According to this report, the global AgTech market size reached a value of USD 15.49 billion in 2023. Aided by the rising demand for advanced farming technologies and the growing need for sustainable agricultural practices, the market is projected to further grow at a CAGR of 15% between 2024 and 2032 to reach a value of USD 56.6 billion by 2032.
AgTech, or agricultural technology, refers to the application of innovative tools and techniques in agriculture to improve productivity, efficiency, and sustainability. These technologies include precision farming, IoT (Internet of Things)-based solutions, automation, drones, and data analytics, which enable farmers to make data-driven decisions. As the global population continues to rise and the demand for food production intensifies, AgTech solutions are gaining widespread attention for their ability to address these challenges while promoting environmental conservation.
One of the major AgTech market trends is the increasing focus on sustainable agriculture. With the growing awareness of climate change and its impact on food security, there is a heightened need for farming practices that minimize environmental damage. AgTech solutions, such as precision farming, allow for the efficient use of resources like water, fertilizers, and pesticides, thereby reducing waste and improving crop yields. This not only helps farmers increase profitability but also contributes to global efforts toward sustainable development.
In addition, the rising adoption of IoT and data analytics in farming is playing a key role in driving the AgTech market growth. IoT-enabled devices, such as sensors and drones, allow farmers to monitor soil health, weather conditions, and crop growth in real-time, enabling them to optimize their farming operations. Data analytics tools, on the other hand, provide actionable insights based on the collected data, helping farmers make informed decisions that improve overall productivity and efficiency.
Moreover, the growing need to address labour shortages in agriculture is further propelling the adoption of AgTech solutions. The agricultural sector in many regions faces challenges due to a declining rural workforce. In response, automation and robotics have emerged as key solutions, allowing for tasks such as planting, harvesting, and irrigation to be performed with minimal human intervention. As these technologies continue to advance, they are expected to play a significant role in enhancing farm productivity and addressing labour constraints, thereby leading to the AgTech market expansion.
Despite these challenges, there are several opportunities for major market players. The increasing demand for food, driven by population growth, urbanization, and changing dietary preferences, presents a significant opportunity for AgTech solutions. As global food production needs to increase to meet this demand, technologies that enhance productivity, reduce waste, and improve resource management will become increasingly essential.
The rise of smart farming and the integration of artificial intelligence (AI) in agriculture are also increasing the AgTech market value. AI-powered tools can analyse vast amounts of data to predict weather patterns, optimise irrigation schedules, and detect potential crop diseases, enabling farmers to make proactive decisions.
Furthermore, the growing interest in vertical farming and controlled-environment agriculture (CEA) presents another opportunity for AgTech companies. As urbanization continues, the availability of arable land decreases, leading to the need for alternative farming methods. Vertical farming, which involves growing crops in stacked layers in controlled environments, offers a solution to this challenge, and AgTech innovations play a crucial role in optimizing these systems. This is expected to drive the AgTech market development.
One of the key market trends is the increasing use of drones and aerial imaging in agriculture. Drones equipped with advanced imaging technology allow farmers to capture high-resolution images of their fields, enabling them to monitor crop health, detect pest infestations, and assess overall field conditions. This technology is expected to gain further traction in the coming years as farmers seek to improve efficiency and reduce the environmental impact of their operations, thereby boosting the AgTech market revenue.
Another trend is the growing emphasis on regenerative agriculture, which focuses on restoring soil health and biodiversity through sustainable farming practices. AgTech solutions that support regenerative agriculture, such as soil monitoring tools and carbon sequestration technologies, are expected to see increased demand as the movement gains momentum.
The global AgTech market is poised for significant growth over the forecast period, driven by the rising demand for sustainable farming practices and the increasing adoption of advanced technologies. While challenges such as high implementation costs and limited infrastructure remain, the market is expected to expand as innovations in smart farming, automation, and AI continue to reshape the agricultural landscape.
AgTech, or agricultural technology, refers to the application of innovative tools and techniques in agriculture to improve productivity, efficiency, and sustainability. These technologies include precision farming, IoT (Internet of Things)-based solutions, automation, drones, and data analytics, which enable farmers to make data-driven decisions. As the global population continues to rise and the demand for food production intensifies, AgTech solutions are gaining widespread attention for their ability to address these challenges while promoting environmental conservation.
One of the major AgTech market trends is the increasing focus on sustainable agriculture. With the growing awareness of climate change and its impact on food security, there is a heightened need for farming practices that minimize environmental damage. AgTech solutions, such as precision farming, allow for the efficient use of resources like water, fertilizers, and pesticides, thereby reducing waste and improving crop yields. This not only helps farmers increase profitability but also contributes to global efforts toward sustainable development.
