AgriTech Market Forecasts to 2030 – Global Analysis By Technology (Internet of Things (IoT), Artificial Intelligence (AI), Robotics and Automation, Drones and UAVs, Precision Agriculture Technologies, Sensors and Monitoring Systems, Data Analytics and Big

AgriTech Market Forecasts to 2030 – Global Analysis By Technology (Internet of Things (IoT), Artificial Intelligence (AI), Robotics and Automation, Drones and UAVs, Precision Agriculture Technologies, Sensors and Monitoring Systems, Data Analytics and Big Data and Other Technologies), Application, End User and by Geography

According to Stratistics MRC, the Global AgriTech Market is accounted for $33.0 billion in 2024 and is expected to reach $91.37 billion by 2030 growing at a CAGR of 18.5% during the forecast period. AgriTech, an acronym for agricultural technology, refers to a variety of advancements intended to improve farming methods and boost agricultural output. It includes innovations like smart irrigation systems that conserve water and increase crop yields and precision agriculture, which optimizes field management through the use of GPS and data analytics. Moreover, AgriTech encompasses the creation of novel crop varieties that exhibit enhanced resilience against pests and environmental challenges, in addition to incorporating automation and robotics to optimize the procedures of planting, harvesting, and monitoring.

According to the World Economic Forum, the integration of AgriTech solutions is crucial for addressing global food security challenges and achieving sustainable agricultural practices.

Market Dynamics:

Driver:

Growing need for food security

There is an increasing demand for food as the world's population continues to grow. The challenge of feeding billions of people while preserving agricultural sustainability is what's fueling AgriTech innovation. It is imperative to address food security concerns with technologies that boost crop yields, improve soil health, and increase food production efficiency. Additionally, in order to maximize the productivity of the land and resources that are currently available and guarantee that future generations have access to enough food that is both sufficient and nutritious, AgriTech solutions are essential, especially as more people live in urban areas and agricultural land is under stress.

Restraint:

High starting prices

A large initial investment is frequently needed to implement AgriTech solutions. For small and medium-sized farms, the expenses of installing and maintaining complex software systems can be prohibitive, in addition to the costs of purchasing cutting-edge machinery like drones, sensors, and robotics. Furthermore, although there are long-term advantages and financial savings associated with these technologies, adoption may be severely hampered by their high initial costs, particularly for farmers in developing nations or those with scarce financial resources.

Opportunity:

Automation and robotics in agriculture

There are many opportunities for increasing productivity and lowering labor costs in agriculture when robotics and automation are integrated. Precious and reliable operations can be achieved by using robotic systems to automate repetitive tasks like planting, weeding, harvesting, and sorting. In order to alleviate labor shortages and lessen the dependency on manual labor, automated systems can also perform physically taxing and repetitive tasks. Moreover, farm tasks could be performed in a completely new way as robotics technology develops and offers the possibility of more adaptable and affordable solutions.

Threat:

Economic uncertainty and market volatility

The AgriTech industry is prone to market volatility and economic swings, much like other industries. AgriTech companies' financial stability and the affordability of their solutions for farmers can be affected by shifts in trade policies, agricultural commodity prices, or economic conditions. Trade disputes or downturns in the economy can also have an impact on investment levels and the demand for AgriTech products. Additionally, agility and resilience are necessary for companies in the AgriTech sector to navigate these economic uncertainties.

Covid-19 Impact:

AgriTech was significantly impacted by the COVID-19 pandemic, which sped up the adoption of digital and automation technologies as the industry struggled with labor shortages, supply chain disruptions, and rising food security demands. Lockdowns and social distancing tactics brought attention to the need for remote management and monitoring solutions, which increased interest in digital platforms, smart farming, and precision agriculture. The pandemic, however, also brought to light weaknesses in international supply chains and emphasized difficulties in implementing technology in rural regions.

