Agritech Market

Description

The global agritech market is projected to increase from US$ 27.15 Billion in 2024 to US$ 69.22 Billion by 2031, with an expected compound annual growth rate (CAGR) of 11.23% from 2031 to 2031. The rising integration of artificial intelligence (AI) and machine learning (ML) is anticipated to be a significant trend in the agritech sector.

Agritech Market Analysis

The growth of the agritech market is significantly influenced by the adoption of sensor-based agricultural technologies and the increasing number of agritech startups.

Agritech Market Overview

Agritech, or agricultural technology, encompasses the implementation of technological innovations in agriculture aimed at enhancing productivity, efficiency, and profitability. This includes the use of technology to speed up planting, develop resilient crops, and improve harvesting processes. Agritech also involves the application of robotics, big data, artificial intelligence, and other essential tools to tackle challenges faced by the agricultural sector. Additionally, agritech facilitates the development of advanced Internet of Things (IoT) software that can monitor and provide accurate data regarding weather conditions, soil quality, and crop status. IoT technologies in agriculture help optimize farming practices without exhausting farmers' resources or time, by delivering real-time insights about their crops and fields.

Strategic Insights

Agritech Market Drivers and Opportunities

Growing Adoption of Sensor-Based Technologies to Boost Market

The rising implementation of sensor-based technologies is driving technological investments in the agritech sector. This includes the use of sensing devices and IoT technology, which enable farmers to gather data on various factors such as weather conditions, soil health, and crop performance, leading to more informed decision-making. Sensors deployed in fields provide farmers with real-time data on soil moisture, temperature, and acidity, allowing for timely decisions regarding irrigation, nutrient application, and pest management.

Food Security and Population Growth

As the global population continues to grow, the demand on the food supply chain intensifies. Agritech aims to address the nutritional requirements of this expanding population. Technologies like drones and GPS-guided tractors facilitate precision planting and harvesting, which help reduce costs and minimize environmental impact. Moreover, data-driven solutions offer farmers critical insights into weather patterns, soil conditions, and crop performance, enabling them to make well-informed choices.

Agritech Market Report Segmentation Analysis

The agritech market analysis is segmented by type and application.

By type, the market is categorized into biotechnology and biochemicals, big data and analytics, sensors and connected devices, mobility, and others. The biotechnology and biochemicals segment accounted for a larger market share in 2024.
In terms of application, the market is divided into irrigation, production and maintenance, supply chain, and marketplace. The production and maintenance segment held a larger market share in 2024.

Agritech Market Share Analysis by Geography

The agritech market report covers five main regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America led the agritech market in 2024, driven by the increasing adoption of precision agriculture. Technologies such as drones, sensor-based systems, and GPS-guided tractors have been widely embraced in North America, enabling farmers to enhance crop yields, reduce input costs, and boost overall farm productivity. These precision agriculture technologies have transformed the farming landscape, allowing for greater efficiency and productivity in agricultural operations.

Agritech Market Report Scope

Agritech Market News and Recent Developments

The agritech market assessment is based on qualitative and quantitative data collected through primary and secondary research, including significant corporate publications, association data, and databases. Recent market developments include:

In January 2024, Apollo Agriculture, a platform that supports small-scale farmers in maximizing profits, raised US$ 10 million in funding to further its growth. Founded in 2024 in Kenya, Apollo Agriculture provides farmers with access to financing, quality farm inputs, insurance, and tailored advice to enhance profitability. This funding will allow Apollo Agriculture to expand its operations in Kenya, assisting more farmers in adapting to climate change and contributing to food security.

(Source: Apollo Agriculture, Press Release, 2024)

In February 2024, AeroFarms, a Certified B Corporation and leader in indoor vertical farming, launched AeroFarms AgX, a state-of-the-art indoor vertical farm located in Abu Dhabi, UAE. This facility focuses on innovative research and development (R&D) to advance sustainable controlled environment agriculture (CEA) and indoor vertical farming, addressing global agricultural supply chain challenges.

