Press release
2025-2034 Smart Harvest Market Roadmap: Insights for Competitive Advantage
Smart Harvest
How Large Will the Smart Harvest Market Size By 2025?
In recent times, the smart harvest market has seen swift expansion in its size. Projected to elevate from a market worth of $17.84 billion in 2024 to $19.95 billion in 2025, it boasts an 11.8% compound annual growth rate (CAGR). The upsurge during this historic period can be connected to the growing desire for plant-derived proteins, functionalities in food processing, alternatives that are free from gluten and allergens, wide-ranging uses in food products, and worldwide growth of soy production.
How Big Is the Smart Harvest Market Size Expected to Grow by 2029?
The market size for smart harvest is projected to experience swift expansion in the coming years. The predictions suggest it's likely to soar to "$32.7 billion by 2029, with a compound annual growth rate (CAGR) of 13.1%. The projected growth within the prediction timeframe is due to factors such as the burgeoning market for meat substitutes, functional and nutritional benefits, continuous research and development efforts, global population increase and environmentally conducive practices. Noteworthy trends expected during the forecast period encompass advancements in food processing, the usage of natural ingredients and clean labels, the variety of soy flour products, food fortification, and the presence of gluten-free functional properties in food.
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Which Key Market Drivers Powering Smart Harvest Market Expansion and Growth?
The smart harvest market is poised for expansion owing to the escalating demand for food. The concept of food demand refers to the quantity of food that consumers are ready and able to purchase at a specific cost and time. Smart harvest could serve as a solution to meet the growing demand for food by augmenting agricultural yield and efficiency. Smart farming approaches allow farmers to keep a tab on each plant and meddle with their nutrition, which in turn prevents malnourishment and enhances crop well-being. The application of various avant-garde technologies also aids in intensifying agricultural production and potency. As per a report launched by the Food and Agriculture Organization in April 2023, an international organization based in Canada that champions international campaigns to eradicate hunger and better nutrition and food security, the worldwide utilization of wheat shot up from about 762 million tons in 2020/2021 to nearly 773 million tons in 2021/2022, projecting a further rise to 780 million tons in 2022/2023. Hence, the ascending demand for food is fueling the growth of the smart harvest market.
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Which Fast-Growing Trends Are Poised to Disrupt the Smart Harvest Market?
Product reinventions are becoming a prominent trend in the smart harvesting market. Dominant players in this sector are discovering sophisticated technologies such as the IoT-based Smart Kit to boost agrarian efficiency, keep track of crop health in an instant, and maximize yield while minimizing labor expenses. The IoT-based Smart Kit is a tech solution that amalgamates the Internet of Things (IoT) devices and sensors to amass, scrutinize, and convey data in real time for different uses. For instance, in March 2023, the agricultech firm based in India, Krish-e, introduced the Krish-e Smart Kit (KSK), a Smart Kit powered by IoT. The Krish-e Smart Kit (KSK) is engineered to equip farmers with real-time data on soil conditions, moisture content, and crop well-being, enabling them to make insightful decisions that optimize resources and enhance crop yield. This breakthrough device aims at augmenting productivity and durability in farming, equipping farmers with requisite technology to prosper in a competitive market.
What Are the Emerging Segments in the Smart Harvest Market?
The smart harvest market covered in this report is segmented -
1) By Components: Hardware, Software
2) By Crop Type: Fruits, Vegetables
3) By Site Of Operation: On-Field, Greenhouse, Indoor
4) By End Users: Agriculture, Horticulture, Floriculture, Vertical Farming, Other End Users
Subsegments:
1) By Hardware: Sensors, Drones, Automated Machinery, Robotics, GPS Systems
2) By Software: Farm Management Software, Data Analytics Software, Crop Monitoring Applications, Yield Prediction Software, Supply Chain Management Software
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Who Are the Global Leaders in the Smart Harvest Market?
Major companies operating in the smart harvest market include 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
Which are the Top Profitable Regional Markets for the Smart Harvest Industry?
Western Europe was the largest region in the smart harvest market in 2024. North America is expected to be the fastest-growing region in the global smart harvest market during the forecast period. The regions covered in the smart harvest market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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