Overview and Scope
Agritech (agricultural technology) is applying modern technology, science, and innovation in the agricultural sector to enhance productivity, efficiency, sustainability, and profitability. It encompasses various technologies and applications, including precision agriculture, automation, data analytics, and biotechnology, aimed at improving various aspects of the agricultural value chain, from cultivation and harvesting to distribution and marketing.
Sizing and Forecast
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 growth in the historic period can be attributed to green revolution, advancements in agricultural machinery, introduction of genetically modified organisms (GMOs), adoption of precision agriculture.
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%. The growth in the forecast period can be attributed to digital transformation in agriculture, climate-smart agriculture, biotechnology innovations, rise of agricultural robotics and automation. Major trends in the forecast period include digital farming and precision agriculture, vertical farming and indoor agriculture, sustainable and regenerative agriculture, growing blockchain and supply chain transparency, robotics and automation in agriculture.
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Segmentation & Regional Insights
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
Top 5 Major Players:
- Cargill Incorporated
- Archer Daniels Midland Company (ADM)
- BASF SE
- Wilmar International Limited
- Bunge Limited
North America was the largest region in the agritech market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the agritech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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.
The agritech market report table of contents includes:
1. Executive Summary
2. Agritech Market Characteristics
3. Agritech Market Trends And Strategies
4. Agritech Market – Macro Economic Scenario
5. Global Agritech Market Size and Growth
…..
32. Global Agritech Market Competitive Benchmarking
33. Global Agritech Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Agritech Market
35. Agritech Market Future Outlook and Potential Analysis
36. Appendix
List Of Tables;
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Agritech Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Agritech Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Agritech Market, Segmentation By Sector, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 74: Cargill Incorporated Financial Performance
Table 75: Archer Daniels Midland Company (ADM) Financial Performance
Table 76: BASF SE Financial Performance
Table 77: Wilmar International Limited Financial Performance
Table 78: Bunge Limited Financial Performance
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