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Royal Bank of Canada | TSX:RY | Toronto | Common Stock |
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To cultivate growth, agriculture producers are building strong industry networks, recruiting skilled labour, and adopting advanced technology in 2022
TORONTO, April 12, 2022 /CNW/ - From labour shortages and fluctuating commodities prices, to evolving environmental risks, Canadian farmers continue to operate amid highly disruptive conditions. Yet as they look to the next 12 months, two thirds (64%) of producers are feeling cautiously optimistic in their outlook, according to the RBC Agriculture Poll that surveyed agriculture owners and operators from across the country.
To realize the positive year they foresee, Canadian producers are aiming to proactively plant the seeds needed to ensure growth in the months ahead. When asked about priorities to pursue over the next year, those surveyed overwhelmingly agreed that owners and operators will look to:
"Having demonstrated their ability to weather significant and often unpredictable disruptions over the past two years, Canadian producers are now turning to the future with an outlook of cautious optimism," said Ryan Riese, National Director of Agriculture, RBC. "From risk management and resiliency, to leadership and technological innovation, farmers are increasingly shifting their focus and investments on proactive priorities to strengthen their operations and cultivate growth – not only for the year ahead but for the long-term future of the agriculture sector."
The RBC Agriculture poll also found that the face of Canadian agriculture is rapidly changing, with farmers today increasingly focused on driving sustainability, diversity and technological adoption.
When surveyed, an overwhelming majority (91%) of Canadian farmers report that they already regularly use technology and data insights to guide their decision-making, with a large number intending to further accelerate on-farm technological adoption. Over the next 12 months, about half anticipate introducing new technology to their operations to support functions like data management (55%), digital field, crop, and inventory management (51%), financial planning and cash flow management (47%), and automation (45%).
In addition to an increasing focus on digital adoption, survey findings indicate an agriculture industry that is making strides to become more sustainable and diverse.
Of the producers polled, 96% report that they are actively working to make their operations more sustainable. The industry is also moving the needle on diverse leadership, with six in ten (61%) of those surveyed reporting female leadership on their farm. Another seven in ten (71%) said that they're making progress around recruiting and promoting a more diverse workforce.
As many farmers plan for the next stage of growth and evolution, there are four important considerations that should always be top of mind for owners and operators:
The RBC Agriculture Poll was conducted by Ipsos Canada between December 10, 2021 and January 6, 2022. For the poll a sample of 150 telephone interviews were completed in English or French among owners/operators of a farm business with annual revenue of $1 Million to $4 Million OR $4 Million+ across Canada. The precision of Ipsos polls is measured using a credibility interval. In this case, the poll is accurate to within ±8 percentage points had all Canadian agriculture businesses been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to, coverage error, and measurement error.
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SOURCE RBC Royal Bank
Copyright 2022 Canada NewsWire
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