(Source: AeroFarms, Press Release, 2024)

Agritech Market Report Coverage and Deliverables

The "Agritech Market Size and Forecast (2021-2031)" report offers a comprehensive analysis of the market, covering the following areas:

Market size and forecast at global, regional, and country levels for all key segments included in the scope
Market dynamics such as drivers, restraints, and key opportunities
Emerging trends
Detailed PEST/Porter's Five Forces and SWOT analysis
Global and regional market analysis highlighting key trends, major players, regulations, and recent developments
Industry landscape and competition analysis, including market concentration, heat map analysis, prominent players, and recent advancements
In-depth company profiles

Product Code: TIPRE00019484

1. Introduction

1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
- 1.3.1 Agritech Market and By Type
- 1.3.2 Agritech Market and By Application
- 1.3.3 Agritech Market- By Region

2. Key Takeaways

3. Research Methodology

3.1 Coverage
3.2 Secondary Research
3.3 Primary Research

4. Agritech Market Landscape

4.1 Market Overview
4.2 PEST Analysis
- 4.2.1 North America and PEST Analysis
- 4.2.2 Europe and PEST Analysis
- 4.2.3 Asia-Pacific and PEST Analysis
- 4.2.4 Middle East and Africa and PEST Analysis
- 4.2.5 South America and PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion

5. Agritech Market and Key Market Dynamics

5.1 Market Drivers
- 5.1.1 Growing Agriculture Sector in Different Countries
- 5.1.2 Investments in Sophisticated Agriculture Technologies
5.2 Market Restraints
- 5.2.1 Fragmented Agriculture Sector, High Implementation Costs, and Limited Awareness
5.3 Market Opportunities
- 5.3.1 Increasing Scope of Big Data
5.4 Future Trend
- 5.4.1 Proliferating Use of Precision Farming
5.5 Impact Analysis of Drivers and Restraints

6. Agritech Market and Global Analysis

6.1 Agritech Market Global Overview
6.2 Agritech Market and Global Revenue and Forecast to 2031 (US$ Million)
6.3 Market Positioning and Five Key Players

7. Agritech Market Analysis and By Type

7.1 Overview
7.2 Agritech Market, by Type (2024 and 2031)
7.3 Biotechnology and Biochemicals
- 7.3.1 Overview
- 7.3.2 Biotechnology and Biochemicals: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
7.4 Big Data and Analytics
- 7.4.1 Overview
- 7.4.2 Big Data and Analytics: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
7.5 Sensors and Connected Devices
- 7.5.1 Overview
- 7.5.2 Sensors and Connected Devices: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
7.6 Mobility
- 7.6.1 Overview
- 7.6.2 Mobility: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
7.7 Other Types
- 7.7.1 Overview
- 7.7.2 Other Types: Agritech Market and Revenue and Forecast to 2031 (US$ Million)

8. Agritech Market Analysis and By Application

8.1 Overview
8.2 Agritech Market, by Application (2024 and 2031)
8.3 Irrigation
- 8.3.1 Overview
- 8.3.2 Irrigation: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
8.4 Production and Maintenance
- 8.4.1 Overview
- 8.4.2 Production and Maintenance: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
8.5 Supply Chain
- 8.5.1 Overview
- 8.5.2 Supply Chain: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
8.6 Marketplace
- 8.6.1 Overview
- 8.6.2 Marketplace: Agritech Market and Revenue and Forecast to 2031 (US$ Million)

