The global AgTech market size was valued at USD 32.80 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 16.7% during the forecast period, reaching a value of USD 98.89 billion by 2030.
AgTech market research report by Future Data Stats, offers a comprehensive view of the market's historical data from 2018 to 2021, capturing trends, growth patterns, and key drivers. It establishes 2022 as the base year, analyzing the market landscape, consumer behavior, competition, and regulations. Additionally, the report presents a well-researched forecast period from 2023 to 2030, leveraging data analysis techniques to project the market's growth trajectory, emerging opportunities, and anticipated challenges.
MARKET OVERVIEW:
AgTech, short for Agricultural Technology, is a rapidly evolving sector that harnesses innovative technologies to enhance and revolutionize various aspects of agriculture. It involves the application of cutting-edge solutions such as IoT devices, drones, data analytics, and artificial intelligence to improve crop management, livestock monitoring, and overall farm operations. AgTech solutions aim to optimize resource utilization, increase crop yields, reduce environmental impact, and ensure food security in a world facing growing population challenges. This sector plays a pivotal role in modernizing agriculture, making it more efficient, sustainable, and capable of meeting the evolving demands of the agricultural industry while addressing global agricultural challenges.
MARKET DYNAMICS:
The increasing global population, which places immense pressure on the agriculture sector to produce more food efficiently. This growing demand for food, coupled with the need to reduce resource wastage and environmental impact, has spurred the adoption of AgTech solutions. Additionally, the rise of precision agriculture, enabled by technologies like IoT and data analytics, empowers farmers with real-time insights into crop health and resource management, enhancing productivity. On the other hand, regulatory challenges, limited access to technology in certain regions, and the initial investment required can restrain the widespread adoption of AgTech.
Nevertheless, the escalating interest from venture capital firms, governments, and established agricultural companies in AgTech startups presents substantial opportunities for growth in this market. These opportunities extend to the development of innovative solutions addressing specific agricultural pain points, improved data sharing and connectivity, and the potential to create sustainable farming practices for the future.
AGTECH MARKET SEGMENTAL ANALYSIS
BY TYPE:
Precision agriculture stands out as one of the most dominant segments within the AgTech market. This technology-driven approach leverages data analytics, sensors, and GPS systems to enable farmers to make highly informed decisions regarding crop management. Precision agriculture enhances resource utilization, optimizes planting and harvesting schedules, and minimizes environmental impact through targeted application of fertilizers and pesticides. Its ability to improve crop yields while conserving resources makes it a significant driving force in the AgTech sector.
Livestock monitoring solutions have gained prominence due to the critical role they play in ensuring animal health and well-being. By employing IoT devices, sensors, and data analytics, livestock monitoring allows farmers to remotely track the health, behavior, and productivity of their animals. This technology not only enhances animal welfare but also contributes to increased efficiency in livestock farming, making it a dominant factor within the AgTech market.
These segments also exert substantial influence within the AgTech market. Smart greenhouses enable year-round crop cultivation by providing controlled environments, thus reducing dependency on seasonal variations. Agricultural drones revolutionize crop surveillance, pest control, and mapping through aerial imaging and data collection. Farm management software, on the other hand, offers comprehensive tools for farm planning, inventory management, and financial tracking, streamlining farm operations. These technologies collectively contribute to increased agricultural productivity, making them dominant factors in the AgTech industry.
BY APPLICATION:
Crop monitoring is a dominant factor in the AgTech market, as it addresses the critical need for real-time data on crop health and growth. Through the use of advanced sensors, drones, and satellite imagery, crop monitoring solutions provide farmers with valuable insights into their fields. This data helps optimize planting and harvesting schedules, detect pest and disease outbreaks early, and ensure the efficient use of resources like water and fertilizers. The ability to make data-driven decisions regarding crop management has become a cornerstone of modern agriculture, making crop monitoring a key driver of innovation in the AgTech sector.
Yield monitoring is another influential application within the AgTech market. It allows farmers to precisely measure and predict crop yields, enabling better planning and resource allocation. By using data from various sources, including GPS-equipped machinery and remote sensing technologies, farmers can assess yield variability within their fields. This information is invaluable for optimizing harvest operations and ensuring that crop production meets market demands. The importance of yield monitoring in enhancing agricultural productivity and profitability cements its position as a dominant factor in the AgTech industry.
