According to Arizton’s latest research report, the agritech market is growing at a CAGR of 12.30% during 2024-2030.
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Report Summary
Market Size (2030): $48.98 Billion
Market Size (2024): $24.42 Billion
CAGR (2024-2030): 12.30%
Historic Year: 2021-2023
Base Year: 2024
Forecast Year: 2025-2030
Market Segmentation: Type, Application, and Geography
Geographic Analysis: North America, Europe, APAC, Latin America, and Middle East & Africa
Agritech Market Sees Groundbreaking Developments as AI, Robotics, and Regional Expansion Take Center Stage
The agritech market is experiencing dynamic shifts as key players intensify their focus on cutting-edge technologies and expand into high-growth regions. AI, robotics, drones, and vertical farming are at the forefront of innovation, with major vendors like Syngenta and Corteva leading the charge. Syngenta’s launch of the “Shoots” innovation accelerator and Corteva’s “Corteva Catalyst” program are pushing the boundaries of how emerging technologies can integrate into research and development, accelerating advancements in sustainable agriculture.
Industry giants such as Bayer, Corteva, and John Deere continue to bolster their market presence through strategic mergers, acquisitions, and partnerships, ensuring they remain at the cutting edge of agritech innovation. Meanwhile, startups like Indigo Agriculture and Farmer’s Edge are leveraging AI and cloud-based solutions to rapidly scale their operations and capture significant market share.
As developed markets approach saturation, leading vendors are looking to the high-potential regions of Asia-Pacific and Africa. Syngenta Group, for instance, is making bold strides in India, launching platforms like Cropwise to engage millions of farmers. In Africa, Twiga Foods is digitizing supply chains, exemplifying how agritech is driving regional diversification strategies across the globe.
Sustainability and Supply Chain Innovations in Agritech Market
The push for sustainability is also driving the agritech market, with technologies like blockchain playing a key role in improving food traceability and reducing food waste. IBM Food Trust partnered with European agribusinesses in 2023 to reduce food fraud and waste by 20%. Vertical farming, hydroponics, and aquaponics are revolutionizing food production, with companies like Plenty and AeroFarms pioneering sustainable agriculture solutions.
The Future of Agritech Market
The agritech market is on the verge of transforming the agricultural industry, blending advanced technologies with traditional farming methods to meet the growing global food demand. As the world faces challenges such as shrinking arable land, climate change, and a rising population, the integration of precision farming, blockchain-enabled supply chains, and sustainable farming solutions is becoming essential for the future of agriculture.
Precision farming techniques, such as the use of IoT, AI, and big data analytics, are revolutionizing farming by enabling real-time monitoring of crops, soil, and weather conditions. These technologies optimize resource use, increase yields, and reduce environmental impact. Blockchain technology is enhancing food traceability and reducing waste, while providing transparency in the supply chain. Additionally, innovations like vertical farming, hydroponics, and aquaponics are enabling sustainable food production in urban areas with minimal environmental footprint.
As these technologies become more affordable and accessible, even remote farming communities are adopting them. This trend is fostering a global agricultural ecosystem that is not only more efficient and productive but also environmentally sustainable. The future of agritech promises to reshape agriculture, creating solutions that address the dual challenges of feeding a growing population and protecting the planet for generations to come.
Recent Developments by Top Major Brands in the Global Agritech Market
- In 2024, John Deere launched its autonomous 8R tractor, which can autonomously perform tasks such as planting and tilling. This move follows the company’s USD 305 million investment in autonomous farming technology. John Deere aims to deploy 1,000 autonomous tractors by 2025, addressing labor shortages and increasing operational efficiency.
- Corteva expanded its biological portfolio in 2023 by acquiring Symborg, a leader in biological solutions for agriculture. The acquisition, valued at an undisclosed amount, enhances Corteva’s offerings in eco-friendly farming. Corteva’s 2023 revenue was USD 18.2 billion, with biological products contributing significantly to growth.
- Bayer CropScience enhanced its digital farming capabilities in 2023 by acquiring The Climate Corporation for USD 1.1 billion. This acquisition integrates weather data, satellite imagery, and analytics into Bayer’s platform, helping farmers optimize production. Bayer aims for USD 2.5 billion in digital revenue by 2025.
- AG Leader launched the InCommand 1200 display system in 2024, designed to improve precision farming with real-time data analytics and automated machinery control. The system helps farmers monitor soil health and crop conditions. AG Leader’s parent company, Trimble, reported USD 3.5 billion in revenue in 2023, driven by demand for precision farming tools.
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Key Company Profiles
- AGCO Corporation
- Bayer Crop Science
- CNH Industrial
- Corteva Agriscience
- John Deere
- Kubota Corporation
- Syngenta
- Trimble Inc.
- Agreena
- AgroStar
- ARSR Tech
- CeresAI
- CropX
- DeHaat
- EcoRobotix
- FarmInsect
- Indigo Ag
- Yara International
Market Segmentation
Type
- Biotechnology & Biochemicals
- Big Data Analytics
- Sensors & Connected Devices
- Mobility
Application
- Production and Maintenance
- Irrigation
- Supply Chain
- Marketplace
Geography
North America
- The U.S.
- Canada
APAC
- China
- India
- Thailand
- Malaysia
- Australia
- Indonesia
Europe
- France
- Germany
- Italy
- The U.K.
- Poland
- Spain
Latin America
- Brazil
- Mexico
- Argentina
Middle East & Africa
- Turkey
- South Africa
- Egypt
Key Questions Answered in the Report:
How big is the global agritech market?
What is the growth rate of the global agritech market?
Who are the key players in the global agritech market?
What are the significant trends in the agritech industry?
Which region dominates the global agritech market share?
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