Global AgriTech Market

AgriTech Market was valued at USD 19639 million in 2019 and is expected to register a CAGR of 12.6% during the forecast period.

AgriTech or agriculture technology is defined as the use of advanced technologies in agriculture for increasing yield and profitability. The major technologies being used in agriculture includes drones, satellite photography, IOT based sensors, biotechnology, artificial intelligence, big data, and blockchain. The advent of these new technologies helps the agriculture industry in facing challenges pertaining to land management, climate change, resource depletion, and biodiversity loss.

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The global AgriTech market is becoming more mainstream thanks to the accelerating emphasis on enhancing the productivity and cultivation of the crop followed by the continuous integration of different technologies at the global level. Additionally, the farmers are increasingly seeking various services from the AgriTech vendors to measure the level of production and test the quality of the soil. The governments of several countries are continuously focusing on a sustainable model for farming to earn maximum revenues, which in turn, will indirectly surge the demand for the AgriTech market over the coming years. For example, the government of India has launched multiple incentive schemes to support start-ups in the agriculture sector, such as ASPIRE, the NSTEDB start-up schemes, and other programs. All these initiatives will attract entrepreneurs to launch new start-ups to bring innovative advancements in the agriculture sector.

There has a fundamental shift in the consumer’s preference for personalized and on-demand products driven by the increasing awareness for health and sustainability. Furthermore, the surging rate of the world population, especially the undernourished population, is creating severe urgency to accelerate the production of yield to meet the growing demand around the world. The increasing complexity in the production of yields is encouraging them to opt for advanced technologies to improve yield efficiency. These factors are projected to create innumerable growth opportunities in the market over the coming years.

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Based on the type, the big data and artificial intelligence segment is anticipated to grow at a faster CAGR over the forecast period due to the increasing usage of AI-based technologies to analyze and interpret different conditions such as extreme weather conditions, water use, temperature information, and soil conditions for better decision making. In addition to this, the AI technology is helping the farmers to optimize planning and strategizing to generate improved yields through efficient utilization of the resources. All these remarkable benefits offered by artificial intelligence technologies are responsible for the strong demand for the segment in the market.

Based on the application, production and maintenance application is projected to grow at a higher CAGR over the forecast period. This is due to the rising usage of advanced technologies such as IoT based sensors, vertical farming, and remote-controlled drones for an increased yield. Additionally, the increasing adoption of automated machinery by the farmers for various purposes, such as the identification of agricultural produce and optimization of water usage will further accelerate the demand of the segment over the coming years.

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Based on the region, the North America region is projected to dominate the market over the forecast period. This is attributed to the presence of the large number of market disruptors and technology innovators in the North America. Moreover, the leading enterprises are mainly focusing on enhancing the soil and seed quality, which in turn, will encourage them to opt for various technologies in the agriculture sector. On the other hand, the Asia-Pacific region is anticipated to grow at a higher CAGR during the forecast period owing to the increasing investments for developing advanced technologies in the agriculture sector, especially in the emerging economies such as China and India. Furthermore, the food technology market is soaring with a boom in the food delivery services market, thereby accelerating the demand of the market in the Asian countries.

Various notable players operating in the market include MeiCai, ProducePay, PivotBio, LettUs Grow, Ceres Imaging, Conservis, Ninjacart, Indigo Ag, Inc., Pure Harvest Smart Farms, AeroFarms, and Apollo Agriculture, among others.

Key Developments:

• • In 2020, LettUs Grow build two vertical farm modules in Bristol to help feed vulnerable communities during the COVID-19 pandemic. This measure has helped in increasing the food supply chain by diversifying the local food production.
  • In 2020, Pure Harvest Smart Farms entered into a partnership with Wafra International Investment Company to establish more greenhouses in Saudi Arabia and U.A.E.
  • in 2020, the Abu Dhabi Investment Office (Adio) partnered with AeroFarms, Madar Farms, RNZ and RDI for providing research on various agriculture technologies. This partnership is worth $100 million. This will help the Abu Dhabi Investment Office (Adio) to understand which the best technologies are to increase yield.

The global AgriTech market has been segmented on the basis of type, application, and region. Based on type, the market is segmented into Biotech, Big Data and Artificial Intelligence, Internet of Things, Mobility, Vertical Farming, and Others. Based on the application, the market is segmented into Irrigation, Production and Maintenance, Marketplace, Supply Chain, and Others.

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Key questions answered in this research report:

• • At what pace is the global AgriTech market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in global AgriTech market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global AgriTech market?
  • Which type generated maximum revenues in 2019 and identify the most promising types during the forecast period?
  • What are the various application areas of the global AgriTech market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation:

Global AgriTech Market by Type

• • Biotech
  • Big Data and Artificial Intelligence
  • Internet of Things
  • Mobility
  • Vertical Farming
  • Others

Global AgriTech Market by Application

• • Irrigation
  • Production and Maintenance
  • Marketplace
  • Supply Chain
  • Others

Global AgriTech Market by Region

• • North America AgriTech Market (Option 1: As a part of the free 25% customization)
    • North America AgriTech Market by Type
    • North America AgriTech Market by Application
    • US AgriTech Market All-Up
    • Canada AgriTech Market All-Up
  • Europe AgriTech Market (Option 2: As a part of the free 25% customization)
    • Europe AgriTech Market by Type
    • Europe AgriTech Market by Application
    • UK AgriTech Market All-Up
    • Germany AgriTech Market All-Up
    • France AgriTech Market All-Up
    • Spain AgriTech Market All-Up
    • Rest of Europe AgriTech Market All-Up
  • Asia-Pacific AgriTech Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific AgriTech Market by Type
    • Asia-Pacific AgriTech Market by Application
    • China AgriTech Market All-Up
    • India AgriTech Market All-Up
    • Japan AgriTech Market All-Up
    • Rest of APAC AgriTech Market All-Up
  • RoW AgriTech Market (Option 4: As a part of the free 25% customization)
    • RoW AgriTech Market by Type
    • RoW AgriTech Market by Application
    • Brazil All-Up AgriTech Market All-Up
    • South Africa AgriTech Market All-Up
    • Saudi Arabia AgriTech Market All-Up
    • UAE AgriTech Market All-Up
    • Rest of world (remaining countries of the LAMEA region) AgriTech Market All-Up

Global AgriTech Leading Market Players (Option 6: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • MeiCai
  • ProducePay
  • PivotBio
  • LettUs Grow
  • Ceres Imaging
  • Conservis
  • Ninjacart
  • Indigo Ag, Inc.
  • Pure Harvest Smart Farms
  • Aerofarms
  • Apollo Agriculture