Global Agritech Market Strategies 2024, Forecast To 2033
17 Apr, 2024
The agritech market has experienced rapid expansion, surging from $27.12 billion in 2023 to $30.63 billion in 2024, showcasing a CAGR of 13.0%. This growth is attributed to factors such as the green revolution, advancements in agricultural machinery, the introduction of genetically modified organisms (GMOs), and the adoption of precision agriculture. Looking ahead, the market is poised for accelerated growth, projected to reach $48.01 billion in 2028, with a CAGR of 11.9%. Growth drivers in the forecast period include digital transformation in agriculture, climate-smart agriculture practices, biotechnology innovations, and the rise of agricultural robotics and automation. Notable trends anticipated in the forecast period encompass digital farming and precision agriculture, vertical farming and indoor agriculture, sustainable and regenerative agriculture practices, the proliferation of blockchain and supply chain transparency, and the integration of robotics and automation in agriculture.
Global Agritech Market Key Driver
The growing food demand is expected to propel the growth of the agritech market going forward. Food is any substance that provides essential nutrients for growth and health, is sourced from plants or animals, and is consumed for physiological functions. This demand arises from population growth, urbanization, and changing dietary preferences. Agricultural technology is extensively used in food production to enhance efficiency, productivity, and sustainability in farming practices to meet the growing global demand for food. For instance, according to reports published by the U.S. Bureau of Labor Statistics, a U.S. government agency, average household spending on food increased by 12.7% in 2021 and 2022. This hike was fueled by a 20.1% increase in spending on meals away from home and an 8.4% increase in spending on food at home. Furthermore, according to the Organic Trade Association, a US-based business association, organic food sales in the United States reached unprecedented levels in 2021, experiencing a remarkable surge of 12.4%, totaling $61.9 billion. Therefore, the growing food demand is driving the growth of the agritech market. The agritech market witnessed substantial growth in 2023 and is expected to continue its upward trajectory in 2024 and 2028.
Get A Free Sample Of The Global Agritech Market ReportGlobal Agritech Market Segments
The agritech market covered in this report is segmented –
1) By Type: Big Data And Analytics, Biotechnology And Biochemical, Mobility, Sensors And Connected Devices, Other Types
2) By Application: Production And Maintenance, Irrigation, Supply Chain, Marketplace, Other Applications
3) By Sector: Precision Farming, Agriculture, Agrochemicals, Smart Agriculture, Biotechnology, Indoor Farming, Other Sectors
By Geography:The regions covered in the agritech market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the agritech market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the agritech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Agritech Market Industry Players
Cargill Incorporated, Archer Daniels Midland Company (ADM), BASF SE, Wilmar International Limited, Bunge Limited, Dow AgroSciences LLC, Bayer Crop Science AG, Deere & Company, Nutrien Ltd., Syngenta Group AG, Olam International Limited, Yara International ASA, CNH Industrial NV, Sumitomo Chemical Company Limited, Kubota Corporation, The Mosaic Company, Corteva Agriscience Inc., The Andersons Inc., Land O'Lakes Inc., Tractor Supply Company, Ball Corporation, Tetra Pak Group, AGCO Corporation, Darling Ingredients Inc., Calavo Growers Inc.
Get The Full Global Agritech Market ReportAgritech Market Overview
Agritech (agricultural technology) is applying modern technology, science, and innovation in the agricultural sector to enhance productivity, efficiency, sustainability, and profitability. It encompasses various technologies and applications, including precision agriculture, automation, data analytics, and biotechnology, aimed at improving various aspects of the agricultural value chain, from cultivation and harvesting to distribution and marketing.
Agritech Global Market Report 2023 provides data on the global agritech market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The agritech market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.