Agritech Global Market Report 2024

Agritech, or agricultural technology, involves the application of modern technology, scientific advancements, and innovation within the agricultural sector to enhance productivity, efficiency, sustainability, and profitability. It encompasses a diverse range of technologies and applications, including precision agriculture, automation, data analytics, and biotechnology, all aimed at improving different aspects of the agricultural value chain, from cultivation and harvesting to distribution and marketing.

The primary types of agritech include big data and analytics, biotechnology and biochemicals, mobility, sensors and connected devices, and other related technologies. Big Data and Analytics involve the collection, organization, and analysis of large volumes of data to derive valuable insights and support informed decision-making. This technology finds applications across various areas, such as production and maintenance, irrigation, supply chain management, marketplace optimization, and others. It is utilized in sectors including precision farming, agriculture, agrochemicals, smart agriculture, biotechnology, indoor farming, and more.

The agritech market research report is one of a series of new reports from The Business Research Company that provides agritech market statistics, including agritech industry global market size, regional shares, competitors with a agritech market share, detailed agritech market segments, market trends and opportunities, and any further data you may need to thrive in the agritech industry. This agritech market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The agritech market size has grown rapidly in recent years. It will grow from $27.12 billion in 2023 to $30.63 billion in 2024 at a compound annual growth rate (CAGR) of 13.0%. The growth observed during the historical period can be attributed to several factors, including the Green Revolution, advancements in agricultural machinery, the introduction of genetically modified organisms (GMOs), and the adoption of precision agriculture techniques.

The agritech market size is expected to see rapid growth in the next few years. It will grow to $48.01 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The projected growth in the forecast period can be attributed to several key factors, including the digital transformation in agriculture, the adoption of climate-smart agricultural practices, innovations in biotechnology, and the increasing prevalence of agricultural robotics and automation. Major trends expected during this period include the rise of digital farming and precision agriculture methods, the emergence of vertical farming and indoor agriculture solutions, the promotion of sustainable and regenerative agricultural practices, the implementation of gro-blockchain technology for enhanced supply chain transparency, and the integration of robotics and automation into agricultural processes.

The increasing demand for food is poised to drive the growth of the agritech market in the foreseeable future. Food, essential for growth and health, is derived from plants or animals and serves vital physiological functions. This demand surge stems from population growth, urbanization trends, and evolving dietary preferences. Agricultural technology (agritech) plays a pivotal role in food production, aiming to enhance efficiency, productivity, and sustainability in farming practices to meet the escalating global food demand. For instance, data from the U.S. Bureau of Labor Statistics indicates a substantial increase in average household spending on food in 2021 and 2022, driven by elevated spending on meals away from home and food at home. Additionally, organic food sales in the United States reached record levels in 2021, experiencing a significant surge of 12.4% to $61.9 billion, as reported by the Organic Trade Association. Consequently, the burgeoning food demand emerges as a primary catalyst propelling the growth trajectory of the agritech market.

Leading entities within the agritech market are focusing on developing innovative technologies to address agricultural challenges effectively. One such advancement is the Starskii and Cart Climate-Adapted Release Technology (CART), designed to enhance biocontrol in agriculture, specifically targeting thrips and whitefly infestations across various crops and environments. This technology leverages methods or strategies to introduce organisms adapted to thrive in changing climate conditions, a critical aspect of agricultural and environmental management. For instance, Bioline Agroscience, a UK-based agritech company specializing in biological control products, launched the Starskii and CART technology in March 2021. This solution utilizes Amblyseius swirskii to effectively manage thrips and whiteflies in diverse agricultural settings. Combining the adaptability of Amblyseius swirskii with a novel release system under CART technology ensures optimal pest control while prioritizing environmental sustainability. Moreover, the technology offers features such as optimized control, adaptability, high fidelity, and eco-friendliness, presenting growers with a valuable and sustainable solution for pest management in agriculture.

In October 2022, Mahindra & Mahindra, a leading automotive manufacturer based in India, completed the acquisition of MITRA Agro Equipments for an undisclosed sum. This strategic move underscores Mahindra & Mahindra's commitment to fortifying its presence in the agricultural equipment sector while expanding its product offerings and seizing opportunities within the burgeoning horticulture market. MITRA Agro Equipments, an Indian agritech firm renowned for its specialization in manufacturing agricultural spraying machines tailored for horticulture crops, enhances Mahindra & Mahindra's capabilities in delivering innovative solutions to meet evolving market demands.

Major companies operating in the agritech market are 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.

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.

The countries covered in the agritech market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The agritech market consists of revenues earned by entities by providing services such as precision agriculture solutions, inventory management, financial tracking, crop rotation planning, livestock management, and supply chain optimization. The market value includes the value of related goods sold by the service provider or included within the service offering. The agritech market also includes sales of precision agriculture tools, farm management software tools, crop protection products, indoor farming systems, and soil health and fertility products. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Agritech Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on agritech market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for agritech ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The agritech market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 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
• Companies Mentioned: Cargill Incorporated; Archer Daniels Midland Company (ADM); BASF SE; Wilmar International Limited; Bunge Limited
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.