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 America 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, system, and software, which would help in boosting the market growth. Also, availability of 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 global agritech market in 2019 and it is anticipated to continue its dominance during the forecast period.
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.
Lucrative Regional Agritech Markets
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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 ecosystem. 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. 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, the production and maintenance is expected to lead the global agritech market during the forecast period. There has been a rise in the adoption of advance monitoring systems to efficiently monitor the production of crops in farms; they also provide useful methods to maintain the crop yielding.
Agritech Market, by Application (% share)
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Agritech Market: Strategic Insights
Market Size Value in US$ 17,442.7 Million in 2019 Market Size Value by US$ 41,172.5 Million by 2027 Growth rate CAGR of 12.1% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Agritech Market: Strategic Insights
Market Size Value in | US$ 17,442.7 Million in 2019 |
Market Size Value by | US$ 41,172.5 Million by 2027 |
Growth rate | CAGR of 12.1% from 2020-2027 |
Forecast Period | 2020-2027 |
Base Year | 2020 |
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Speak to AnalystThe 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
- Mobility
- Other Types
Agritech Market – By Application
- Irrigation
- Production and Maintenance
- Supply Chain
- Marketplace
Agritech Market- By Region
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Agritech Market – Companies Profiles
- ARSR Tech
- AeroFarms
- Apollo Agriculture
- Crofarm Agriproducts Pvt Ltd
- Conservis
- Indigo Ag, Inc.
- LettUs Grow Ltd.
- Pivot Bio
- AgBiome, Inc.
- Ceres Imaging
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and Application , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America held the largest revenue share of global agritech market in 2019 and it is anticipated to continue its dominance over the forecast period. In North America, imprints of companies such as AgWorld, AgBiome, Hortau, AeroFarms, Harvest Automation, and Farmers Business Network and many more which are engaged in the business of offering agritech related technologies, system, and software would help in boosting the market growth. Also, availability of large number of commercial farms and start-ups in the US will further help in fueling the penetration of agritech in the region.
Agriculture is anticipated to evolve as a high-tech sector in the coming years, wherein the performance of interconnected systems would be assisted by artificial intelligence (AI) and Big Data facilities. The resulting systems would converge into a single unit, combining farm machinery and management, starting from seeding to production forecasting. Personnel employing Big Data and analytics must consider concrete and specific characteristics of farming to extract valuable information and take effective decisions accordingly. The AI and Big data technologies uses sensors to record weather conditions, crop efficiency, and soil structure. Both Big Data and AI have a potential to optimize productivity and crop management. Thus, increasing scope of big data is driving the agritech market growth.
In terms of market share, the market was dominated by production and maintenance application segment which accounted for 38.3% of the total market share in 2019. There has been a rise in the adoption of advance monitoring systems to efficiently monitor the production of crops in farms; they also provide useful methods to maintain the crop yielding. Similarly, the use of data management and data analytics solutions allows farm owners to generate insightful reports to boost the crop and soil health, predict weather and fields conditions, and so on. This, the data collected from farms is also used by scientists to conduct experiments to improve farming processes.
The List of Companies - Agritech Market
- ARSR Tech
- AeroFarms
- Apollo Agriculture
- Crofarm Agriproducts Pvt Ltd
- Conservis
- Indigo Ag, Inc.
- LettUs Grow Ltd.
- Pivot Bio
- AgBiome, Inc.
- Ceres Imaging
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
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- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
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