Agritech Market InsightsAgritech Market is emerging with Growing Agriculture Sector in Different Countries by 2027According to The Insight Partner’ latest market study on “Agritech Market Forecast to 2027 – COVID-19 Impact and Global Analysis – 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, and Marketplace), the market was valued at US$ 17,442.7 million in 2019 and is projected to reach US$ 41,172.5 million by 2027; it is expected to grow at a CAGR of 12.1% from 2020 to 2027.
Market Size Value in - US$ 17,442.7 Million in 2019
Market Size Value by - US$ 41,172.5 Million by 2027
Growth rate - CAGR of 12.1% from 2020-2027
Forecast Period - 2020-2027
Base Year - 2020
No. of Pages - 148
No. Tables - 56
No. of Charts & Figures - 75
Historical data available - Yes
Segments covered - Type and Application, and Geography
Regional scope - North America; Europe; Asia Pacific; Latin America; MEA
Country scope - US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage - Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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Investments in Sophisticated Agriculture Technologies
With the increase in effective connection between farmers owing to digitalization, the use of state-of-the-art technologies such as IoT and cloud would encourage farmers to adopt advanced agricultural ecosystem. Below mentioned are some of the features provided by agritech- Ag Biotechnology, agribusiness marketplaces, bioenergy & biomaterials, farm management software, sensing & IoT, farm robotics, mechanization & equipment, midstream technologies, and novel farming systems. Agricultural biotechnology, novel farming and farm management systems, and sensing and IoT products are a few prominent technologies attracting massive farm tech investments. Surge in the number of agritech startups and increasing penetration of sensor-based technologies are among the other factors leading to the rise in these tech investments, and thereby influencing the factor growth.
Impact of COVID-19 Pandemic on Agritech Market
According to the latest situation report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are some of the worst affected countries due to COVID-19 outbreak. The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in the year 2020 and likely in 2021. The pandemic has disturbed agriculture businesses and suppliers around the globe. Fresh vegetables and fruit become increasingly scarce in various regions since the COVID-19 pandemic hampers the global movement of agritech market growth.
North America led the agritech market with 38.59% revenue share in 2019, followed by APAC and Europe. Increasing organic and inorganic strategic developments—such as product launches, and mergers and acquisitions—among the market players support the Agritech market growth in North America. The North America agritech market has been analyzed on the basis of trends prevailing in the US, Canada, and Mexico. Continuous contribution of tech-giants to technological advancements has created a stir in the competitive market across the region. Population in this region is more inclined toward technological developments due to high spending power. The companies in this region are continuously enhancing their overall business processes to efficiently meet the customer demand for high-quality products and services.
In 2019, APAC stood second in the Agritech market with a share of 29.68%, and it is anticipated to witness a steady CAGR from 2020 to 2027. The agri-food industry in Asia, which is valued at ~US$ 5 trillion, is undergoing technological revolution, which is projected to broaden the scope of agritech business. Increasing population in countries such as China, India, Indonesia, Japan, the Philippines, and Vietnam, and rising demand for higher yields are the prime enablers of the agriculture sector in this region. The abovementioned countries are experiencing significant investments in agritech. For instance, after the US, India has recorded the second-highest number of deals in agritech. The country witnessed the increase in total deal value from US$ 133 million in 2018 to US$ 249 million in 2019, which is 87% year-on-year total funding growth. During 2015–2017, the Government of India allocated 100 million Soil Health Cards (SHCs) giving crop-wise recommendations of fertilizers and nutrients, along with offering a soil health mobile app. In addition, the country had also introduced Pradhan Mantri Krishi Sinchai Yojana by making an investment of US$ 7.7 billion for promoting irrigation sources. Such huge government initiatives are boosting the agritech market growth.
Strategic Insights:
The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
- In 2020, AeroFarms to build the world largest 90,000 square foot indoor vertical farm in Abu Dhabi, UAE. Abu Dhabi Investment Office (ADIO) invest USD $100 million in AeroFarms, to build facilities in Abu Dhabi.
- In 2020, AgBiome declared a recent patent directed toward the Connate product line granted in the United States, further strengthening AgBiome’s IP Protection around novel product offerings.
- In 2019, LettUs Grow, declared that it has secured US$ 1.27 million (£1 million) in funding to build world-leading indoor growing facilities, to help feed the growing global population.
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