The Precision Agriculture Technologies segment is expected to be the largest during the forecast period

The Precision Agriculture Technologies segment has the largest market share in the AgriTech industry. This section includes sophisticated instruments and methods that raise agricultural output and efficiency by collecting and analyzing large amounts of data. Farmers can obtain up-to-date information on crop health, soil conditions, and weather patterns through precision agriculture, which makes use of technologies like GPS, IoT sensors, and drones. Moreover, it aids in cost-cutting, yield improvement, and resource optimization by facilitating more precise and data-driven decision-making.

The Farm Machinery and Equipment segment is expected to have the highest CAGR during the forecast period

In the AgriTech sector, the farm machinery and equipment segment usually shows the highest CAGR. This section contains cutting-edge tools and machinery made to improve and automate a range of agricultural operations, from planting and harvesting to processing and distribution. Significant growth is being driven by innovations like precision planting tools, autonomous tractors, and sophisticated plowing systems. Farmers can improve crop yields, cut labor costs, and increase efficiency with the aid of these technologies. Additionally, the demand for increased productivity and the evolution of agricultural practices have led to a significant increase in investment and rapid expansion in the farm machinery and equipment sector.

Region with largest share:

The market share of AgriTech is dominated by North America. The region's high rate of technological adoption, substantial investments in innovation, and sophisticated agricultural infrastructure are the main factors contributing to its dominance. The deployment of cutting-edge technologies like precision farming, sophisticated farm equipment, and data analytics is facilitated by the existence of significant AgriTech businesses and a strong emphasis on research and development. Furthermore, the expansion of AgriTech in North America is further supported by supportive policies and government initiatives, which position it as a major player in the global market.

Region with highest CAGR:

The AgriTech market is growing at the highest CAGR in Asia-Pacific. The region's broad and varied agricultural base, growing use of technology to boost productivity, and growing need for effective farming methods to feed its expanding population are the main causes of its rapid growth. To address issues like resource scarcity and food security, nations like China, India, and Southeast Asian countries are making significant investments in cutting-edge agricultural technologies like smart irrigation, precision farming, and farm automation. Moreover, the region's remarkable growth in the AgriTech sector is being driven by a confluence of factors, including growing investment in agriculture, favorable government policies, and technological advancements.

Key players in the market

Some of the key players in AgriTech market include ARSR Tech, Ken Agritech, Ceres Imaging, AeroFarms, LettUs Grow Ltd., Apollo Agriculture, Indigo Ag, Inc., Mankind Agritech, Conservis, AgBiome, Inc., Pivot Bio, Hortau, Crofarm Agriproducts Pvt Ltd and AgWorld.

Key Developments:

In February 2024, Indigo Ag, the innovative leader and trusted partner in sustainable agriculture, today announced a major expansion of its regional partnership in Türkiye with Galeri Ziraat, one of the country's leading distributors of crop input products and dedicated to working with growers to improve the efficiency of sustainability in agriculture. The agreement coincides with a significant expansion into new European markets this season.

In September 2023, Mankind Agritech, a Mankind Pharma Group company, has entered into a strategic partnership with the Agri-Business Division of ITC to empower the Indian farming community with technology-enabled sustainable agricultural solutions. This partnership is aimed at enhancing agricultural productivity, supporting farmers’ livelihoods and helping strengthen the nation’s agricultural sector.

In February 2023, AeroFarms and Silal UAE signed an agreement to collaborate on sustainable solutions for farming during the opening ceremony of Aerofarms AgX, the largest vertical farm in the world in Abu Dhabi, UAE. This collaboration is aimed at improving the genetics and seedling quality of fruits and vegetables to become more resilient to extreme climatic conditions.

Technologies Covered:
• Internet of Things (IoT)
• Artificial Intelligence (AI)
• Robotics and Automation
• Drones and UAVs
• Precision Agriculture Technologies
• Sensors and Monitoring Systems
• Data Analytics and Big Data
• Other Technologies

Applications Covered:
• Crop Management
• Soil Management
• Irrigation Management
• Livestock Management
• Farm Machinery and Equipment
• Weather Forecasting
• Supply Chain Management
• Other Applications

End Users Covered:
• Farmers and Growers
• Agricultural Cooperatives
• Agribusinesses
• Government and Public Sector
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements