The global Agtech market was valued at USD 9.11 billion in 2020 and is expected to reach USD 32.50 billion in 2027 expanding at a CAGR of 19.9% in terms of revenue from 2021 to 2027, owing to a number of variables about which Research Informatic provides detailed insights and projections in the global Agtech market research report.
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The major factors driving the agriculture technology market include the increasing adoption of novel agriculture technology, agricultural innovations, a growing need to monitor livestock production, government support for the implementation of modern agricultural techniques. The demand for livestock monitoring technology such as milking robots and feeding robots is expected to increase due to the growing demand for milk and dairy products and the growing per capita income of farmers in developing countries. As a result, developing countries such as India, China, and others are expected to offer several opportunities for growing agricultural technology. The high initial investment cost required for the implementation of agtech technology hinders the growth of the global agtech market. Furthermore, for small farmers in developing countries and the majority of farmers in emerging nations, smart farming equipment is still expensive that may negatively impact the growth of the global agtech market.
Agtech Market: Segmentation
The research study segments the global Agtech market based on product type, offering, and application. The market has been categorized by type into precision farming, livestock monitoring, fish farming, smart greenhouses, and others (forestry & horticulture. The market is further divided based on offering into three categories namely, hardware, software, and services. The hardware is furthermore segmented into GPS/GNSS, drones/UAVs irrigation controllers, yield monitors, guidance & steering systems and sensors, and others. The report covers six types of applications namely precision farming applications, livestock monitoring applications, aquaculture, smart greenhouse applications, and supply chain management services, and others.
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Agtech Market: Regional Synopsis
The research report analyzes market size and forecasts for five major regions namely North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South America, from 2016 to 2027. The Agtech market is dominated by North America. This is mostly due to increased government policies and regulations aimed at improving the region’s agricultural business. A coalition of agricultural groups, for example, founded the North America Climate Smart Agriculture Alliance (NACSAA), a platform for teaching and equipping growers to boost agricultural productivity sustainably. Furthermore, in response to the increased concern about water conservation, governments in North America are providing incentives to increase the use of smart irrigation. For example, the state of California has provided a return on smart controllers. The Asia Pacific area is predicted to expand at a faster rate than the rest of the world. This is due to increased government financing and agtech awareness. For instance, the Ministry of Agriculture in Japan has been providing subsidies to people for the development of precision agriculture. Small farmers in South America are increasingly adopting organic agriculture, which is projected to enhance the global agtech sector.
Agtech Market: Competitive Landscape
The Agtech industry has a moderately fragmented competitive landscape, with the top companies accounting for the majority of revenue. Some of the key players in the global Agtech market include AgroStar, Topcon Agriculture, Antelliq, DeLaval, Trimble, Deere & Company Apollo Agriculture, Benson Hill Biosystems, Bowery Farming Inc., Ceres Imaging, Conservis, CropX, Gro Intelligence, Impossible Foods, Indigo AG, LettUs Grow, Meicai, Ninjacart, Pivot Bio, and Plenty Inc.
Global Agtech Market: Segmentation
Agtech Market, by Type
- Precision Farming
- Livestock Monitoring
- Fish Farming
- Smart Greenhouses
- Others (Forestry & Horticulture)
Agtech Market, by Offering
- Drones/UAVs Irrigation Controllers
- Yield Monitors
- Guidance & Steering Systems and Sensors
Agtech Market, by Application
- High Precision Farming Applications
- Livestock Monitoring Applications
- Smart Greenhouse Applications
- Supply Chain Management Services
Agtech Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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