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
Market Size Value in US$ 17,442.7 Million in 2019 Market Size Value by US$ 41,172.5 Million by 2027 Growth rate CAGR of 12.1% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Agritech Market: Strategic Insights
| Market Size Value in | US$ 17,442.7 Million in 2019 |
| Market Size Value by | US$ 41,172.5 Million by 2027 |
| Growth rate | CAGR of 12.1% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and Application , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global agritech market is expected to reach US$ 67.10 billion by 2031.
The key players holding the majority of shares in the global agritech market are ARSR Tech, AeroFarms, Apollo Agriculture, Crofarm Agriproducts Pvt Ltd, and Conservis.
The growing use of artificial intelligence (AI) and machine learning (ML) is likely to remain a key agritech market trends.
The greater adoption of sensor-based technology, along with the rising number of agritech startups, is a major factor driving the agritech market growth.
The 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 Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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