9. Agritech Market and Geographic Analysis

9.1 Overview
9.2 North America: Agritech Market
- 9.2.1 North America: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
- 9.2.2 North America: Agritech Market, by Type
- 9.2.3 North America: Agritech Market, by Application
- 9.2.4 North America: Agritech Market, by Key Country
  - 9.2.4.1 US: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
    - 9.2.4.1.1 US: Agritech Market, by Type
    - 9.2.4.1.2 US: Agritech Market, by Application
  - 9.2.4.2 Canada: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
    - 9.2.4.2.1 Canada: Agritech Market, by Type
    - 9.2.4.2.2 Canada: Agritech Market, by Application
  - 9.2.4.3 Mexico: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
    - 9.2.4.3.1 Mexico: Agritech Market, by Type
    - 9.2.4.3.2 Mexico: Agritech Market, by Application
9.3 Europe: Agritech Market
- 9.3.1 Europe: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
- 9.3.2 Europe: Agritech Market, By Type
- 9.3.3 Europe: Agritech Market, By Application
- 9.3.4 Europe: Agritech Market, By Country
  - 9.3.4.1 Germany: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
    - 9.3.4.1.1 Germany: Agritech Market, by Type
    - 9.3.4.1.2 Germany: Agritech Market, by Application
  - 9.3.4.2 France: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
    - 9.3.4.2.1 France: Agritech Market, by Type
    - 9.3.4.2.2 France: Agritech Market, by Application
  - 9.3.4.3 Italy: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
    - 9.3.4.3.1 Italy: Agritech Market, by Type
    - 9.3.4.3.2 Italy: Agritech Market, by Application
  - 9.3.4.4 UK: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
    - 9.3.4.4.1 UK: Agritech Market, by Type
    - 9.3.4.4.2 UK: Agritech Market, by Application
  - 9.3.4.5 Russia: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
    - 9.3.4.5.1 Russia: Agritech Market, by Type
    - 9.3.4.5.2 Russia: Agritech Market, by Application
  - 9.3.4.6 Rest of Europe: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
    - 9.3.4.6.1 Rest of Europe: Agritech Market, by Type
    - 9.3.4.6.2 Rest of Europe: Agritech Market, by Application
9.4 APAC: Agritech Market
- 9.4.1 APAC: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
- 9.4.2 APAC: Agritech Market, By Type
- 9.4.3 APAC: Agritech Market, By Application
- 9.4.4 APAC: Agritech Market, By Country
  - 9.4.4.1 Australia: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
    - 9.4.4.1.1 Australia: Agritech Market, by Type
    - 9.4.4.1.2 Australia: Agritech Market, by Application
  - 9.4.4.2 China: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
    - 9.4.4.2.1 China: Agritech Market, by Type
    - 9.4.4.2.2 China: Agritech Market, by Application
  - 9.4.4.3 India: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
    - 9.4.4.3.1 India: Agritech Market, by Type
    - 9.4.4.3.2 India: Agritech Market, by Application
  - 9.4.4.4 Japan: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
    - 9.4.4.4.1 Japan: Agritech Market, by Type
    - 9.4.4.4.2 Japan: Agritech Market, by Application
  - 9.4.4.5 South Korea: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
    - 9.4.4.5.1 South Korea: Agritech Market, by Type
    - 9.4.4.5.2 South Korea: Agritech Market, by Application
  - 9.4.4.6 Rest of APAC: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
    - 9.4.4.6.1 Rest of APAC: Agritech Market, by Type
    - 9.4.4.6.2 Rest of APAC: Agritech Market, by Application
9.5 MEA: Agritech Market
- 9.5.1 MEA: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
- 9.5.2 MEA: Agritech Market, by Type
- 9.5.3 MEA: Agritech Market, by Application
- 9.5.4 MEA: Agritech Market, by Key Country
  - 9.5.4.1 South Africa: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
    - 9.5.4.1.1 South Africa: Agritech Market, by Type
    - 9.5.4.1.2 South Africa: Agritech Market, by Application
  - 9.5.4.2 Saudi Arabia: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
    - 9.5.4.2.1 Saudi Arabia: Agritech Market, by Type
    - 9.5.4.2.2 Saudi Arabia: Agritech Market, by Application
  - 9.5.4.3 UAE: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
    - 9.5.4.3.1 UAE: Agritech Market, by Type
    - 9.5.4.3.2 UAE: Agritech Market, by Application
  - 9.5.4.4 Rest of MEA: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
    - 9.5.4.4.1 Rest of MEA: Agritech Market, by Type
    - 9.5.4.4.2 Rest of MEA: Agritech Market, by Application
9.6 SAM: Agritech Market
- 9.6.1 SAM: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
- 9.6.2 SAM: Agritech Market, by Type
- 9.6.3 SAM: Agritech Market, by Application
- 9.6.4 SAM: Agritech Market, by Key Country
  - 9.6.4.1 Brazil: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
    - 9.6.4.1.1 Brazil: Agritech Market, by Type
    - 9.6.4.1.2 Brazil: Agritech Market, by Application
  - 9.6.4.2 Argentina: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
    - 9.6.4.2.1 Argentina: Agritech Market, by Type
    - 9.6.4.2.2 Argentina: Agritech Market, by Application
  - 9.6.4.3 Rest of SAM: Agritech Market and Revenue and Forecast to 2031 (US$ Million)
    - 9.6.4.3.1 Rest of SAM: Agritech Market, by Type
    - 9.6.4.3.2 Rest of SAM: Agritech Market, by Application

