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Agritech Market

Agritech Market Size, Share & Trends Analysis Report By Type (Biotechnology and Biochemicals, Big Data and Analytics, Sensors and Connected Devices, Mobility) and Application (Irrigation, Production and Maintenance, Supply Chain, Marketplace), By Region, And By Segment Forecasts, 2024-2031.

Report ID : 2546 | Published : 2024-06-21 | Pages: 180 | Format: PDF/EXCEL

Agritech Market Size is valued at USD 25.2 Bn in 2023 and is predicted to reach USD 72.6 Bn by the year 2031 at a 14.3% CAGR during the forecast period for 2024-2031.

Agritech Market info

Agritech technologies strive to enhance the sustainability, resilience, and profitability of agriculture while simultaneously addressing the worldwide demand for food. They are implementing revolutionary alterations in farming techniques, supply chain administration, and agricultural sustainability on a global scale, so facilitating the modernization and progress of the agricultural sector.

Governments incentivize Agritech to support this trend, while consumers' emphasis on food safety and transparency further propels the market forward. Additionally, emerging business models like farm management software contribute to this revolution in agriculture, promising both growth and sustainability. However, despite these advancements, challenges persist, including limited rural connectivity, interoperability issues, high initial costs, regulatory barriers, and concerns regarding data privacy and security.

Moreover, addressing these hurdles is vital for widespread adoption and innovation in Agritech. Governments must play a pivotal role in refining regulatory frameworks to encourage innovation and investment while also implementing cost-effective models and financial incentives to make Agritech solutions accessible to a broader spectrum of farmers, especially those in developing regions.

Competitive Landscape

Some Major Key Players In The Agritech Market:

  • AeroFarms
  • AgBiome Inc.
  • AgWorld
  • Apollo Agriculture
  • ARSR Tech
  • Ceres Imaging
  • Chifu Agritech Private Limited
  • Conservis
  • Crofarm Agriproducts Pvt Ltd
  • Farmers Business Network
  • Harvest Automation
  • Hortau
  • Indigo Ag Inc.
  • Ken Agritech
  • LettUs Grow Ltd.
  • Mankind Agritech
  • Pivot Bio
  • WayCool
  • Other Prominent Players

Market Segmentation:

The Agritech market is segmented on the basis of type and application. Based on type, the market is segmented as biotechnology and biochemical, big data and analytics, sensors and connected devices, 8mobility and other types. As per the application, the market is segmented into irrigation, production and maintenance, supply chain, marketplace, and others.

Based On Type, The Big Data and Analytics Segment Is Accounted As A Major Contributor In The Agritech Market.

The Big Data and Analytics segment dominates the Agritech market primarily due to its pivotal role in transforming agricultural practices. Through the analysis of extensive datasets collected from diverse sources like sensors, satellites, and machinery, farmers can make data-driven decisions that optimize crop management, reduce resource consumption, and mitigate risks. Precision agriculture, facilitated by big data analytics, allows for targeted interventions in specific areas of fields based on real-time insights, enhancing yields and minimizing environmental impact. Furthermore, the application of big data analytics extends to optimizing the agricultural supply chain, from production to distribution, by leveraging data on factors such as demand forecasts, weather conditions, and market trends to streamline operations and minimize waste.

Additionally, predictive maintenance algorithms powered by big data analytics ensure the efficient operation of agricultural equipment, minimizing downtime and maximizing productivity. Moreover, big data analytics provide valuable insights into market dynamics, enabling farmers to make informed decisions regarding crop selection, pricing strategies, and risk management. In essence, the dominance of the Big Data and Analytics segment underscores its indispensable role in revolutionizing agriculture and fostering efficiency, sustainability, and profitability throughout the industry.

The Irrigation Segment Has Witnessed Rapid Growth.

The irrigation segment holds the largest share of the market. Firstly, irrigation is a fundamental aspect of agriculture, essential for sustaining crop growth and ensuring optimal yields, particularly in regions with irregular rainfall patterns or limited access to water resources. As such, the demand for efficient irrigation solutions remains consistently high across diverse agricultural landscapes. The increasing recognition of water shortage and the necessity for sustainable water management techniques have driven the implementation of sophisticated irrigation systems. These technologies encompass precision irrigation systems, drip irrigation, and sensor-based irrigation controllers. They allow farmers to supply an optimal amount of water directly to the root zone of crops, reducing water wastage and maximizing water use efficiency.

In The Region, The North American Agritech Market Holds A Significant Revenue Share.

North American region is home to leading Agritech companies and research institutions pioneering advancements in areas such as precision agriculture, drone technology, genetic engineering, and data analytics. Farmers in North America leverage cutting-edge technologies to optimize crop yields, reduce input costs, and minimize environmental impact. Additionally, supportive regulatory frameworks and robust infrastructure facilitate the adoption of Agritech solutions. However, challenges such as rural connectivity issues, data privacy concerns, and the need for skilled labour persist, driving ongoing innovation and collaboration within the Agritech ecosystem.

