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Agritech Global Market Report 2024 - By Share, Growth, Trends And Industry Report, Forecast To 2033
Agritech Market
As per the report, 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 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%.
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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.
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.
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
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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.
Contents of the report:
1. Executive Summary
2. Agritech Market Report Structure
3. Agritech Market Trends And Strategies
4. Agritech Market - Macro Economic Scenario
5. Agritech Market Size And Growth
…..
27. Agritech Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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