Agritech Market Global Emerging Growth Scope with 12.1% of CAGR by 2027 - Indigo Ag, LettUs Grow, Pivot Bio, AgBiome, Ceres Imaging

iCrowd Newswire
13 Mar 2021, 04:25 GMT+10

Agriculture plays a crucial role in the economic growth of some of the largest nations across the globe which include the US, China, India, France, Spain, Brazil, and Russia among many others. With continuously growing population and rising demand of agricultural output to meet the increasing demand, the investments in agriculture technology solutions have been growing at an impressive pace worldwide.

Agritech refers to a market ecosystem that consist of companies which are using and developing different technologies to enhance their agriculture products or services offerings. These advanced offerings are aimed to increase overall yield, efficiency, cost savings, and profitability of farmers and agriculture companies across the value chain. Some of the key technologies that are penetrating the global agriculture sector include data analytics, artificial intelligence, internet-of-things, machine learning, automation systems, software as a service solutions among many others. In addition to this, the evolving business & revenue models in agriculture sector, market consolidation with bigger players acquiring smaller players to achieve economies of scale and vertical integration, trend of precision farming, and rising investments in agritech start-ups are some of the key factors that are fueling the growth of global agritech market. Agri inputs, precision agriculture, farm management software, supply chain tech, quality management and traceability are some of the key growth areas that are driving the technology adoption in global agriculture sector.

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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 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

Canada

Mexico

Europe

France

Germany

Italy

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

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

Strategic Insights

The 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.

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