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Agritech Market Forecast to 2027 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), and Geography
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 agritech market is broadly segmented into five major regions—North America, Europe, APAC, MEA, and SAM. In terms of market share, the North American region dominated the agritech market in 2019. Companies such as AgWorld, AgBiome, Hortau, AeroFarms, Harvest Automation, and Farmers Business Network are engaged in the business of offering agritech related technologies, systems, and software, which would help in boosting the market growth. Also, the availability of a large number of commercial farms and start-ups in the US will further help in fueling the penetration of agritech in the region. North America held the largest revenue share of the global agritech market in 2019 and it is anticipated to continue its dominance during the forecast period.
Market Insights–Agritech Market
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 ecosystems. 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. The 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.
Type Segment Insights
Based on type, the biotechnology and biochemicals segment is expected to lead the global agritech market during the forecast period. Several agritech biotechnology and biochemical tools are being used worldwide to boost crop yields, such as next-generation DNA sequencing, RNA interference, synthetic biology tools, biochips, and genome editing tools.
Application Segment Insights
Based on application, production and maintenance are expected to lead the global agritech market during the forecast period. There has been a rise in the adoption of advanced monitoring systems to efficiently monitor the production of crops in farms; they also provide useful methods to maintain crop yielding.
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.
The global agritech market has been segmented as follows:
Agritech Market – By Type
Biotechnology and Biochemicals
Big Data and Analytics
Sensors and Connected Devices
Agritech Market – By Application
Production and Maintenance
Agritech Market- By Region
Rest of Europe
Asia Pacific (APAC)
Rest of APAC
Middle East and Africa (MEA)
Rest of MEA
South America (SAM)
Rest of SAM
Agritech Market – Companies Profiles
Crofarm Agriproducts Pvt Ltd
Indigo Ag, Inc.
LettUs Grow Ltd.