Some of the largest food and agriculture companies significantly reduced their workforces or closed facilities in 2024 following a stretch of declining sales and rising costs.
Tractor giants Deere & Co. and Agco had a rough year in terms of sales as crop farmers held onto old equipment and took out fewer loans for big purchases thanks to a down farm economy. They are actively cutting production at their plants as dealers make their way through a surplus of inventory.
Meanwhile, meat companies Tyson Foods and Cargill have dealt with cost and operational challenges in beef driven by a shortage of U.S. cattle on the market. And in agtech, indoor farming startups struggled due to a lack of sales and investor funding.
