Agritech Market Analysis, Dynamics, Forecast and Supply Demand 2030

Global agritech market is poised for exponential growth, with revenue projected to reach US$32.7 billion by 2030, nearly doubling from the US$15.7 billion recorded in 2023. This forecast comes amidst a surge in demand for agricultural technology solutions, driven by population growth and escalating food security concerns.

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Key Trends Driving Market Expansion

Rising Investments in Agricultural Technology: Global investments in agriculture technology solutions are on the rise, propelled by the escalating demand for agricultural products due to population growth. Agritech platforms offer a myriad of services to farmers, including soil analysis, weather forecasting, crop monitoring, precision farming, and farm management tools.

Adoption of Modern Technologies by Farmers: Farmers worldwide are increasingly implementing modern technologies to enhance crop yields, reduce resource waste, and optimize agricultural practices. Innovations such as drones and GPS-guided tractors enable accurate planting and harvesting, with lower input costs and environmental impact.

Dominance of Biotechnology & Biochemicals: In 2022, the biotechnology & biochemicals category dominated the agritech industry. Advancements in genetically modified crops and innovative biochemical treatments are revolutionizing agriculture, enhancing productivity and sustainability.

Market Share Dominance of Production & Maintenance Segment: The production & maintenance segment is anticipated to dominate the global agritech market, driven by the crucial role of irrigation systems in optimizing water use, ensuring efficient crop hydration, and mitigating water waste, particularly in regions facing water scarcity.

Regional Insights

North America Leads Market Share: North America is poised to account for the largest share of the global agritech market, fueled by ongoing contributions from tech giants towards technological advancements and a growing trend of mergers and acquisitions among market competitors.

Asia Pacific's Rapid Expansion: The agritech market is rapidly expanding in Asia Pacific, with countries like China and India spearheading investments in agricultural technologies. Adoption of agritech solutions such as smart irrigation management and precision farming is driving market growth in the region.

Growth Determinants and Barriers

Population Growth and Food Security Concerns: The exploding global population and rising food security concerns are key drivers propelling the agritech market. Agritech solutions aim to address the challenge of meeting the nutritional needs of a growing population while minimizing environmental impact and maximizing agricultural output.

Genetic Engineering and Biotechnology: Genetic engineering and biotechnology play a significant role in enhancing agricultural productivity and resilience. Genetically modified crops offer traits beneficial for agriculture, such as pest resistance and tolerance to extreme weather conditions, contributing to increased yields and sustainability.

High Start-up Expenses: High upfront expenditures associated with implementing agritech solutions pose a barrier to modernizing the agriculture industry. Small-scale farmers, in particular, face financial challenges in adopting new technologies due to the significant costs involved.

Data Security and Privacy Concerns: Data ownership and control issues, along with concerns about data security and privacy, hinder agritech adoption. Farmers fear unauthorized access to agricultural data, compromising their competitive advantage and privacy, while also exposing them to cyberattacks and breaches.

Key Trends and Opportunities

Transition to Cutting-edge Technology: Agriculture is transitioning to cutting-edge technologies, including precision agriculture and IoT, supported by government initiatives and partnerships between farmers and academia. These technologies enable real-time monitoring and management of crops, enhancing yields and resource efficiency.

Precision Agriculture: Precision farming techniques, facilitated by GPS, sensors, and drones, are gaining traction globally. These technologies enable farmers to minimize waste, optimize resource utilization, and make data-driven decisions, driving the adoption of agritech platforms.

Smart Farming and IoT: IoT in agriculture, known as smart farming, allows for real-time data collection and management, optimizing agricultural activities and enhancing decision-making. IoT-enabled sensors and devices provide precise information, enabling remote monitoring and management of farm operations.

Leaders in the Global Agritech Space

Fairfield Market Research identifies the following companies as leaders in the global agritech space:

ARSR Tech

AeroFarms

Apollo Agriculture

Crofarm Agriproducts Pvt Ltd.

Conservis

Indigo AG Inc.

LettUs Grow Ltd.

Pivot Bio

AgBiome Inc

Ceres Imaging