Agriculture plays a crucial role in the economic growth of some of the largest nations across the globe which include the US, China, India, France, Spain, Brazil, and Russia among many others. With continuously growing population and rising demand of agricultural output to meet the increasing demand, the investments in agriculture technology solutions have been growing at an impressive pace worldwide.
Agritech refers to a market ecosystem that consist of companies which are using and developing different technologies to enhance their agriculture products or services offerings. These advanced offerings are aimed to increase overall yield, efficiency, cost savings, and profitability of farmers and agriculture companies across the value chain. Some of the key technologies that are penetrating the global agriculture sector include data analytics, artificial intelligence, internet-of-things, machine learning, automation systems, software as a service solutions among many others. In addition to this, the evolving business & revenue models in agriculture sector, market consolidation with bigger players acquiring smaller players to achieve economies of scale and vertical integration, trend of precision farming, and rising investments in agritech start-ups are some of the key factors that are fueling the growth of global agritech market. Agri inputs, precision agriculture, farm management software, supply chain tech, quality management and traceability are some of the key growth areas that are driving the technology adoption in global agriculture sector.
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In terms of revenue, the global agritech 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% during the forecast period from 2020 to 2027.
The global agritech market has been segmented as follows:
Agritech Market – By Type
Biotechnology and Biochemicals
Agritech Market – By Application
Agritech Market- By Region
Agritech Market – Companies Profiles
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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