What Has Been The Evolution of the Farming As A Service Market in Recent Years?
The farming as a service market has seen considerable growth due to a variety of factors.
• In recent times, there has been a notable expansion in the size of the farming as a service market. Its growth trajectory predicts an increase from $4.95 $ billion in 2024, escalating to $5.85 $ billion in 2025, reflecting a compound annual growth rate (CAGR) of 18.1%.
The expansion during the historic period is linked to factors such as improvements in farm productivity, increased utilization of IoT devices, growing demand for sustainable farming methods, the rising trend of vertical farming, and an increase in the demand for farm automation.
What Are the Future Growth Projections for the Farming As A Service Market?
The farming as a service market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for farming as a service is projected to experience rapid expansion, increasing to $11.25 billion by 2029 with a compound annual growth rate (CAGR) of 17.7%.
This growth in the projected period can be ascribed to an increase in demand for precise farming, expanding government initiatives and subsidies, an escalating need for food security, growing demand for sustainable farming practices, and a surge in the adoption of contemporary agricultural techniques. Significant trends in the forecast period include technological evolution, the merger of artificial intelligence, precision farming, IoT devices, and intelligent greenhouses.
What Are The Core Factors Supporting Growth In The Farming As A Service Market?
The surge in food consumption is anticipated to spur the expansion of the farming as a service market in the future. This hike in food consumption stems from expanding global populations, escalating income levels, and alterations in dietary habits and lifestyles. Farming as a service (FaaS) offers the use of state-of-the-art technologies such as precision agriculture instruments, which enhance the efficiency of water, fertilizers and pesticides. This results in increased crop production and decreased waste, enabling farmers to generate more food using fewer resources. For instance, a report from the United States Department of Agriculture, a government agency in the US, disclosed in April 2024 that global food consumption hit approximately 2.5 billion metric tons in 2021, with bread and cereal products emerging as the most consumed category. Additionally, the agriculture, food, and related sectors approximately contributed around $1.530 trillion towards the U.S. gross domestic product (GDP) in 2023, making up about 5.6% of the aggregate. Thus, the escalating food consumption is hitting the accelerator on the growth of the farming as a service market.
What Are The Major Segments Within The Global Farming As A Service Market?
The farming as a servicemarket covered in this report is segmented –
1) By Services: Farm Management Solutions, Production Assistance, Access To Markets
2) By Delivery Model: Subscription, Pay-Per-Use
3) By End User: Farmers, Government , Corporate, Financial Institutions, Advisory bodies
Subsegments:
1) By Farm Management Solutions: Farm Planning Software, Crop Monitoring Solutions, Irrigation Management Systems, Data Analytics and Reporting Tools, Livestock Management Software
2) By Production Assistance: Consulting Services, Technical Support Services, Training And Education Programs, Equipment Leasing And Rental Services, Input Supply Services
3) By Access To Markets: E-commerce Platforms for Farmers, Market Linkage Services, Supply Chain Management Solutions, Direct-To-Consumer Sales Platforms, Export Facilitation Services
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Which Emerging Market Trends Are Altering The Farming As A Service Industry?
Leading corporations operating within the farming-as-a-service sector are constructing technologically superior solutions like farm management software, intended to improve and simplify agricultural activities. Farm management software is a high-tech tool designed to assist farmers in planning, observing, and interpreting farm tasks, improving efficiency, conserving resources, and taking decisions based on data analysis. In March 2023, Bushel Inc., an American software company, initiated the Bushel Farm management software, which represents the future generation of software for farmers and their agricultural business associates. Bushel Farm enriches farm management by substantially lessening the need for manual data entry due to its compatibility with the FarmLogs solution by Bushel. This breakthrough feature allows farmers to conveniently import grain sales data from several grain facilities utilizing Bushel’s solutions. Farmers are now spared from tiresome hours of manual data entry of contract data or scale tickets and can automate these tasks with just a few clicks. This application will simplify contract management by automatically filling in contract specifics, uncomplicating the workflow, and saving farmers a significant amount of time.
Who Are the Key Players In The Farming As A Service Market?
Major companies operating in the farming as a service market are:
• Mahindra & Mahindra Limited
• Trimble Inc.
• Ninjacart
• Topcon Corporation
• Raven Industries Inc.
• Granular Inc.
• RML AgTech
• Figured Limited
• Farmers Edge Inc.
• Agworld Pty Ltd.
• Conservis Corporation
• FarmLogs Inc.
• AgriWebb
• Solinftec
• Farmplan
• EM3 Agri Services Pvt Ltd.
• Synnefa
• AGRIVI
• Farmbrite
• Agroptima SL
• Traction Ag Inc.
• Grownetics Inc.
• Harvest Profit
• Croptracker Inc.
What Is The Most Dominant Region In The Farming As A Service Market?
North America was the largest region in the farming as a service market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the farming as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
