Agritech Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - (By Type Coverage, Application Coverage, Geographic Coverage and By Company)

The agritech market is set to witness remarkable growth in the coming years, with market revenue projected to soar to US$32.7 billion by 2030, up from US$15.7 billion recorded in 2023. A comprehensive analysis conducted by the publisher indicates that the agritech market size is expected to expand at a compound annual growth rate (CAGR) of 11% over the period spanning from 2023 to 2030.

Fueling Growth Trends in the Agritech Sector

The key trend anticipated to fuel the growth of the agritech market is the surge in global investments in agriculture technology solutions. This surge is propelled by the increased demand for agricultural products resulting from population growth. Agritech platforms are offering a plethora of services to farmers, including soil analysis, weather forecasting, crop monitoring, precision farming, and farm management tools.

Implementation of Modern Technologies by Farmers

Another major market trend expected to drive agritech market growth is the implementation of modern technologies by farmers. These technologies aim to boost crop yields, reduce resource waste, and enhance agricultural practices. Innovations such as drones and GPS-guided tractors enable accurate planting and harvesting, resulting in lower input costs and environmental impact.

Dominance of Biotechnology & Biochemicals

In 2022, the biotechnology & biochemicals category dominated the agritech industry. Innovations in genetically modified crops and biochemical treatments are revolutionizing agriculture and driving market growth.

Market Share Dominance by Production & Maintenance Segment

The production & maintenance segment is anticipated to dominate the global agritech market. Irrigation systems play a critical role in optimizing water use, ensuring efficient crop hydration, and reducing water waste, especially in regions with limited water resources.

Regional Insights

North America is expected to account for the largest share of the global agritech market, attributed to ongoing contributions from tech giants and a growing trend of mergers and acquisitions. Meanwhile, the agritech market is rapidly expanding in Asia Pacific, driven by investments in agricultural technologies by countries like China and India.

Growth Determinants and Barriers

The agritech market is primarily driven by exploding global population and rising food security concerns. However, high start-up expenses and security and privacy issues with data pose significant barriers to market growth.

Key Trends and Opportunities

Transition to cutting-edge technology and supportive government initiatives, along with the rise of precision agriculture and smart farming, present significant opportunities for market expansion.

Leaders in the Global Agritech Space

Among the leaders in the global agritech space are ARSR Tech, AeroFarms, Apollo Agriculture, Crofarm Agriproducts Pvt Ltd., Conservis, Indigo AG Inc., LettUs Grow Ltd., Pivot Bio, AgBiome Inc., and Ceres Imaging.

Global Agritech Market is Segmented as Below:

By Type:

• Biotechnology & Biochemicals
• Big Data Analytics
• Sensors & Connected Devices
• Mobility

By Application:

• Irrigation
• Production & Maintenance
• Supply Chain
• Marketplace

By Geographic Coverage:

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Turkey
• Russia
• Rest of Europe
• Asia Pacific
• China
• Japan
• South Korea
• India
• Southeast Asia
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Argentina
• Rest of Latin America
• Middle East & Africa
• GCC
• South Africa
• Egypt
• Nigeria
• Rest of Middle East & Africa

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