Global agritech market is set to experience substantial growth over the coming decade, with revenues projected to soar to US$32.7 billion by 2030 from US$15.7 billion in 2023. This expansion is expected to be driven by a CAGR of 11% from 2023 to 2030.
Key Trends Driving Market Growth:
- Global Investments in Agriculture Technology Solutions: With increasing demand for agricultural products due to population growth, global investments in agriculture technology solutions are on the rise. These solutions offer a plethora of services to farmers, including soil analysis, weather forecasting, crop monitoring, precision farming, and farm management tools.
- Implementation of Modern Technologies by Farmers: Farmers are increasingly adopting modern technologies to enhance crop yields, reduce resource waste, and improve agricultural practices. Innovations such as drones and GPS-guided tractors enable accurate planting and harvesting, leading to lower input costs and environmental impact.
- Dominance of Biotechnology & Biochemicals: The biotechnology & biochemicals category dominated the industry in 2022, with advancements such as genetically modified crops and innovative biochemical treatments revolutionizing agriculture.
- Focus on Production & Maintenance: The production & maintenance segment is anticipated to dominate the agritech market globally, with technologies such as irrigation systems playing a crucial role in optimizing water use and ensuring efficient crop hydration, especially in regions with limited water resources.
- Regional Growth in North America and Asia Pacific: North America is expected to account for the largest share of the global agritech market, driven by technological advances and the trend of mergers and acquisitions. Meanwhile, Asia Pacific is witnessing significant growth, fueled by investments in agricultural technologies by countries like China and India.
- Exploding Global Population and Rising Food Security Concerns: Population growth and food security concerns are driving forces behind agritech, aiming to address the increasing demand for food through innovative technologies that boost agricultural output while minimizing environmental damage.
- Genetic Engineering and Biotechnology: Genetic engineering and biotechnology play a crucial role in enhancing agricultural productivity and sustainability, with genetically modified crops offering improved traits beneficial for agriculture.
- Rise in the Demand for Food Worldwide: As the world's population continues to grow, the demand for food is expected to significantly increase, presenting opportunities for agritech to bridge the gap between demand and agricultural productivity.
- High Start-up Expenses: The high upfront costs of implementing agritech solutions pose a significant barrier, particularly for small-scale farmers with limited financial resources.
- Security and Privacy Issues with Data: Concerns about data ownership, control, and security hinder the adoption of agritech, with farmers worried about unauthorized use or sharing of agricultural data.
Key Trends and Opportunities:
- Transition to Cutting-edge Technology: The agriculture industry is shifting towards cutting-edge technologies, with advancements in digital technologies and data driving modern agriculture.
- Precision Agriculture: Precision farming techniques, enabled by GPS, sensors, and drones, are gaining traction worldwide, helping farmers maximize resource efficiency and make data-driven decisions.
- Smart Farming and IoT: IoT technologies are revolutionizing agriculture, allowing for real-time data collection, monitoring, and control of agricultural activities.
- North America: North America presents a favorable environment for agritech market expansion, with tech hubs and agritech incubators fostering innovation and attracting talent and funding.
- Asia Pacific: Asia Pacific benefits from the rapid penetration of precision farming and farm management systems, driven by tech giants and growing trends of mergers and acquisitions.
Leaders in the Global Agritech Space:
????????? Apollo Agriculture
????????? Crofarm Agriproducts Pvt Ltd.
????????? LettUs Grow Ltd.
Global Agritech Market is Segmented as Below:
- Biotechnology & Biochemicals
- Big Data Analytics
- Sensors & Connected Devices
- Mobility
- Irrigation
- Production & Maintenance
- Supply Chain
- Marketplace
- North America?
- Europe?
- Asia Pacific?
- Latin America?
- Middle East & Africa??
Global Agritech Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Type Coverage, By Application Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/agritech-market
