According to a research report “Global Agriculture Industry Outlook 2024 – Feeding the Future Through Innovation” published by MarketsandMarkets, the Top 10 Agriculture Markets Will Grow From USD 81.5 billion In 2023 to USD 94.3 billion by 2024, representing A YOY Increase of 15.7%. The Agriculture Industry Outlook covers vertical farming market, plant breeding market, precision farming market, regenerative agriculture market, blockchain in agriculture market, smart irrigation market, connected agriculture market, agriculture drones’ market, and agricultural biologicals market.
The agriculture industry anticipates a transformative journey from 2023 to 2024, with a focus on agricultural biologicals, the demand for sustainable and carbon neutral agriculture, and innovative technologies like farm automation, and precision agriculture. This period promises unprecedented innovation and heightened competition as companies strive to meet evolving technology integration and embrace ethical organic farming.
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Agriculture industry developments in 2023 and upcoming predictions in 2024
In 2023, the agriculture industry is experiencing significant developments, marked by the rise of sustainable practices, increased adoption of advanced technologies, and strategic initiatives by key players. Growing population, increasing demand for food, widespread implementation of technology in agriculture, and a surge in demand for organic and sustainable agriculture are primary demand drives. As we look ahead to 2024, several trends are poised to shape the industry’s trajectory. The integration of advanced technologies like AI and automation will continue to redefine production processes, while competition among industry leaders will intensify. High-tech and organic approaches are both driving sustainable agriculture. Precision agriculture and biotechnologies optimize yields and resource use, while organic practices prioritize ecological balance. In 2024, the emphasis on automated farm machinery, agriculture biotechnology, novel farming systems, organic and non-GMO seeds, are accelerating the agriculture industry growth. The agriculture industry is grappling with a perfect storm of challenges including increasingly extreme weather, rising costs for essentials like fertilizer and seeds, unpredictable economic conditions, and a shrinking pool of skilled workers. Agricultural companies are actively seeking solutions to navigate these complex issues and ensure the long-term viability of the sector
Top Key Companies in Global Agriculture Industry Outlook:
In the rapidly evolving landscape of the agriculture industry, key companies are spearheading transformative initiatives across various sectors. In the agrigenomics industry Eurfins Scientific (Luxembourg), and Illumina Inc. (US) are leading the charge. In the connected space IBM (US), AT&T (US), and Microsoft (US) are leveraging their expertise in technology to offer premium agricultural services. For organic agricultural production, Syngenta (Switzerland), UPL (India), BASF SE (Germany), Bayer AG (Germany), and Marrone Bio Innovation, Inc. (US) are at the forefront. Additionally, in plant breeding and CRISPR Plants technologies companies such as Corteva, Inc. (US), BASF SE (Germany), and Bayer AG (Germany), are leading the charge by offering biotechnological and conventional methods of plant breeding to obtain desirable agriculture outputs. The agricultural landscape is poised for a dynamic transformation driven by continuous investment in innovative technologies and product development. 2024 is expected to see a growing focus on expanding access to these advancements in developing nations. This global effort will be instrumental in achieving sustainable yield improvements and ensuring food security for all.
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North America currently reigns supreme as the largest agricultural market, while Asia Pacific is surging ahead in terms of growth rate.
North America currently holds the crown for the largest market owing to its well-established infrastructure, government support for large-scale farms, and a robust agribusiness sector. The US reigns supreme within the region, leveraging its vast fertile land, diverse climate, and heavy investments in research and development.
However, the Asia Pacific region is rapidly rising as an agricultural powerhouse. Soaring population particularly in China and India, are creating an immense and ever-growing demand for food. Many Asian governments are strategically investing in agricultural modernization through infrastructure development, irrigation projects, and technology adoption. AgTech solutions like precision agriculture and vertical farming are gaining traction as they promise improved yields and resource management. China and India are leading the charge in this region, with China being a major producer of rice, wheat, and vegetables, and India a significant producer of rice, wheat, and cotton. Other countries like Vietnam, Thailand, and Indonesia are also experiencing significant agricultural growth.
Investment is pouring into both regions, but with distinct focuses. North America is looking to maintain and expand its existing edge through further optimization of production with advanced technologies and infrastructure. In contrast, Asia Pacific is directing its investments towards building modern infrastructure, developing cold chain logistics to reduce spoilage, and promoting the adoption of AgTech solutions. Sustainability is also becoming a growing concern, with investments flowing towards practices that minimize environmental impact.
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