Global Agritech Market Size, Share, and COVID-19 Impact Analysis, By Type (Biotechnology and Biochemical, Big Data and Analytics, Sensors and Connected Devices, Mobility & Others), By Application (Irrigation, Production and Maintenance, Supply Chain, Marketplace, Others), and by Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa) Analysis and Forecast 2022-2030
KEY MARKET INSIGHTS
The agritech market was valued at US$ 17.4 Bn in 2021 and is projected to reach US$ 41.1 billion by 2030, at a CAGR of 12.1%. Agritech collaborates with farmers and cooperatives to ensure the highest quality commodities are available for worldwide trade. Agritech is the use of technology and technical innovation to agricultural processes in order to improve their efficiency and production. To put it another way, it is the use of technology to enhance all aspects of the farming and growing operations.
Agritech has a wide range of applications, including a variety of agricultural and technological breakthroughs. All of these agritech systems, however, have the same goal: to grow more food in less land and/or with fewer inputs. Agritech also saves farmers time and money by automating operations and replacing most of the labour required in a farming operation - which is usually the most expensive input. Urban farming is the activity of cultivating food for commercial purposes in urban places such as cities, on building rooftops, or underground. There are several types of urban farming, but two of the most common are urban and vertical farming.
The global agritech market is negatively impacted with the outbreak of COVID-19. The COVID-19 crisis is affecting industries all around the world, and the global economy is expected to be hit the most in 2020 and 2021. Agriculture firms and suppliers all across the world have been disrupted by the outbreak. Since the COVID-19 pandemic has slowed the global movement of agritech market growth, fresh vegetables and fruit have become increasingly rare in many regions.
Prevalence of Precision Farming in Different Applications
The key driving factor for this market is the prevalence of precision farming in different applications are likely to propel the growth of the global agritech market. One of the most significant factor of internet technology is data management. Internet-connected gadgets amass massive amounts of data and information that must be processed. The internet of things standard security gateway, on the other hand, poses a slew of security and privacy concerns. The robotic and IoT devices enables proper harvesting with the help of crop monitoring sensors. For instance, John Deere has been working on next-generation, connected technologies for agriculture, and the introduction of its first fully autonomous tractor comes on the back of over three years of testing, including on real-world farms.
Surging Urbanization and Industrialization Around the World
Increased effective connectivity amongst farmers as a result of digitalization, farmers will be more likely to adopt modern agricultural ecosystems if they use cutting-edge technology like IoT and cloud. Ag Biotechnology, agribusiness marketplaces, bioenergy & biomaterials, farm management software, sensing & IoT, farm robotics, mechanization & equipment, midstream technologies, and novel farming systems are some of the features supplied by agritech. Agricultural biotechnology, new farming and farm management systems, and sensing and IoT devices are just a few of the high-profile technologies that are receiving significant farm tech investment. Other factors driving up these tech investments and hence impacting factor growth include an increase in the number of agritech firms and increased penetration of sensor-based technology.
Growing Agriculture Sector in Different Countries
The rise of the connected enterprise is propelling the global agritech market. For improved production activities, efficient information exchange between different units in industries is critical. With the use of IoT and IP networks, it allows manufacturers to better comprehend the process of converting raw materials into completed commodities. IoT-enabled systems can be used to track field instruments, ensure appropriate raw material flow, keep track of inventory status, and report items as they move through the supply chain.
Limited Awareness of Agritech & High Costs Limiting the Market Growth
The limited awareness regarding agritech applications and high cost of agricultural equipment are likely to hamper the growth of the global agritech market.
The global agritech market is segmented by Type (Biotechnology and Biochemical, Big Data and Analytics, Sensors and Connected Devices, Mobility, and Others), by Application (Irrigation, Production and Maintenance, Supply Chain, Marketplace & Others) and region. Based on the type, the market is categorized into biotechnology and biochemical, big data and analytics, sensors and connected devices, mobility, and others. Based on application, the market is categorized into irrigation, production and maintenance, supply chain, marketplace & others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, Middle East and Africa.
Based on the type segment, the agritech market is categorized into biotechnology and biochemical, big data and analytics and sensors and connected devices. The biotechnology and biochemical segment accounted for the largest market share in 2020 due to the increasing adoption of solutions among the farmers across the world.
The sensors and connected devices segment is anticipated to register a significant growth rate over the forecast period owing to significant increase in the number of connected gadgets that generate massive amounts of data.
Based on the application segment, the global agritech market is categorized into irrigation, production and maintenance, supply chain, marketplace, healthcare, transportation & others. The production and maintenances segment accounted largest market share in 2020 due to the rapidly adopting digital irrigation technologies, and the Internet of Things (IoT) plays a critical role in these cutting-edge technologies. Advance monitoring systems are increasingly being used to efficiently monitor crop production in farms; they also give useful strategies for maintaining crop yielding.
The global agritech market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. North America is expected to dominate the market share of global agritech market owing to the early adopter of IoT and has evolved into an innovation hotspot. continued contribution of IT behemoths to technical developments has caused a stir in the region's competitive market. Due to their great purchasing power, the population in this region is more receptive to technology advancements.
Companies in this region are constantly improving their overall business operations in order to meet the strong demand for high-quality products and services from their customers. However, Asia Pacific is anticipated to emerge as the fastest-growing region over the forecast period. Rising population in nations such as China, India, Indonesia, Japan, the Philippines, and Vietnam, as well as rising demand for improved yields. Significant investments in agritech are being made in the aforementioned nations.
- ARSR Tech
- Apollo Agriculture
- Crofarm Agriproducts Pvt Ltd
- Indigo Ag, Inc.
- LettUs Grow Ltd.
- Pivot Bio
- AgBiome, Inc.
- Ceres Imaging
- Harvest Automation
- Farmers Business Network
KEY INDUSTRY DEVELOPMENTS:
June 2020- AgBiome declared a recent patent directed toward the Connate product line granted in the United States, further strengthening AgBiome’s IP Protection around novel product offerings.
April 2020- AeroFarms announced to build the world largest 90,000 square foot indoor vertical farm in Abu Dhabi, UAE and invested USD $100 million in AeroFarms, to build facilities in Abu Dhabi.
- Biotechnology and Biochemical
- Big Data and Analytics
- Sensors and Connected Devices
- Production and Maintenance
- Supply Chain
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy
- Asia-Pacific- China, Japan, India
- Latin America- Brazil, Argentina, Colombia
- The Middle East and Africa- United Arab Emirates, Saudi Arabia
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