According to our 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.
Agritech enables efficient monitoring, mapping, and controlling of farming decisions precisely. The agriculture sector is witnessing adoption of advanced agriculture machines, sensors, satellite imagery, and software solutions. Further, the rising demand of irrigation is amongst a major factor boosting the penetration of agriculture technologies to face unpredictable situations related to global warming and climate change.
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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.
The entry of startups in farming and investment activities for promoting the use of agricultural technologies have increased enormously in the region. In the last few years, venture capitalists have invested US$4 billion in the agritech startups. Other investments in the region are mentioned below:
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.
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