Farming as a Service Market Report 2024

This Farming As A Service 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 farming as a service market size has grown rapidly in recent years. It will grow from $4.21 billion in 2023 to $4.95 billion in 2024 at a compound annual growth rate (CAGR) of 17.6%. The growth during the historic period can be attributed to increased farm productivity, the growing use of IoT devices, a rising demand for sustainable farming practices, the increasing popularity of vertical farming, and a higher demand for farm automation.

The farming as a service market size is expected to see rapid growth in the next few years. It will grow to $9.56 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%. The growth during the forecast period can be attributed to the rising demand for precision agriculture, increased government initiatives and subsidies, a growing need for food security, heightened demand for sustainable agricultural practices, and the expanding adoption of modern farming methods. Key trends expected in this period include technological advancements, the integration of artificial intelligence, precision agriculture, IoT devices, and smart greenhouses.

The anticipated growth of the farming as a service (FaaS) market is driven by increasing food consumption. This rise in food consumption is attributed to growing global populations, higher incomes, and shifts in dietary preferences and lifestyles. FaaS offers access to advanced technologies, such as precision agriculture tools, which optimize the use of water, fertilizers, and pesticides. This results in higher crop yields and reduced waste, enabling farmers to produce more food with fewer resources. For example, in April 2024, a report by the United States Department of Agriculture revealed that global food consumption reached approximately 2.5 billion metric tons in 2021, with bread and cereal products being the most consumed category. Additionally, in 2023, agriculture, food, and related industries contributed about $1.53 trillion to the U.S. gross domestic product (GDP), representing roughly 5.6% of the total. Consequently, the rise in food consumption is fueling the growth of the farming as a service market.

Major companies in the farming as a service market are concentrating on developing advanced technological solutions, such as farm management software, to optimize and enhance agricultural operations. Farm management software is a digital tool that assists farmers in planning, monitoring, and analyzing farm activities, thereby improving productivity, resource use, and decision-making through data-driven insights. For example, in March 2023, Bushel Inc., a US-based software company, introduced the Bushel Farm management software, a next-generation tool for farmers and their agribusiness partners. The Bushel Farm software significantly reduces manual data entry by integrating with Bushel’s FarmLogs solution. This feature allows farmers to seamlessly import grain sales data from various grain facilities that use Bushel solutions. Rather than spending hours entering data from contracts or scale tickets manually, farmers can now automate the process with just a few clicks. This software streamlines contract management by auto-populating contract details, simplifying workflows, and saving farmers valuable time.

In June 2022, BASF SE, a chemical company based in Germany, acquired Horta for an undisclosed amount. Following the acquisition, Horta will continue to operate with its existing organization, management, and established brand in the agri-food market, ensuring smooth business continuity despite the change in ownership. Horta S.r.l., located in Italy, specializes in digital farming solutions.

Major companies operating in the farming as a service market are Mahindra & Mahindra Limited, Trimble Inc., Ninjacart, Topcon Corporation, Raven Industries Inc., Granular Inc., RML AgTech, Figured Limited, Farmers Edge Inc., Agworld Pty Ltd, Conservis Corporation, FarmLogs Inc., AgriWebb, Solinftec, Farmplan, EM3 Agri Services Pvt Ltd, Synnefa, AGRIVI, Farmbrite, Agroptima SL, Traction Ag Inc., Grownetics Inc., Harvest Profit, Croptracker Inc.

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

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

Farming as a service (FaaS) is a modern agricultural model that provides farmers access to advanced technologies, services, and resources on a subscription or pay-per-use basis. This model leverages technology to offer services that traditionally require substantial upfront investment, making them more accessible to small and medium-sized farmers.

The main farming as a service are farm management solutions, production assistance, and access to markets. Farm management solutions are software tools that help farmers manage their agricultural businesses and farms. It can be delivered through both a subscription and a pay-per-use model and is used by various end users, such as farmers, governments, corporate, financial institutions, and advisory bodies.

The farming as a service market research report is one of a series of new reports that provides farming as a service market statistics, including farming as a service industry global market size, regional shares, competitors with a farming as a service market share, detailed farming as a service market segments, market trends and opportunities, and any further data you may need to thrive in the farming as a service industry. This farming as a service 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 farming as a service market consists of revenues earned by entities by providing services such as precision agriculture, crop management, irrigation management and harvesting services. The market value includes the value of related goods sold by the service provider or included within the service offering. The farming as a service market also includes sales of pest and disease control products, climate and weather monitoring tools, farm infrastructure solutions and agricultural machinery. 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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