Recent Developments

  • 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 will offer 55,000 growers a comprehensive digital solution for the management of their enterprises and the measurement of sustainable production data.

Agritech Market Report Scope

Report Attribute

Specifications

Market Size Value In 2023

USD 25.2 Bn

Revenue Forecast In 2031

USD 72.6 Bn

Growth Rate CAGR

CAGR of 14.3% from 2024 to 2031

Quantitative Units

Representation of revenue in US$ Million and CAGR from 2024 to 2031

Historic Year

2019 to 2023

Forecast Year

2024-2031

Report Coverage

The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends

Segments Covered

By Type, Application

Regional Scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country Scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea

Competitive Landscape

Crofarm Agriproducts Pvt Ltd, Pivot Bio, ARSR Tech, Harvest Automation, Indigo Ag Inc., Conservis,m Apollo Agriculture, AgBiome Inc., Hortau, AeroFarms,  Farmers Business Network, Ceres Imagin, AgWorld and Other Market Players

Customization Scope

Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing And Available Payment Methods

Explore pricing alternatives that are customized to your particular study requirements.

Chapter 1. Methodology and Scope

1.1. Research Methodology

1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Agritech Market Snapshot

Chapter 4. Global Agritech Market Variables, Trends & Scope

4.1. Market Segmentation & Scope

4.2. Drivers

4.3. Challenges

4.4. Trends

4.5. Investment and Funding Analysis

4.6. Industry Analysis – Porter’s Five Forces Analysis

4.7. Competitive Landscape & Market Share Analysis

4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Type Estimates & Trend Analysis

5.1. by Type & Market Share, 2019 & 2031

5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Type:

5.2.1. Biotechnology and Biochemical

5.2.2.  Big Data and Analytics

5.2.3.  Sensors and Connected Devices

5.2.4.  Mobility

5.2.5.  Others

Chapter 6. Market Segmentation 2: by Application Estimates & Trend Analysis

6.1. by Application & Market Share, 2019 & 2031

6.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Application:

6.2.1. Irrigation

6.2.2. Production and Maintenance

6.2.3. Supply Chain

6.2.4. Marketplace

6.2.5. Others

Chapter 7. India Agritech Market Segmentation 3: Regional Estimates & Trend Analysis

7.1. North America

7.1.1. North America India Agritech Market Revenue (US$ Million) Estimates and Forecasts by Type, 2019-2031

7.1.2. North America India Agritech Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031

7.1.3. North America India Agritech Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031

7.2. Europe

7.2.1. Europe India Agritech Market Revenue (US$ Million) Estimates and Forecasts by Type, 2019-2031

7.2.2. Europe India Agritech Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031

7.2.3. Europe India Agritech Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031

7.3. Asia Pacific

7.3.1. Asia Pacific India Agritech Market Revenue (US$ Million) Estimates and Forecasts by Type, 2019-2031

7.3.2. Asia-Pacific India Agritech Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031

7.3.3. Asia Pacific India Agritech Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031

7.4. Latin America

7.4.1. Latin America India Agritech Market Revenue (US$ Million) Estimates and Forecasts by Type, 2019-2031

7.4.2. Latin America India Agritech Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031

7.4.3. Latin America India Agritech Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031

7.5. Middle East & Africa

7.5.1. Middle East & Africa India Agritech Market Revenue (US$ Million) Estimates and Forecasts by Type, 2019-2031

7.5.2. Middle East & Africa India Agritech Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031

7.5.3. Middle East & Africa India Agritech Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031

Chapter 8. Competitive Landscape

8.1. Major Mergers and Acquisitions/Strategic Alliances

8.2. Company Profiles

8.2.1. AeroFarms

8.2.2. AgBiome Inc.

8.2.3. AgWorld

8.2.4. Apollo Agriculture

8.2.5. ARSR Tech

8.2.6. Ceres Imaging

8.2.7. Chifu Agritech Private Limited

8.2.8. Conservis

8.2.9. Crofarm Agriproducts Pvt Ltd

8.2.10. Farmers Business Network

8.2.11. Harvest Automation

8.2.12. Hortau

8.2.13. Indigo Ag Inc.

8.2.14. Ken Agritech

8.2.15. LettUs Grow Ltd.

8.2.16. Mankind Agritech

8.2.17. Pivot Bio

8.2.18. WayCool

8.2.19. Other Prominent Players

Segmentation of Agritech Market-

Agritech Market By Type

  • Biotechnology and Biochemical
  • Big Data and Analytics
  • Sensors and Connected Devices
  • 8Mobility
  • Others

 Agritech Market seg

Agritech Market By Application

  • Irrigation
  • Production and Maintenance
  • Supply Chain
  • Marketplace
  • Others

Agritech Market Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Agritech Market Size?

Agritech Market is predicted to develop at a 14.3% CAGR during the forecast period for 2024-2031.

Harvest Automation, Indigo Ag Inc., Conservis,m Apollo Agriculture, AgBiome Inc., Hortau, AeroFarms, Farmers Business Network, Ceres Imagin, AgWorld

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Growth opportunities and latent adjacency in Agriculture

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