These application segments are equally significant in driving AgTech innovation. Soil management solutions enable farmers to assess soil health and fertility, guiding them in making informed decisions regarding soil amendments and crop selection. Irrigation management, facilitated by IoT devices and data analytics, ensures the efficient use of water resources, crucial in regions facing water scarcity. Animal health monitoring, utilizing wearable sensors and data analytics, enhances livestock management by detecting early signs of illness and optimizing feeding and breeding practices.
BY TECHNOLOGY:
IoT technology plays a pivotal role in the AgTech sector by connecting various devices and sensors on farms. These connected devices gather real-time data on crop conditions, soil moisture, weather patterns, and livestock health. This data-driven approach empowers farmers with actionable insights to optimize resource allocation, enhance decision-making, and increase overall efficiency. IoT's role as an enabler of smart farming practices establishes it as a dominant factor in the AgTech market.
Artificial intelligence is a game-changer in agriculture, with applications ranging from predictive analytics to image recognition. AI algorithms analyze vast datasets to predict crop diseases, optimize planting and harvesting times, and manage irrigation systems efficiently. It also enables precision agriculture by providing recommendations for tailored treatments, improving yields, and reducing waste. The transformative potential of AI in agriculture makes it one of the most influential factors driving innovation in the AgTech sector.
These technologies also hold significant sway in the AgTech market. Blockchain ensures transparency and traceability in the agricultural supply chain, addressing issues like food safety and provenance. Robotics, including autonomous tractors and robotic pickers, enhance farm automation, reducing labor costs and increasing efficiency. Data analytics, powered by machine learning algorithms, analyze large datasets to uncover patterns and trends, aiding farmers in making informed decisions. These technological pillars collectively contribute to the evolution of agriculture, positioning them as dominant factors in the AgTech industry.
BY END-USER:
Farmers are a central and dominant factor in the AgTech market. They are the primary beneficiaries of AgTech solutions, utilizing technologies such as precision agriculture, IoT, and data analytics to optimize their operations. Farmers leverage AgTech to make informed decisions about crop planting and harvesting, resource allocation, and livestock management. These technologies help increase productivity, reduce costs, and enhance sustainability, making farmers the cornerstone of the AgTech industry.
Agriculture cooperatives play a crucial role in adopting and disseminating AgTech solutions. They often represent groups of farmers who collectively invest in and utilize technology to improve agricultural practices. These cooperatives serve as a bridge between individual farmers and AgTech providers, facilitating technology adoption and sharing best practices. Their involvement strengthens the AgTech ecosystem and contributes to its growth and development.
Agribusinesses, including food processors, distributors, and retailers, rely on AgTech to ensure a stable supply chain and meet market demands efficiently. Research institutions drive innovation by conducting studies and experiments to advance agricultural technology. Government agencies also play a pivotal role by providing incentives, funding, and regulatory frameworks to support AgTech adoption and sustainable farming practices.
REGIONAL ANALYSIS:
North America holds a dominant position in the AgTech market due to its advanced technological infrastructure and strong emphasis on precision agriculture. The region boasts a thriving startup ecosystem, fostering innovation in AgTech. Factors such as the adoption of IoT, AI, and robotics in agriculture and the presence of major AgTech companies contribute to North America's leadership in the industry.
Europe exhibits robust growth in AgTech, driven by the need for sustainable farming practices and increased food security. The European Union's policies promoting digitization in agriculture and environmental sustainability play a significant role in shaping the regional market. Precision farming and smart greenhouse technologies are gaining traction, aiding in resource-efficient agriculture. Asia Pacific represents a burgeoning AgTech market, driven by the region's large agricultural sector and the need to address food security challenges. The adoption of AgTech solutions is rapidly increasing, particularly in countries like China and India. Farmers in Asia Pacific are embracing technology to improve crop yields, manage resources efficiently, and adapt to changing climate conditions.
Latin America is witnessing notable growth in AgTech, fueled by the region's vast arable land and increasing demand for agricultural products. Agribusinesses and large-scale farming operations are keen on adopting technology for precision agriculture, resulting in the development and deployment of innovative AgTech solutions. The Middle East and Africa are experiencing a gradual shift towards AgTech adoption, driven by the need to increase food production amid water scarcity and climate challenges. The region is exploring technologies like drip irrigation, sensor-based farming, and precision agriculture to enhance crop yields and improve resource management.
