Agritech Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

The global agritech market size is expected to grow from US$ 25.60 billion in 2023 to US$ 67.10 billion by 2031; it is anticipated to expand at a CAGR of 12.8% from 2024 to 2031. The growing use of artificial intelligence (AI) and machine learning (ML) is likely to remain a key agritech market trends.

Agritech Market Analysis

The adoption of sensor-based agricultural technology, along with the growing number of agritech startups, is a major factor driving the agritech market growth.

Agritech Market Overview

Agritech, or agriculture technology, refers to the application of technical breakthroughs in agriculture to improve productivity, efficiency, and profitability. This involves leveraging technology to accelerate planting, developing crops that thrive in a variety of settings, and harvesting. It can also refer to the utilization of robotics, big data, artificial intelligence, or any other means essential to address the issues that the agricultural business confronts. Furthermore, agritech is utilized to create cutting-edge Internet of Things-based software that can track and deliver precise information about the weather, soil quality, and present state. IoT technologies are utilized in agriculture to optimize farming without depleting farmers' resources or time, by providing them with real-time information on their crops and farms.

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Agritech Market: Strategic Insights

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Agritech Market Drivers and Opportunities

Increased Adoption of Sensor-Based Technology to Favor Market

The increased usage of sensor-based technologies is fuelling technological spending in the agritech industry. This involves the utilization of sensing devices and Internet of Things (IoT) technology. These technologies enable farmers to collect data on a variety of parameters, including weather patterns, soil conditions, and crop performance, allowing them to make more educated decisions. Sensors put in fields offer farmers with real-time information on soil moisture, temperature, and acidity. This information enables farmers to make prompt decisions about irrigation, nitrogen delivery, and crop protection.

Food Security and Population Expansion

Population growth is putting pressure on the world's food supply network. Agritech attempts to meet the nutritional needs of the rising population. Precision planting and harvesting are enabled by technologies such as drones and GPS-guided tractors, which reduce input costs and environmental effect. Furthermore, data-driven solutions give farmers with valuable insights into weather patterns, soil conditions, and crop performance, allowing them to make educated decisions.

Agritech Market Report Segmentation Analysis

Key segments that contributed to the derivation of the agritech market analysis are type and application.

• Based on type, the market is divided into biotechnology and biochemicals, big data and analytics, sensors and connected devices, mobility, and others. The biotechnology and biochemicals segment held a larger market share in 2023.
• In terms of application, the market is bifurcated into irrigation, production and maintenance, supply chain, and marketplace. The production and maintenance segment held a larger market share in 2023.

Agritech Market Share Analysis by Geography

The geographic scope of the Agritech market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America dominated the Agritech market in 2023. The growth of the regional market can be attributed to the rising adoption of precision agriculture. Precision agricultural technology, such as drones, sensor-based systems, and GPS-guided tractors, has been widely adopted in North America. This technology allows farmers to maximize crop yields, cut input costs, and improve overall farm productivity. Precision agriculture technologies, including drones, sensor-based systems, and GPS-guided tractors, have revolutionized the farming industry. By utilizing these technologies, farmers can achieve greater efficiency and productivity in their operations.

Agritech Market Regional Insights

The regional trends and factors influencing the Agritech Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Agritech Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Agritech Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Agritech Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Agritech Market are:

1. ARSR Tech
2. AeroFarms
3. Apollo Agriculture
4. Crofarm Agriproducts Pvt Ltd
5. Conservis
6. Indigo Ag, Inc.

Disclaimer: The companies listed above are not ranked in any particular order.

Agritech Market News and Recent Developments

The agritech market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:

• In January 2024, Apollo Agriculture, a commercial farming platform that assists small-scale farmers in maximizing their profits, secured US$ 10 million in funding to support its continued growth. The Kenyan startup, founded in 2019, provides farmers with access to financing, high-quality farm inputs, insurance, and optimized advice to increase their profitability. The recent funding will enable Apollo Agriculture to expand its operations in Kenya and help more farmers thrive, adapt to climate change, and contribute to food security.

(Source: Apollo Agriculture, Press Release, 2024)

• In February 2023, AeroFarms, a Certified B Corporation and a global leader in indoor vertical farming, introduced AeroFarms AgX, its latest state-of-the-art indoor vertical farm. This cutting-edge facility is focused on innovative Research and Development (R&D) and is located in the UAE, specifically in Abu Dhabi. AeroFarms AgX aims to advance sustainable controlled environment agriculture (CEA) and indoor vertical farming to address broader global agriculture supply chain challenges.

(Source: AeroFarms, Press Release, 2023)

Agritech Market Report Coverage and Deliverables

The "Agritech Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter's Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles