Commercial opportunities and market demand for nanotechnologies in agribusiness sector
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Agribusiness is projected to be a $ 2.9 trillion USD industry in global investment by 2030 (World Bank 2013). Nanotechnology is poised to impact dramatically on all sectors of agribusiness industry in the next 10 years. Nanotechnology could be used to enhance the possibilities of developing conventional and stranded agribusiness resources. Nanotechnology can make the industry considerably greener and competitive, with its current growth rate of 25% (US$ 1.08billion) annually. The opportunity for application of nanotechnology in agricul¬ture is prodigious. Nanotechnology, focusing on special properties of materials emerging from nanometric size has the potential to revolutionize the agricultural and food sectors, biomedicine, environmental engineering, safety and security, water resources, energy conversion, and numerous other areas. It is well recognized that adoption of new technology is crucial in accu-mulation of global wealth and market value which now stand at US$ 1.09 trillion in estimated value. Nanotechnology has emerged as a technological advancement that could develop and transform the entire agri-food sector, with the potential to increase agricultural productivity, food security and economic growth for industries by atleast 30% (Aver. US$0.9 trillion). This review set out to address the implications of nanotechnology for the agri-food industry by examining the potential benefits, risks and opportunities.