10. Agritech Market- COVID-19 Impact Analysis

10.1 Overview
10.2 North America
10.3 Europe
10.4 Asia-Pacific
10.5 Middle East and Africa
10.6 South America

11. Industry Landscape

11.1 Overview

12. Company Profiles

12.1 ARSR Tech
- 12.1.1 Key Facts
- 12.1.2 Business Description
- 12.1.3 Products and Services
- 12.1.4 Financial Overview
- 12.1.5 SWOT Analysis
- 12.1.6 Key Developments
12.2 AeroFarms
- 12.2.1 Key Facts
- 12.2.2 Business Description
- 12.2.3 Products and Services
- 12.2.4 Financial Overview
- 12.2.5 SWOT Analysis
- 12.2.6 Key Developments
12.3 Apollo Agriculture
- 12.3.1 Key Facts
- 12.3.2 Business Description
- 12.3.3 Products and Services
- 12.3.4 Financial Overview
- 12.3.5 SWOT Analysis
- 12.3.6 Key Developments
12.4 Crofarm Agriproducts Pvt Ltd
- 12.4.1 Key Facts
- 12.4.2 Business Description
- 12.4.3 Products and Services
- 12.4.4 Financial Overview
- 12.4.5 SWOT Analysis
- 12.4.6 Key Developments
12.5 Conservis
- 12.5.1 Key Facts
- 12.5.2 Business Description
- 12.5.3 Products and Services
- 12.5.4 Financial Overview
- 12.5.5 SWOT Analysis
- 12.5.6 Key Developments
12.6 Indigo Ag, Inc
- 12.6.1 Key Facts
- 12.6.2 Business Description
- 12.6.3 Products and Services
- 12.6.4 Financial Overview
- 12.6.5 SWOT Analysis
- 12.6.6 Key Developments
12.7 LettUs Grow Ltd.
- 12.7.1 Key Facts
- 12.7.2 Business Description
- 12.7.3 Products and Services
- 12.7.4 Financial Overview
- 12.7.5 SWOT Analysis
- 12.7.6 Key Developments
12.8 Pivot Bio
- 12.8.1 Key Facts
- 12.8.2 Business Description
- 12.8.3 Products and Services
- 12.8.4 Financial Overview
- 12.8.5 SWOT Analysis
- 12.8.6 Key Developments
12.9 AgBiome, Inc.
- 12.9.1 Key Facts
- 12.9.2 Business Description
- 12.9.3 Products and Services
- 12.9.4 Financial Overview
- 12.9.5 SWOT Analysis
- 12.9.6 Key Developments
12.10 Ceres Imaging
- 12.10.1 Key Facts
- 12.10.2 Business Description
- 12.10.3 Products and Services
- 12.10.4 Financial Overview
- 12.10.5 SWOT Analysis
- 12.10.6 Key Developments

13. Appendix

13.1 About The Insight Partners
13.2 Word Index