Agritech Market to See Strong Investment Opportunity

According to the new research report published by The Insight Partners, titled "Agritech Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by Type (Biotechnology and Biochemicals, Big Data and Analytics, Sensors and Connected Devices, Mobility, and Other Types) and Application (Irrigation, Production and Maintenance, Supply Chain, and Marketplace), the market was valued at US$ 17,442.7 million in 2019 and is projected to reach US$ 41,172.5 million by 2027; it is expected to grow at a CAGR of 12.1% from 2020 to 2027.

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Companies Mentioned are: ARSR Tech, AeroFarms, Apollo Agriculture, Crofarm Agriproducts Pvt Ltd, Conservis, Indigo Ag, Inc., LettUs Grow Ltd., Pivot Bio, AgBiome, Inc., Ceres Imaging

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.

In 2019, APAC stood second in the Agritech market with a share of 29.68%, and it is anticipated to witness a steady CAGR from 2020 to 2027. The agri-food industry in Asia, which is valued at ~US$ 5 trillion, is undergoing technological revolution, which is projected to broaden the scope of agritech business. Increasing population in countries such as China, India, Indonesia, Japan, the Philippines, and Vietnam, and rising demand for higher yields are the prime enablers of the agriculture sector in this region. The abovementioned countries are experiencing significant investments in agritech. For instance, after the US, India has recorded the second-highest number of deals in agritech. The country witnessed the increase in total deal value from US$ 133 million in 2018 to US$ 249 million in 2019, which is 87% year-on-year total funding growth. During 2015-2017, the Government of India allocated 100 million Soil Health Cards (SHCs) giving crop-wise recommendations of fertilizers and nutrients, along with offering a soil health mobile app. In addition, the country had also introduced Pradhan Mantri Krishi Sinchai Yojana by making an investment of US$ 7.7 billion for promoting irrigation sources. Such huge government initiatives are boosting the agritech market growth.

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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.

The global Agritech market has been segmented as follows:
Agritech Market - by Type
Biotechnology and Biochemicals
Big Data and Analytics
Sensors and Connected Devices
Mobility
Other Types

Agritech Market - by Application
Irrigation,
Production and Maintenance
Supply Chain
Marketplace

Agritech Market by Region
North America
Europe
Asia Pacific
Middle East and Africa
South America

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Moreover, key companies contributing to Agritech market valuation are studied thoroughly. The study entails a list of these companies along with exhaustive information regarding their offerings, strategic decisions such as partnerships, product launches, mergers & acquisitions and SWOT analysis.

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https://www.globenewswire.com/en/news-release/2022/07/27/2486593/0/en/Identity-Verification-Market-Size-to-hit-18-12Bn-Globally-by-2027-Exclusive-Report-by-The-Insight-Partners.html

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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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