farms with open field crops are participating. The smart farm market in South Korea is projected to grow at an average annual rate of more than 15.5%, increasing from $240 million in 2020 to $490 million by 2025, the government said.
South Korea also has opened five regional trade centers—in Saudi Arabia, Kuwait, Kazakhstan, Azerbaijan, and Australia—to export goods and services related to smart farming.
As this trend gains popularity in South Korea, Wisconsin businesses with agricultural technology may find opportunities for partnering.
