Agritech Market International Growth Scenario with 12.1% of CAGR by 2027 - Indigo Ag, LettUs Grow, Pivot Bio, AgBiome, Ceres Imaging
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Impact of COVID-19 Pandemic on Agritech Market
The COVID-19 pandemic has been a major setback for all the farmers in the North America region, threatening access to agricultural labor and complexing worldwide supply chains. However, for indoor farming, it has offered an opportunity. In vertical farming, the batches of crops can be watered individually and ignited with the help of smart agriculture products, enabling them to be grown year-round with less resource. Nevertheless, the factory and business shutdowns across the US, Canada, and Mexico negatively impacted the sales of agritech products, such as sensors, agribots, and many more. COVID-19 has had a severe impact on logistics operations, transportation, and trade activity. North America is home to a large number of manufacturing and technology companies. Thus, the coronavirus outbreak's impact is anticipated to be quite severe in the year 2020 and likely in 2021. However, the impact of COVID-19 is short-term; it is likely to decrease in the coming years.
The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
- In 2020, AeroFarms to build the world largest 90,000 square foot indoor vertical farm in Abu Dhabi, UAE. Abu Dhabi Investment Office (ADIO) invest USD $100 million in AeroFarms, to build facilities in Abu Dhabi.
- In 2020, AgBiome declared a recent patent directed toward the Connate product line granted in the United States, further strengthening AgBiome’s IP Protection around novel product offerings.
- In 2019, LettUs Grow, declared that it has secured US$ 1.27 million (£1 million) in funding to build world-leading indoor growing facilities, to help feed the growing global population.
North America led the agritech market with 38.59% revenue share in 2019, followed by APAC and Europe. Increasing organic and inorganic strategic developments—such as product launches, and mergers and acquisitions—among the market players support the Agritech market growth in North America. The North America agritech market has been analyzed on the basis of trends prevailing in the US, Canada, and Mexico. Continuous contribution of tech-giants to technological advancements has created a stir in the competitive market across the region. Population in this region is more inclined toward technological developments due to high spending power. The companies in this region are continuously enhancing their overall business processes to efficiently meet the customer demand for high-quality products and services.
Top Mentioned Companies in Agritech Market are -
- ARSR Tech
- Apollo Agriculture
- Crofarm Agriproducts Pvt Ltd
- Indigo Ag, Inc.
- LettUs Grow Ltd.
- Pivot Bio
- AgBiome, Inc.
- Ceres Imaging
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