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Smart Harvest Market Key Drivers, Forecast, Analysis 2024-2033
Smart Harvest Market Key Drivers
According to The Business Research Company's, The smart harvest market size has grown rapidly in recent years. It will grow from $16.02 billion in 2023 to $17.98 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to demand for plant-based proteins, functional properties in food processing, gluten-free and allergen-free alternatives, diverse applications in food products, global expansion of soy production..
The smart harvest market size is expected to see rapid growth in the next few years. It will grow to $28.66 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The growth in the forecast period can be attributed to expansion in meat alternatives market, functional and nutritional benefits, research and development, global population growth, sustainable and environmentally friendly practices.. Major trends in the forecast period include innovations in food processing, clean label and natural ingredients, diversification of soy flour products, fortification of foods, gluten-free functional properties in food..
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Market Drivers and Trends:
The increasing demand for food is expected to propel the growth of the smart harvest market going forward. Food demand is the amount of food that people are willing and able to buy at a particular price and period. Smart harvesting can help fulfill rising food demand by enhancing agricultural production and efficiency. Smart farming techniques enable farmers to monitor individual plants and alter their nutrition, which helps prevent conditions and improve crop health. It also integrates several advanced technologies that can assist in raising agricultural output and efficiency. For instance, in April 2023, according to the report published by Food and Agriculture Organization, a Canada-based international organization that leads international efforts to defeat hunger and improve nutrition and food security, global wheat utilization increased from around 762 million tons in 2020/2021 to around 773 million tons in 2021/2022. It is anticipated to increase to 780 million tons in 2022/2023. Therefore, the increasing food demand is driving the growth of the smart harvest market.
Product innovations have emerged as a key trend gaining popularity in the smart harvest market. Major market players operating in smart harvest technologies are concentrating their efforts on creating innovative technologies to strengthen their position in the market. For instance, in November 2021, Iron Ox, a US-based company specializing in developing robotics and artificial intelligence (AI) for the agricultural industry launched Grover, an autonomous mobile robot. It is designed to operate within Iron Ox's greenhouses to perform tasks such as planting, watering, and harvesting crops. This new product is designed to operate in a variety of greenhouse environments and can withstand harsh conditions such as extreme temperatures and humidity.
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Major Key Players of the Market:
Robert Bosch GmbH; Agrobot S L; Deere and Company; Harvest Automation Inc.; Panasonic Corporation; Root Al Inc.; Abundant Robotics Inc.; Harvest CROO Robotics LLC; FFRobotics Ltd.; Iron Ox Inc.; Vision Robotics Corp.; Energid Technologies Corp.; Metomotion Ltd.; Smart Harvest Agritech Ltd.; Dogtooth technologies Ltd.; Octinion; Ripe Robotics Pty Ltd.; Agrobotix LLC; Fieldwork Robotics Ltd.; Naio Technologies; FarmWise Labs, Inc.; Green Robot Machinery Private Limited; Saga Robotics AS; Harvesting Inc.; Octagrow Ltd.; Metos Oy AB; Yanmar Co. Ltd.; Juniper Systems Inc.; Caterpillar Inc.; Bobcat Company
Smart Harvest Market 2024 Key Insights:
• The smart harvest market size will grow to $28.66 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%.
• Meeting Rising Food Demand With The Growth Of The Smart Harvest Market
• Pioneering Trends With Product Innovations In The Smart Harvest Market
• Western Europe was the largest region in the smart harvest market in 2023
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