Farming As A Service Market Size, Growth, Industry Forecast 2033

The Business Research Company recently released a comprehensive report on the Global Farming As A Service Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The farming as a service market size has grown rapidly in recent years. It will grow from $4.21 billion in 2023 to $4.95 billion in 2024 at a compound annual growth rate (CAGR) of 17.6%. The growth in the historic period can be attributed to growth in farm productivity, increasing use of IoT devices, rising demand for sustainable farming practices, rising popularity of vertical farming, and growth in demand for farm automation.

The farming as a service market size is expected to see rapid growth in the next few years. It will grow to $9.56 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%. The growth in the forecast period can be attributed to growing demand for precision agriculture, growing government initiatives and subsidies, rising need for food security, rising demand for sustainable agriculture practices, and increasing adoption of modern agricultural methods. Major trends in the forecast period include technological advancements, integration of artificial intelligence, precision agriculture, IoT devices, and smart greenhouses.

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Market Drivers and Trends:

The increasing food consumption is expected to propel the growth of the farming as a service market going forward. The increase in food consumption is due to growing global populations, rising incomes, and changes in dietary preferences and lifestyles. Farming as a service (FaaS) provides access to advanced technologies like precision agriculture tools, which optimize water use, fertilizers, and pesticides. This leads to higher crop yields and reduced waste, allowing farmers to produce more food with fewer resources. For instance, in April 2024, according to a report published by the United States Department of Agriculture, a US-based government agency, global food consumption reached approximately 2.5 billion metric tons in 2021, with bread and cereal products being the largest category consumed. Further, agriculture, food, and related industries contributed roughly $1.530 trillion to the U.S. gross domestic product (GDP) in 2023, accounting for about 5.6% of the total. Therefore, the increase in food consumption is driving the growth of the farming as a service market.

Major companies operating in the farming as a service market are focused on developing technologically advanced solutions, such as farm management software, to streamline and enhance agricultural operations. Farm management software is a digital tool that helps farmers plan, monitor, and analyze farm operations, optimizing productivity, resource use, and decision-making through data-driven insights. For instance, in March 2023, Bushel Inc., a US-based software company, launched the Bushel Farm management software, the next generation in farm management software for farmers and their agribusiness partners. Bushel Farm enhances farm management by significantly reducing manual data entry through its integration with Bushel's FarmLogs solution. This innovative feature enables farmers to effortlessly import grain sales data from numerous grain facilities that use Bushel solutions. Instead of spending hours manually entering data from contracts or scale tickets, farmers can now automate the process with just a few clicks. This software will streamline contract management by auto-populating contract details, simplifying the workflow, and saving farmers valuable time.

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Major Key Players of the Market:

Mahindra & Mahindra Limited, Trimble Inc., Ninjacart, Topcon Corporation, Raven Industries Inc., Granular Inc., RML AgTech, Figured Limited, Farmers Edge Inc., Agworld Pty Ltd., Conservis Corporation, FarmLogs Inc., AgriWebb, Solinftec, Farmplan, EM3 Agri Services Pvt Ltd., Synnefa, AGRIVI, Farmbrite, Agroptima SL, Traction Ag Inc., Grownetics Inc., Harvest Profit, Croptracker Inc.

Farming As A Service Market 2024 Key Insights:

• The farming as a service market size is expected to see rapid growth in the next few years. It will grow to $9.56 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%.
• The Impact Of Increasing Food Consumption On The Farming As A Service Market
• Technological Advancements In Farming As A Service Market
• North America was the largest region in the farming as a service market in 2023

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This release was published on openPR.