Press release
Agritech Market Share, Regional Analysis, Future Growth, Trends Evaluation, Demands and Forecast to 2027, The Insight Partners
According to our latest market study on "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.The agritech market is broadly segmented into five major regions-North America, Europe, APAC, MEA, and SAM. In terms of market share, the North America region dominated the agritech market in 2019. Companies such as AgWorld, AgBiome, Hortau, AeroFarms, Harvest Automation, and Farmers Business Network are engaged in the business of offering agritech related technologies, system, and software, which would help in boosting the market growth. Also, availability of large number of commercial farms and start-ups in the US will further help in fueling the penetration of agritech in the region. North America held the largest revenue share of global agritech market in 2019 and it is anticipated to continue its dominance during the forecast period.
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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.
The scope of the Agritech Market Report:
The investigation report revolves around the current market designs, astonishing entryways, future ability of the market, and competition in the Agritech in North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The concentrate also gives market encounters and examination of the Agritech, highlighting the creative market designs, gathering rate, industry components, and genuine assessment of focal parts in the business.
Major highlights of the report:
All-inclusive evaluation of the parent market
Evolution of significant market aspects
Industry-wide investigation of market segments
Assessment of market value and volume in past, present, and forecast years
Evaluation of market share
Tactical approaches of market leaders
Lucrative strategies to help companies strengthen their position in the market
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Note - The Covid-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. The overall effect of the pandemic is impacting the production process of several industries. This report on 'Procurement as-a-Service Market' provides the analysis on impact on Covid-19 on various business segments and country markets. The reports also showcase market trends and forecast to 2028, factoring the impact of Covid -19 Situation.
Major Key players covered in this Agritech Market report -
•ARSR Tech
•AeroFarms
•Apollo Agriculture
•Crofarm Agriproducts Pvt Ltd
•Conservis
•Indigo Ag, Inc.
•LettUs Grow Ltd.
•Pivot Bio
•AgBiome, Inc.
•Ceres Imaging
Agritech Market Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America
Impact of COVID-19 Pandemic on North America 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.
Reason to Buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Agritech Market.
Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
The key findings and recommendations highlight crucial progressive industry trends in the Agritech Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth at a certain extent.
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Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876
About Us:
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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