Global Agritech Market Insights, Industry Outlook, Growing Trends And Demands

The agritech market size has grown rapidly in recent years. It will grow from $27.12 billion in 2023 to $30.63 billion in 2024 at a compound annual growth rate (CAGR) of 13.0%. The growth in the historic period can be attributed to green revolution, advancements in agricultural machinery, introduction of genetically modified organisms (GMOs), adoption of precision agriculture.

The agritech market size is expected to see rapid growth in the next few years. It will grow to $48.01 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to digital transformation in agriculture, climate-smart agriculture, biotechnology innovations, rise of agricultural robotics and automation. Major trends in the forecast period include digital farming and precision agriculture, vertical farming and indoor agriculture, sustainable and regenerative agriculture, growing blockchain and supply chain transparency, robotics and automation in agriculture.

Market Overview -
Agritech (agricultural technology) is applying modern technology, science, and innovation in the agricultural sector to enhance productivity, efficiency, sustainability, and profitability. It encompasses various technologies and applications, including precision agriculture, automation, data analytics, and biotechnology, aimed at improving various aspects of the agricultural value chain, from cultivation and harvesting to distribution and marketing.

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Agritech Revolutionizes Food Production Amidst Growing Demand
The growing food demand is expected to propel the growth of the agritech market going forward. Food is any substance that provides essential nutrients for growth and health, is sourced from plants or animals, and is consumed for physiological functions. This demand arises from population growth, urbanization, and changing dietary preferences. Agricultural technology is extensively used in food production to enhance efficiency, productivity, and sustainability in farming practices to meet the growing global demand for food. For instance, according to reports published by the U.S. Bureau of Labor Statistics, a U.S. government agency, average household spending on food increased by 12.7% in 2021 and 2022. This hike was fueled by a 20.1% increase in spending on meals away from home and an 8.4% increase in spending on food at home. Furthermore, according to the Organic Trade Association, a US-based business association, organic food sales in the United States reached unprecedented levels in 2021, experiencing a remarkable surge of 12.4%, totaling $61.9 billion. Therefore, the growing food demand is driving the growth of the agritech market.

Competitive Landscape -
Major companies operating in the agritech market are Cargill Incorporated, Archer Daniels Midland Company (ADM), BASF SE, Wilmar International Limited, Bunge Limited, Dow AgroSciences LLC, Bayer Crop Science AG, Deere & Company, Nutrien Ltd., Syngenta Group AG, Olam International Limited, Yara International ASA, CNH Industrial NV, Sumitomo Chemical Company Limited, Kubota Corporation, The Mosaic Company, Corteva Agriscience Inc., The Andersons Inc., Land O'Lakes Inc., Tractor Supply Company, Ball Corporation, Tetra Pak Group, AGCO Corporation, Darling Ingredients Inc., Calavo Growers Inc.

Agritech Giants Embrace Climate-Adapted Release Technology For Sustainable Agriculture
Major companies operating in the agritech market focus on developing innovative technologies such as Starskii and cart climate-adapted release technology to enhance biocontrol in agriculture, explicitly targeting thrips and whitefly infestations across various crops and environments. This technology (CART) refers to methods or strategies used in agriculture and environmental management to introduce or release organisms (such as plants, animals, or microorganisms) specifically adapted to thrive in changing climate conditions. For instance, in March 2021, Bioline Agroscience, a UK-based agritech company that provides biological control products, launched starskii and cart climate-adapted release technology to strengthen its commitment to growers, farmers, and the environment. It utilizes amblyseius swirskii to manage thrips and whiteflies in various crops and environments effectively. This technology combines the adaptability of Amblyseius swirskii with a new release system under cart technology, ensuring optimal control of pests. Additionally, it features optimized control, adaptability, high fidelity, and an environmentally friendly approach. These features collectively make a valuable solution for growers seeking effective and sustainable pest control in agriculture.

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Key Segments -
The agritech market covered in this report is segmented -
1) By Type: Big Data And Analytics, Biotechnology And Biochemical, Mobility, Sensors And Connected Devices, Other Types
2) By Application: Production And Maintenance, Irrigation, Supply Chain, Marketplace, Other Applications
3) By Sector: Precision Farming, Agriculture, Agrochemicals, Smart Agriculture, Biotechnology, Indoor Farming, Other Sectors

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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