London, March 15, 2024 (GLOBE NEWSWIRE) -- Global agritech market is on an upward trajectory, with forecasts indicating substantial growth in revenue, projected to reach US$32.7 Bn by the year 2030. This surge marks a significant leap from the US$15.7 Bn recorded in 2023, showcasing an impressive CAGR of 11% over the period from 2023 to 2030.
The agritech industry is witnessing remarkable growth driven by prominent segments such as biotechnology, and big data analytics, coupled with regional frontrunners like North America, and Asia Pacific.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$15.7 Bn | |
| Estimated Market Size in 2030 | US$32.7 Bn | |
| CAGR | 11.0% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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These advancements are revolutionising the field of agriculture, predominantly boosting productivity, sustainability, and efficiency across the agricultural value chain. As the sector continues to evolve, stakeholders are poised to capitalise on emerging opportunities and drive innovation in modern farming practices.
“Farmers worldwide are increasingly embracing modern technologies to optimise crop yields, minimise resource wastage, and enhance overall agricultural practices. Innovations such as drones, and GPS-guided tractors enable precise planting and harvesting, resulting in lower input costs, and reduced environmental impact. This is a massive growth booster to the agritech market,” says the company’s analyst.
Fueling the remarkable expansion of industry are several key trends driving innovation and investment within the agricultural technology sector. One of the primary drivers is the escalating global demand for agricultural products spurred by population growth. This has prompted increased investments in agriculture technology solutions, offering farmers a diverse array of services such as soil analysis, weather forecasting, crop monitoring, precision farming, and advanced farm management tools.
“While several factors are nurturing the proliferation of this market, a rising global population coupled with increasing demand for food critically necessitates advancements in agricultural practices. Agritech solutions, encompassing precision agriculture, data analytics, automation, and robotics, offer farmers the tools to optimise resource utilisation, maximise yields, and minimise environmental impact,” explains the analyst, adding further, “The benefits of agritech extend far beyond the farm. Consumers are increasingly demanding sustainable and ethically sourced food, eventually promoting agritech solutions”.
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Key Research Insights
- The global market for agritech is poised to experience more than 2x growth in revenue between 2023 and 2030.
- Application for production and maintenance is expected to account for the largest share of around 45%.
- North America represents the dominant regional market for agritech and captures more than 40% share of the market through 2030.
Insights into Segmentation Analysis
Biotechnology and Biochemical Advancements Lead the Way
In 2022, the biotechnology and biochemical segment dominated the agritech market, introducing genetically modified crops and innovative biochemical therapies.
These advancements enhance crop resistance, productivity, and nutritional value, addressing global food security concerns.
The segment remains pivotal in revolutionising agriculture by driving sustainable and high-yielding farming practices.
Explosive Growth in Big Data Analytics
The big data analytics category is poised for rapid market growth, offering data-driven insights for precision agriculture.
Through data collection, analysis, and predictive modeling, farmers can optimise supply chain operations, crop management, and resource use.
Big data analytics holds immense potential in enhancing productivity, sustainability, and efficiency across the agricultural value chain.
Agritech Plays Key Role of Production and Maintenance
Production and maintenance emerged as the dominant category in 2022, emphasizing the importance of irrigation systems in optimising water use and ensuring efficient crop hydration.
Technological advancements, including precision agricultural instruments and automated machinery, drive improvements in farming methods and sustainability.
Sustainable agriculture heavily relies on innovations within the production and maintenance segment to mitigate environmental impact and address changing climate patterns.
Key Report Highlights
- Genetic modification and biotechnology play pivotal roles in agritech by developing genetically modified crops with improved resilience to pests, diseases, and extreme weather conditions, thereby boosting agricultural productivity.
- Precision farming techniques, enabled by GPS, sensors, and drones, empower farmers to minimise waste, maximise resource utilisation, and make data-driven decisions, leading to increased crop yields and profitability.
- Real-time data collection and control of agricultural activities through IoT connectivity offer significant benefits, including improved decision-making, remote management of irrigation systems and tractors, and enhanced efficiency in farm operations.
Insights into Regional Analysis
North America Emerges as the Innovation Hub
North America is anticipated to command a substantial share of the global agritech market throughout the period of forecast.
The continued contributions of tech giants to technological advancements, and a burgeoning M&A trend among market competitors will be crucial to market expansion in the region.
North America continues to provide a favourable environment for agritech market expansion, with tech hubs and agritech incubators fostering innovation and attracting talent and funding.
The region's large-scale commercial farming operations leverage precision agriculture technologies, big data analytics, and sophisticated machinery to enhance crop output, reduce expenses, and improve sustainability.
Commitment to biotechnology research and development in North America drives significant progress, with the development and application of genetically modified crops boosting yields and resilience.
Rapid Growth Trail Poised for Asia Pacific
Asia Pacific emerges as a significant region in the agritech platform market, fueled by significant contributions from tech giants to technical breakthroughs and a growing trend of mergers and acquisitions.
The Asia Pacific region picks pace, with burgeoning investments in agricultural technologies by nations like China, and India.
Growing adoption of solutions such as smart irrigation management, and precision farming further bolsters prospects of Asian markets.
Farmers in the region are increasingly adopting precision farming and farm management systems, stimulating market expansion, and driving innovation.
Despite short-term challenges posed by supply chain disruptions due to COVID-19 regulations in Mainland China, the medium- to long-term outlook remains optimistic, with continued demand for diversified and novel agricultural products.
Key Companies in Global Agritech Landscape
- AeroFarms
- ARSR Tech
- Apollo Agriculture
- Conservis
- Crofarm Agriproducts Pvt Ltd.
- LettUs Grow Ltd.
- Indigo AG Inc.
- Pivot Bio
- Ceres Imaging
- AgBiome Inc.
Global Agritech Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - (By Type Coverage, By Application Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/agritech-market
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