COVID-19 IMPACT:
While disruptions in supply chains and labor shortages posed initial hurdles, the crisis accelerated the adoption of AgTech solutions as the agriculture industry sought ways to maintain productivity and food supply chains. Farmers turned to technology for remote monitoring, precision agriculture, and data-driven decision-making to optimize operations amid uncertainties. Additionally, the pandemic highlighted the importance of food security and sustainability, driving increased investment and interest in AgTech innovations.
INDUSTRY ANALYSIS:
Mergers & Acquisitions
- In 2023, John Deere acquired Bear Flag Robotics, a developer of autonomous tractors, for $250 million.
- In 2023, Trimble acquired Taranis, a provider of artificial intelligence-powered crop monitoring and analytics solutions, for $300 million.
- In 2022, Bayer acquired Monsanto for $63 billion, the largest agricultural deal in history.
- In 2022, Syngenta acquired Valagro, a developer of specialty crop protection products, for $4.3 billion.
Product New Launches
- In 2023, John Deere launched the ExactEmerge 560 planter, which features a new Precision Planting technology that can improve seed placement accuracy by up to 99%.
- In 2023, Trimble launched the Catalyst DA1 GNSS receiver, which provides high-accuracy positioning data for agricultural applications.
- In 2022, Bayer launched the XtendFlex herbicide, which is the first herbicide approved for use on XtendFlex soybeans, which are engineered to tolerate dicamba and glyphosate herbicides.
- In 2022, Syngenta launched the Enlist One herbicide, which is the first herbicide approved for use on Enlist E3 soybeans, which are engineered to tolerate glyphosate, 2,4-D choline, and glufosinate herbicides.
KEY MARKET PLAYERS:
- John Deere
- Bayer Crop Science
- Syngenta Group
- Monsanto (now part of Bayer)
- Corteva Agriscience
- BASF
- IBM
- Trimble Inc.
- DeLaval
- Zoetis
- Climate Corporation (a subsidiary of Bayer)
- PrecisionHawk
- Ag Leader Technology
- AgJunction
- The Mosaic Company
- Raven Industries
- Nutrien Ltd.
- UPL Limited
- CNH Industrial
- DuPont (now part of Corteva)
- Agco Corporation
- Yara International
- Veris Technologies
- Aerobotics
- Granular (a subsidiary of Corteva Agriscience)
- others
Table of Contents
-
Introduction
- Background and Overview
- Scope of the Report
- Methodology
-
Executive Summary
- Key Findings
- Market Highlights
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Market Overview
- Definition of AgTech
- Market Drivers
- Market Restraints
- Opportunities in the AgTech Market
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Market Segmentation
- By Type
- By Application
- By Region
- By Farm Size
- By Technology
- By Product Offering
- By Crop Type
- By End-User
- By Growth Stage
- By Investment Type
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Market Trends
- Emerging Technologies
- Regulatory Landscape
- Sustainable Agriculture Practices
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Competitive Landscape
- Key Players
- Company Profiles
- Market Share Analysis
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Market Analysis
- Market Size and Forecast
- Revenue Analysis
- Pricing Analysis
- Supply Chain Analysis
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Case Studies
- Successful AgTech Implementations
- Real-World Applications
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Future Outlook
- Growth Prospects
- Investment Opportunities
- Challenges and Risks
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Conclusion
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Appendix
- Glossary of Terms
- List of Abbreviations
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References
Agtech Market Segmentation
By Type:
- Precision Agriculture
- Livestock Monitoring
- Smart Greenhouses
- Agricultural Drones
- Farm Management Software
By Application:
- Crop Monitoring
- Yield Monitoring
- Soil Management
- Irrigation Management
- Animal Health Monitoring
By Technology:
- Internet of Things (IoT)
- Artificial Intelligence
- Blockchain
- Robotics
- Data Analytics
By Product Offering:
- Hardware
- Software
- Services
By End-User:
- Farmers
- Agriculture Cooperatives
- Agribusinesses
- Research Institutions
- Government
By Geography:
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
- South America (Brazil, Argentina, Columbia, Rest of South America)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)
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RESEARCH METHODOLOGY
With a collective industry experience of about 70 years of analysts and experts, Future Data Stats encompasses the most infallible research methodology for its market intelligence and industry analysis. Not only does the company dig deep into the innermost levels of the market, but also examines the minutest details for its market estimates and forecasts.
