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Global Agritech Market Report 2024: Sustainable Agriculture and Smart Farming Propel Global Agritech Market to $54.17 Billion by 2029 - ResearchAndMarkets.com

The "Global Agritech Market: Analysis By Type, By Application, By Region Size & Forecast to 2029" report has been added to ResearchAndMarkets.com's offering. In 2023, the global agritech market wa...

Business Wire

DUBLIN: The "Global Agritech Market: Analysis By Type, By Application, By Region Size & Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.

In 2023, the global agritech market was valued at US$24.19 billion, and is forecast to reach US$54.17 billion by 2029. The global agritech market value is projected to grow at a CAGR of 14.38%, during the forecast period of 2024-2029.

The agritech market is expected to surge in the forecasted period due to the increasing integration of AI and machine learning, surge in adoption of precision farming, growing use of robotics and automation, increased focus on sustainability production, etc. The rise in the number of agritech companies and the widespread adoption of sensor-based technology are two other significant factors contributing to these technology investments and thus influencing sector growth.

Moreover, Government initiatives, research partnerships, and incentives for R&D are fostering innovation in the agritech sector, translating research into commercial applications and driving market growth. The agritech market is propelled by technological advancements, partnerships within the industry, and changes in regulations.

Market Segmentation Analysis:

By Type: Biotechnology & Biochemicals segment acquired majority of share in the market in 2023, because biotechnology and biochemicals provide solutions to increase crop production, enhance resistance to pests, and minimize the environmental effects of agriculture. Whereas, big data analytics segment would exhibit the fastest growing CAGR in the future, as big data analytics provides farmers and agricultural companies with the ability to make better decisions through the analysis of large volumes of data. This data comes from various sources such as sensors, satellites, weather stations, crop yields, market trends, and other sources.

By Application: Production and Maintenance segment acquired majority of share in the market in 2023 and would exhibit the fastest growing CAGR in the future, as modern agricultural technology solutions help farmers improve productivity and efficiency by providing tools and technologies such as precision agriculture methods, data-driven decision-making, real-time monitoring devices, and automated machinery for tasks like planting, irrigation, and harvesting.

By Region: North America agritech market enjoyed the highest market share in 2023, owing to significant amounts of money have been invested in the agritech industry, coming from both traditional agricultural businesses and investors. This increase in funding has led to advancements in technology and the creation of new innovations in North America region. Agritech market in North America region is expected to augment in the future due to the demand for sustainable agriculture, collaboration and partnerships of various startup companies, vertical farming and indoor agriculture, biotechnology and genetic engineering, etc. Asia Pacific agritech market is expected to grow with the fastest CAGR, due to the rapid technological advancements, investment opportunities, changing customer demand, acquisition, collaboration and partnerships in the market, etc. Moreover, numerous governments in the Asia-Pacific region are encouraging the adoption of agritech by implementing policies, offering incentives, and providing financial assistance.

China has a large population to provide for, creating significant challenges for its agricultural industry. Due to worries about food security, there is a strong motivation to integrate cutting-edge technologies to enhance agricultural output and effectiveness. Whereas, in India, the rise of agricultural startups that specialize in areas such as farm inputs, farm management, improving supply chains, and connecting with markets has brought energy to the industry. Investments in Indian agritech market had grown from US$145 million in 2018 to US$257 million in 2019. These new companies offer creative solutions designed to address the specific issues that Indian farmers encounter.

Global Agritech Market Dynamics:

Growth Drivers

  • Rapid Population Growth and Food Security Concerns
  • High Internet Penetration in Rural Regions
  • Ongoing Adoption of IoT and Smart Farming Technologies
  • Increasing Climate Change and Environmental Concerns
  • Digitization of Agriculture Supply Chain
  • Rising Investment in Agritech Startups
  • Government Initiatives

Challenges

  • High Cost of Agricultural Equipment
  • Increasing Concerns over Data Security and Privacy

Market Trends

  • Increasing Integration of AI and Machine Learning
  • Surge in Adoption of Precision Farming
  • Ongoing Advancements in Genetic Engineering and Biotechnology
  • Increasing Focus on Sustainable Agricultural Production
  • Growing use of Robotics and Automation

Competitive Landscape and Recent Developments:

Global agritech market is large and highly fragmented with a large number of startups. The companies offer a range of agritech products and services, including precision agriculture solutions, crop monitoring and management, data analytics, irrigation and water management, and farm management software. Strategic partnerships among agritech firms, agricultural equipment manufacturers, research institutions, and government agencies and the integration of diverse technologies are breeding comprehensive agritech solutions.

Key players in the global agritech market include:

  • Syngenta
  • Indigo
  • Pivot Bio
  • Ninjacart
  • Agreena
  • CropX
  • Zuari FarmHub Limited
  • ARSR Technologies
  • Crofarm Agriproducts Pvt Ltd.
  • LettUs Grow
  • Ceres Imaging
  • Hortau
  • Farmers Business Network, Inc.

Key Attributes:

Report Attribute Details
No. of Pages 130
Forecast Period 2024 - 2029
Estimated Market Value (USD) in 2024 $27.67 Billion
Forecasted Market Value (USD) by 2029 $54.17 Billion
Compound Annual Growth Rate 14.3%
Regions Covered Global 

Key Topics Covered:

1. Executive Summary

2. Introduction

3. Global Market Analysis

3.1 Global Agritech Market Analysis

3.2 Global Agritech Market Type Analysis

3.3 Global Agritech Market Application Analysis

4. Regional Market Analysis

4.1 North America Agritech Market

4.2 Europe Agritech Market

4.3 Asia Pacific Agritech Market

4.4 Rest of the World Agritech Market

5. Impact of COVID-19

6. Market Dynamics

6.1 Growth Drivers

6.1.1 Rapid Population Growth and Food Security Concerns

6.1.2 High Internet Penetration in Rural Regions

6.1.3 Ongoing Adoption of IoT and Smart Farming Technologies

6.1.4 Increasing Climate Change and Environmental Concerns

6.1.5 Digitization of Agriculture Supply Chain

6.1.6 Rising Investment in Agritech Startups

6.1.7 Government Initiatives

6.2 Challenges

6.2.1 High Cost of Agricultural Equipment

6.2.2 Increasing Concerns over Data Security and Privacy

6.3 Market Trends

6.3.1 Increasing Integration of AI and Machine Learning

6.3.2 Surge in Adoption of Precision Farming

6.3.3 Ongoing Advancements in Genetic Engineering and Biotechnology

6.3.4 Increasing Focus on Sustainable Agricultural Production

6.3.5 Growing use of Robotics and Automation

7. Competitive Landscape

7.1 Global Agritech Market Players: Competitive Landscape

8. Company Profiles

  • Syngenta
  • Indigo
  • Pivot Bio
  • Ninjacart
  • Agreena
  • CropX
  • Zuari FarmHub Limited
  • ARSR Technologies
  • Crofarm Agriproducts Pvt Ltd.
  • LettUs Grow
  • Ceres Imaging
  • Hortau
  • Farmers Business Network, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/hkz52t

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Fonte: Business Wire

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