In addition, the rising adoption of IoT and data analytics in farming is playing a key role in driving the AgTech market growth. IoT-enabled devices, such as sensors and drones, allow farmers to monitor soil health, weather conditions, and crop growth in real-time, enabling them to optimize their farming operations. Data analytics tools, on the other hand, provide actionable insights based on the collected data, helping farmers make informed decisions that improve overall productivity and efficiency.
Moreover, the growing need to address labour shortages in agriculture is further propelling the adoption of AgTech solutions. The agricultural sector in many regions faces challenges due to a declining rural workforce. In response, automation and robotics have emerged as key solutions, allowing for tasks such as planting, harvesting, and irrigation to be performed with minimal human intervention. As these technologies continue to advance, they are expected to play a significant role in enhancing farm productivity and addressing labour constraints, thereby leading to the AgTech market expansion.
Despite these challenges, there are several opportunities for major market players. The increasing demand for food, driven by population growth, urbanization, and changing dietary preferences, presents a significant opportunity for AgTech solutions. As global food production needs to increase to meet this demand, technologies that enhance productivity, reduce waste, and improve resource management will become increasingly essential.
The rise of smart farming and the integration of artificial intelligence (AI) in agriculture are also increasing the AgTech market value. AI-powered tools can analyse vast amounts of data to predict weather patterns, optimise irrigation schedules, and detect potential crop diseases, enabling farmers to make proactive decisions.
Furthermore, the growing interest in vertical farming and controlled-environment agriculture (CEA) presents another opportunity for AgTech companies. As urbanization continues, the availability of arable land decreases, leading to the need for alternative farming methods. Vertical farming, which involves growing crops in stacked layers in controlled environments, offers a solution to this challenge, and AgTech innovations play a crucial role in optimizing these systems. This is expected to drive the AgTech market development.
One of the key market trends is the increasing use of drones and aerial imaging in agriculture. Drones equipped with advanced imaging technology allow farmers to capture high-resolution images of their fields, enabling them to monitor crop health, detect pest infestations, and assess overall field conditions. This technology is expected to gain further traction in the coming years as farmers seek to improve efficiency and reduce the environmental impact of their operations, thereby boosting the AgTech market revenue.
Another trend is the growing emphasis on regenerative agriculture, which focuses on restoring soil health and biodiversity through sustainable farming practices. AgTech solutions that support regenerative agriculture, such as soil monitoring tools and carbon sequestration technologies, are expected to see increased demand as the movement gains momentum.
The global AgTech market is poised for significant growth over the forecast period, driven by the rising demand for sustainable farming practices and the increasing adoption of advanced technologies. While challenges such as high implementation costs and limited infrastructure remain, the market is expected to expand as innovations in smart farming, automation, and AI continue to reshape the agricultural landscape.
Market Segmentation
The market can be divided based on type, application, and region.Market Breakup by Type
- Biotechnology and Biochemical
- Big Data and Analytics
- Sensors and Connected Devices
- Others
Market Breakup by Application
- Irrigation
- Production and Maintenance
- Supply Chain
- Marketplace
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global AgTech market. Some of the major players explored in the report are as follows:- Deere & Company
- Crofarm Agriproducts Pvt Ltd.
- Traction Ag Inc. (Conservis)
- LettUs Grow Ltd.
- AgBiome, Inc.
- Ceres Imaging, Inc.
- Semios Group (Agworld Pty Ltd.)
- Jiva Ag Pte Ltd.
- Koltiva AG
- Harvest Automation
- Others
Table of Contents
1 Executive Summary
2 Market Overview and Stakeholder Insights
3 Economic Summary
4 Country Risk Profiles
5 Global AgTech Market Analysis
6 North America AgTech Market Analysis
7 Europe AgTech Market Analysis
8 Asia Pacific AgTech Market Analysis
9 Latin America AgTech Market Analysis
10 Middle East and Africa AgTech Market Analysis
11 Market Dynamics
12 Competitive Landscape
Companies Mentioned
- Crofarm Agriproducts Pvt Ltd.
- Traction Ag Inc. (Conservis)
- LettUs Grow Ltd.
- AgBiome, Inc.
- Ceres Imaging, Inc.
- Semios Group (Agworld Pty Ltd.)
- Jiva Ag Pte Ltd.
- Koltiva AG
- Harvest Automation
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 153 |
| Published | December 2024 |
| Forecast Period | 2024 - 2032 |
| Estimated Market Value ( USD | $ 18.5 Billion |
| Forecasted Market Value ( USD | $ 56.6 Billion |
| Compound Annual Growth Rate | 15.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
