InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Agritech Market – (By Type (Biotechnology and Biochemicals, Big Data and Analytics, Sensors and Connected Devices, Mobility, and Other Types) and Application (Irrigation, Production and Maintenance, Supply Chain, Marketplace and Others), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Agritech Market is valued at US$ 25.2 Bn in 2023, and it is expected to reach US$ 72.6 Bn by 2031, with a CAGR of 14.3% during the forecast period of 2024-2031.
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The Agritech market encounters various obstacles, including limited rural connectivity, challenges with platform interoperability, high upfront costs, regulatory hurdles, and concerns regarding data privacy and security. These impediments pose barriers to the widespread adoption and advancement of agricultural technology. Outdated policies and regulatory barriers further compound these challenges, hindering the progress of the Agritech market. Governments wield significant influence in shaping the regulatory framework for agricultural technology, and overly stringent or ambiguous regulations can stifle innovation and investment in the sector. Simplifying regulatory procedures and establishing policies conducive to the development and deployment of Agritech solutions are essential for stimulating growth and fostering innovation within the industry.
Moreover, the substantial initial investment required to implement Agritech solutions may deter many farmers, particularly those in developing regions. Cost-effective models and financial incentives are necessary to enhance accessibility to these technologies among a broader spectrum of farmers, thereby promoting increased adoption and efficacy.
Competitive Landscape:
List of Prominent Players in the Agritech Market:
- Crofarm Agriproducts Pvt Ltd
- Pivot Bio
- ARSR Tech
- Harvest Automation
- Indigo Ag Inc.
- Conservis
- Apollo Agriculture
- AgBiome Inc.
- Hortau
- AeroFarms
- Farmers Business Network
- Ceres Imaging
- AgWorld
- LettUs Grow Ltd.
Market Dynamics:
The Agritech market is thriving due to technological advancements like precision agriculture and IoT, which boost productivity and cut costs. With a growing population as well as demand for sustainable food production, governments are supporting Agritech with incentives. Consumers' focus on food safety and transparency is also driving the market, alongside new business models like farm management software.
These factors combine to revolutionize agriculture, offering growth and sustainability. Technological advancements such as precision agriculture, automation, and Internet of Things (IoT) solutions are revolutionizing farming practices, optimizing resource utilization, and enhancing productivity. These technologies enable farmers to monitor crops, soil conditions, and equipment remotely, thereby improving decision-making processes and reducing operational costs.
Challenges:
The Agritech market faces hurdles such as limited rural connectivity, interoperability issues between platforms, high initial costs, regulatory barriers, and concerns about data privacy and security. These challenges hinder widespread adoption and innovation in agricultural technology. Regulatory barriers and outdated policies also present challenges to the Agritech market. Governments play very crucial role in shaping the regulatory landscape for agricultural technology, and overly restrictive or ambiguous regulations can hinder innovation and investment in the sector.
Streamlining regulatory processes and ensuring policies are conducive to the development and deployment of Agritech solutions is essential for fostering growth and innovation in the industry. The high initial investment required for implementing Agritech solutions can be prohibitive for many farmers, especially those in developing regions. Cost-effective models and financial incentives are needed to make these technologies more approachable to a wider range of farmers, thereby driving greater adoption and impact.
Regional Trends:
The North American agritech market is anticipated to dominate in terms of revenue share and is forecasted to experience significant growth at a high Compound Annual Growth Rate (CAGR). This growth can be attributed to different factors, including the region's robust technological infrastructure, increasing investments in agricultural innovation, supportive government policies, and a strong focus on sustainability and efficiency in farming practices. Additionally, the presence of key players and research institutions driving advancements in Agritech further bolsters growth prospects in the North American market.
The APAC Agritech market is expected to lead in revenue share and is projected to undergo substantial growth. This anticipation stems from several factors, including the region's vast agricultural sector, increasing adoption of technology in farming practices, rising demand for sustainable agricultural solutions, and supportive government initiatives. Moreover, the APAC region is witnessing rapid urbanization and population growth, driving the need for innovative agricultural technologies to enhance food security and productivity. This conducive environment positions APAC as a key player in the global Agritech landscape, with considerable potential for expansion and innovation.
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Recent Developments:
- In July 2022, ADM and FBN (Farmers Business Network® FBN®) signed an agreement to broaden the accessibility of FBN's state-of-the-art digital farm business management platform, Gradable, to ADM's network of farmers throughout North America. This will offer 55,000 growers a comprehensive digital solution for the management of their enterprises and the measurement of sustainable production data.
Segmentation of Agritech Market-
By Type
- Biotechnology and Biochemical
- Big Data and Analytics
- Sensors and Connected Devices
- 8Mobility
- Others
By Application
- Irrigation
- Production and Maintenance
- Supply Chain
- Marketplace
- Others
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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