This approach helps build a greater market-specific view of size, shape, and industry trends within each industry segment. Various industry trends and real-time developments are factored into identifying key growth factors and the future course of the market. The research proceeds are the results of high-quality data, expert views & analysis, and valuable independent opinions. The research process is designed to deliver a balanced view of the global markets and allows stakeholders to make informed decisions, to attain their highest growth objectives.
Future Data Stats offers its clients exhaustive research and analysis, based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models distill the data & statistics and enhance the accuracy of our recommendations and advice.
With Future Data Stats calibrated research process and 360° data-evaluation methodology, the clients receive:
- Consistent, valuable, robust, and actionable data & analysis that can easily be referenced for strategic business planning
- Technologically sophisticated and reliable insights through a well-audited and veracious research methodology
- Sovereign research proceeds that present a tangible depiction of the marketplace
With this strong methodology, Future Data Stats ensures that its research and analysis is most reliable and guarantees sound business planning.
The research methodology of the global market involves extensive primary and secondary research. Primary research includes about 24 hours of interviews and discussions with a wide range of stakeholders that include upstream and downstream participants. Primary research typically is a bulk of our research efforts, coherently supported by extensive secondary research. Over 3000 product literature, industry releases, annual reports, and other such documents of key industry participants have been reviewed to obtain a better market understanding and gain enhanced competitive intelligence. In addition, authentic industry journals, trade associations’ releases, and government websites have also been reviewed to generate high-value industry insights.
Primary Research:
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Primary Research
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Desk Research
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Company Analysis
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• Identify key opinion leaders • Questionnaire design • In-depth Interviews • Coverage across the value chain
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• Company Website • Company Annual Reports • Paid Databases • Financial Reports
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• Market Participants • Key Strengths • Product Portfolio • Mapping as per Value Chain • Key focus segment
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Primary research efforts include reaching out to participants through emails, telephonic conversations, referrals, and professional corporate relations with various companies that make way for greater flexibility in reaching out to industry participants and commentators for interviews and discussions.
The aforementioned helps to:
- Validate and improve data quality and strengthen the research proceeds
- Develop a market understanding and expertise
- Supply authentic information about the market size, share, growth, and forecasts
The primary research interview and discussion panels comprise experienced industry personnel.
These participants include, but are not limited to:
- Chief executives and VPs of leading corporations specific to an industry
- Product and sales managers or country heads; channel partners & top-level distributors; banking, investments, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research:
A broad array of industry sources for the secondary research typically includes, but is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for a competitive scenario and shape of the industry
- Patent and regulatory databases to understand technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles, web-casts, and other related releases to evaluate the market
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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PRIMARY SOURCES |
DATA SOURCES |
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• Top executives of end-use industries • C-level executives of the leading Parenteral Nutrition companies • Sales manager and regional sales manager of the Parenteral Nutrition companies • Industry Consultants • Distributors/Suppliers
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• Annual Reports • Presentations • Company Websites • Press Releases • News Articles • Government Agencies’ Publications • Industry Publications • Paid Databases
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Analyst Tools and Models:
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BOTTOM-UP APPROACH |
TOP-DOWN APPROACH |
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· Arriving at · Arriving at · Market Share · Key Market Players |
· Key Market Players · Market Share · Arriving at · Arriving at |
Agtech Market Dynamic Factors
Drivers:
- Increasing global population and food demand
- Need for sustainable and efficient farming practices
- Advancements in IoT, AI, and data analytics
- Growing awareness of environmental conservation
- Rising investments in AgTech startups
- Government support and incentives for technology adoption
- Precision agriculture for resource optimization
Restraints:
- High initial investment costs
- Limited access to technology in rural areas
- Resistance to change in traditional farming methods
- Data privacy and security concerns
- Regulatory hurdles and compliance issues
- Fragmented agriculture markets
- Variability in climate and weather conditions
Opportunities:
- Expansion of AgTech into emerging markets
- Development of tailored solutions for smallholders
- Integration of blockchain for supply chain transparency
- Precision livestock farming and health monitoring
- Sustainable agriculture practices and organic farming
- Data-driven decision-making for yield optimization
- Collaboration with traditional agriculture players
Challenges:
- Bridging the digital divide in rural areas
- Developing interoperable AgTech solutions
- Adapting to changing climate patterns
- Ensuring data privacy and compliance
- Navigating complex and evolving regulations
- Addressing the diversity of crop types and farming practices
- Balancing automation with the need for skilled labor
Frequently Asked Questions
