The Genfitt Knowledge Report 2023 is Here! 

We are proud to release the 2023 Genfitt Knowledge Report. This year's 52-page edition is our most comprehensive version in the 8 years we are publishing this report on the state of the Agricultural sector in Ireland

The report includes findings from Genfitt customers, customer interviews and expert group discussions. For the first time we included a Farmers Survey as part of the research, bringing in a new perspective and a more comprehensive insight in the Agricultural sector in Ireland.
 
Headlines from this years’ research report are:

Farmers Survey

• This year, for the first time, we included a Farmers Survey as part of our research. We had a great response, with almost 3700 farmers participating, spread across all 32 counties of Ireland, providing great geographical insights. We feel the views gained from this have added substantially to the overall report.
• 3 out of 4 farmers are making online purchases for their farming enterprise. This indicates how farmers are embracing technology to conduct their day-to-day business.
• 1 out of 3 farmers had purchased an animal online via a Mart App and with 69% responding that they use Mart Apps regularly we can assume, many more are selling online and using apps for some market research prior to buying & selling their own livestock. Again, showing a move towards a digital way of working.
• 60% of farmers were planning to invest €10k or less this year on machinery – throughout the report we see that people are cautious to make investments in light of reduced output prices whilst input prices remain high.
• The Weather, the cost of fertiliser and the cost of living were the three biggest concerns for farmers in 2023.
• Overall Farmers rated the Marketplace in 2023 as a challenging 5 out of 10.

• 2023 was a more positive year for Agri Resellers with 78% performing the same or better than 2022. 

• Agri Resellers rated their business performance as a 7/10 in 2023, two points higher than our farmer respondents.
• OEMs rated the year as a 6/10 - business had been more challenging with increased costs and a downturn in demand, from the highs of the Covid years 2020-2022.
• This was reflected by OEMs' general spend on parts and components of which 87% of respondents stated it was down on their spend in 2022.

• Our Expert Group agreed with the sentiment that 2023 was a difficult year for the Agricultural Industry in Ireland. The difficult weather, reduced farm gate prices, input prices remaining stubbornly high & other challenges such as Labour availability and the media focus on farmings' environmental impact all contributed to a subdued mood across the industry.
• The outlook for 2024 is the same according to the Expert Group, with a forecast of 5/10 for the year ahead. However there is optimism that the wheel will turn and we can expect some recovery in 2025.

The surveys took place in July & August 2023 and the Customer interviews & our Expert Group took place in early October 2023.

Click here to view the full report.