Agritech MarketInsightAce Analytic Pvt. Ltd. has recently unveiled a comprehensive market assessment report titled “Global Agritech Market – (By Type (Biotechnology and Biochemicals, Big Data and Analytics, Sensors and Connected Devices, Mobility, and Other Types) and Application (Irrigation, Production and Maintenance, Supply Chain, Marketplace and Others), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.” This report provides an in-depth analysis of the current state and future trajectory of the agritech market, offering valuable insights for stakeholders in the industry.
According to the latest research by InsightAce Analytic, the Global Agritech Market is valued at US$ 25.2 Bn in 2023, and it is expected to reach US$ 72.6 Bn by 2031, with a CAGR of 14.3% during the forecast period of 2024-2031. This significant growth is driven by several key factors, including technological advancements such as precision agriculture and IoT, which are boosting productivity and cutting costs. With a growing population and increasing demand for sustainable food production, governments are supporting Agritech with incentives. Additionally, consumers’ focus on food safety and transparency is driving the market, alongside new business models like farm management software. These factors combine to revolutionize agriculture, offering growth and sustainability.
The agritech market is not without its challenges. Limited rural connectivity, interoperability issues between platforms, high initial costs, regulatory barriers, and concerns about data privacy and security are significant hurdles. These challenges hinder widespread adoption and innovation in agricultural technology. Regulatory barriers and outdated policies also present challenges to the Agritech market. Governments play a crucial role in shaping the regulatory landscape for agricultural technology, and overly restrictive or ambiguous regulations can hinder innovation and investment in the sector. Streamlining regulatory processes and ensuring policies are conducive to the development and deployment of Agritech solutions is essential for fostering growth and innovation in the industry. The high initial investment required for implementing Agritech solutions can be prohibitive for many farmers, especially those in developing regions. Cost-effective models and financial incentives are needed to make these technologies more approachable to a wider range of farmers, thereby driving greater adoption and impact.
The competitive landscape of the agritech market includes prominent players such as Crofarm Agriproducts Pvt Ltd, Pivot Bio, ARSR Tech, Harvest Automation, Indigo Ag Inc., Conservis, Apollo Agriculture, AgBiome Inc., Hortau, AeroFarms, Farmers Business Network, Ceres Imaging, AgWorld, and LettUs Grow Ltd. These companies are at the forefront of driving innovation and growth in the agritech sector.
The North American agritech market is anticipated to dominate in terms of revenue share and is forecasted to experience significant growth at a high Compound Annual Growth Rate (CAGR). This growth can be attributed to the region’s robust technological infrastructure, increasing investments in agricultural innovation, supportive government policies, and a strong focus on sustainability and efficiency in farming practices. Additionally, the presence of key players and research institutions driving advancements in Agritech further bolsters growth prospects in the North American market. The APAC Agritech market is expected to lead in revenue share and is projected to undergo substantial growth. This anticipation stems from several factors, including the region’s vast agricultural sector, increasing adoption of technology in farming practices, rising demand for sustainable agricultural solutions, and supportive government initiatives. Moreover, the APAC region is witnessing rapid urbanization and population growth, driving the need for innovative agricultural technologies to enhance food security and productivity. This conducive environment positions APAC as a key player in the global Agritech landscape, with considerable potential for expansion and innovation.
Recent developments in the agritech market include strategic partnerships and collaborations aimed at enhancing digital farm management solutions. For instance, in July 2022, ADM and FBN (Farmers Business Network® FBN®) signed an agreement to broaden the accessibility of FBN’s state-of-the-art digital farm business management platform, Gradable, to ADM’s network of farmers throughout North America. This collaboration will offer 55,000 growers a comprehensive digital solution for the management of their enterprises and the measurement of sustainable production data.
The agritech market is segmented by type, including Biotechnology and Biochemicals, Big Data and Analytics, Sensors and Connected Devices, Mobility, and Others. By application, the market is segmented into Irrigation, Production and Maintenance, Supply Chain, Marketplace, and Others. The report provides a detailed analysis of these segments, offering insights into their growth potential and market dynamics.
The report also covers regional trends, with a focus on North America, Europe
