Smart Specialty Crop Farming Market Report 2024

This Smart Specialty Crop Farming market 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 smart specialty crop farming market size has grown rapidly in recent years. It will grow from $2.06 billion in 2023 to $2.28 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The expansion during the historical period can be attributed to the rising demand for sustainable farming practices, a growing need for high-quality specialty crops, government subsidies and support programs, labor shortages in agriculture, and the impacts of climate change and weather uncertainty.

The smart specialty crop farming market size is expected to see rapid growth in the next few years. It will grow to $3.48 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The anticipated growth during the forecast period can be linked to the rising consumer interest in high-value specialty crops, the growth of the global population, increased food demand worldwide, a heightened demand for premium and organic produce, and a surge in investments in AgTech startups. Key trends expected in this period include the adoption of advanced technologies, vertical farming, the implementation of precision agriculture, technological advancements in the Internet of Things (IoT), and the introduction of new products and services powered by artificial intelligence (AI).

The rising demand for food is anticipated to drive the growth of the smart specialty crop farming market in the future. This increasing food demand is attributed to factors such as population growth, rising incomes, and urbanization, which lead to a higher consumption of diverse and resource-intensive food products. Smart specialty crop farming addresses this demand by optimizing resource usage, boosting crop yields, and promoting sustainability through advanced technologies such as precision farming, automation, and data-driven decision-making. For example, in January 2024, the United States Department of Agriculture reported that rice production in 2023 reached 218 million centum weight (hundredweight), representing a 36% increase compared to 2022. Additionally, the area planted in 2023 was estimated at 2.89 million acres, marking a 30% rise from the previous year. Consequently, the increasing global food demand is expected to propel the smart specialty crop farming market's growth.

Leading companies in the smart specialty crop farming sector are adopting innovative farming solutions, such as air cart technology, to boost agricultural productivity and efficiency. Air cart technology is designed to evenly distribute seeds and fertilizers across fields, improving planting accuracy and efficiency, especially in seeding and fertilizing operations. For instance, in February 2024, John Deere, a US-based manufacturer of agricultural machinery, introduced its new C-Series air cart line, which provides enhanced options for farmers to increase productivity, quality, and accuracy during seeding. The new C-Series comes in various capacities and configurations, featuring reduced maintenance needs and improved seeding precision. This lineup includes the industry-exclusive EZCal calibration system for quicker calibrations, increased seeding confidence, and tank scales that offer real-time updates on remaining acreage.

In September 2024, Kubota Corporation, a Japan-based agricultural machinery manufacturer, acquired Bloomfield Robotics for an undisclosed amount. This acquisition aims to strategically strengthen Kubota's presence and offerings in the specialty crop market by leveraging Bloomfield's expertise in data utilization and crop monitoring. Bloomfield Robotics is a US-based AgTech startup that specializes in advanced imaging and artificial intelligence (AI) for monitoring specialty crops.

Major companies operating in the smart specialty crop farming market are BASF SE, Deere & Company, AGCO Corporation, Hexagon AB, OSRAM GmbH, Trimble Inc., Würth Elektronik GmbH & Co. KG, Netafim Ltd., DeLaval International AB, Raven Industries Inc., Indoor Urban Farming GmbH, Ag Leader Technology Inc., Freight Farms Inc., Aerofarms LLC, Sencrop SAS, IUNU Inc., XFarm Technologies S.p.A., Hazel Technologies Inc., Climate LLC, Heliospectra AB, Oishii Farm Corporation, Arugga AI Farming Ltd., Agrivi d.o.o.

North America was the largest region in the smart specialty crop farming market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart specialty crop farming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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

Smart specialty crop farming involves utilizing advanced technologies and data-driven methods to enhance the cultivation of high-value specialty crops, such as fruits, vegetables, nuts, herbs, and flowers. This approach integrates tools such as sensors, drones, precision irrigation, artificial intelligence, and data analytics to monitor and manage various factors, including crop growth, soil conditions, weather patterns, and pest control. By improving decision-making and promoting sustainability, smart farming provides farmers with increased efficiency and profitability in specialty crop production.

The primary product types in smart specialty crop farming include open-field hardware, controlled environment agriculture (CEA) systems hardware, and software. Open-field hardware consists of machinery and tools used in traditional outdoor farming that incorporate sensors, drones, and automated equipment to assess crop health, monitor soil conditions, and optimize irrigation and fertilization. These products are suitable for various farm sizes, including small, medium, and large farms, and are applied in the cultivation of fruits and tree nuts, vegetables, culinary herbs and spices, medicinal herbs, and more.

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

The smart specialty crop farming market consists of revenues earned by entities by providing services such as precision farming consultation, automated machinery services, yield optimization services, data analytics, and AI-driven crop management services. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart specialty crop farming market also includes sales of precision agriculture tools, automated equipment, smart irrigation systems, climate control, data analytics, and pest management technologies. 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.

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