The importance of business model innovation (BMI) is widely recognized. BMI is especially important in the agri-food industry that faces enormous challenges as the demand for food increases worldwide. Much of the BMI research focuses on the technology and biomedical industries. Far less attention has been paid to the agri-food industry. This article is a systematic literature review of the BMI research in the agri-food industry. The article’s aim is to identify and categorize various barriers to BMI as described in the literature (in English) published in peer-reviewed journals between 1990 and 2014. The findings show a fairly even distribution among external and internal BMI barriers. Because the main barrier is the mind-set that is resistant to change, it is recommended the researchers and practitioners should focus more on the cognitive barriers to BMI in the agri-food industry.