According to a research report published by Spherical Insights & Consulting, the Global Agritech Market Size is Expected to Grow from USD 25,043.7 Million in 2023 to USD 85,778.4 Million by 2033, at a CAGR of 13.1% during the forecast period 2023-2033.

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Agritech is the term for the application of innovative technologies in agriculture to increase yield and profitability rates through their integration into a range of agricultural applications. Agriculture technology has gained popularity because it effectively lowers the higher human-generated risks and flaws that are present in traditional agricultural goods and equipment. The goal of agritech, a term that refers to agricultural and technological innovations, is to increase food production using less input or on the same amount of land. Growing food for commercial use in urban areas, including underground and rooftop systems, is known as urban farming. The growth of the global agritech market is being propelled by the government initiative and internet technology and data management in precision farming. For instance, the AgriSure fund, a Rs 750-crore initiative, was introduced by the Indian government to provide debt and equity financing to agritech startups and rural businesses. Robotics and crop monitoring sensors allow for efficient harvesting. The first autonomous tractor was recently unveiled by John Deere, a pioneer in connected agricultural technologies, following three years of field testing. However, low productivity and supply chain visibility are two problems facing the global agritech market, but startups are using blockchain and artificial intelligence to solve these problems.

Browse key industry insights spread across 200 pages with 118 market data tables and figures & charts from the report “Global Agritech Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Type (Biotechnology and Biochemical, Big Data and Analytics, Sensors and Connected Devices, Mobility and Others), and By Application (Irrigation, Production and Maintenance, Supply Chain, Marketplace and Others), (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030.

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The biotechnology and biochemical segment is predicted to hold the greatest market share through the forecast period.

Based on the type, the agritech market is classified into biotechnology and biochemical, big data and analytics, sensors and connected devices, mobility, and others. Among these, the biotechnology and biochemical segment is anticipated to hold a dominant market share in the global agritech market due to the growing use of agritech solutions by farmers worldwide.

The production and maintenance segment is anticipated to hold the greatest market share during the projected timeframe. 

Based on the veterinary, the agritech market is divided into irrigation, production and maintenance, supply chain, marketplace, and others. Among these, the production and maintenance segment is anticipated to hold the greatest market share during the projected timeframe. This is attributed to the increasing use of IoT and digital irrigation technologies, as well as advanced monitoring systems for crop yield maintenance.

The smart agriculture segment is anticipated to hold the greatest market share during the projected timeframe.   

Based on the sector, the agritech market is divided into irrigation, production and maintenance, supply chain, marketplace, and others. Among these, the smart agriculture segment is anticipated to hold the greatest market share during the projected timeframe. Using real-time data and automation for efficient farming operations monitoring and management, smart agriculture leverages cutting-edge technologies such as IoT, sensors, drones, and data analytics to increase agricultural productivity and efficiency.

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North America is estimated to hold the largest share of the agritech market over the forecast period.

North America is estimated to hold the largest share of the agritech market over the forecast period. North America is anticipated to lead the global agritech market as a result of IT giants’ continuous technological advancements. Businesses in the region have been compelled to continuously improve their operations in order to satisfy the growing demand for superior goods and services because of the region’s high purchasing power and willingness to adopt new technologies.

Asia Pacific is predicted to have the fastest CAGR growth in the agritech market over the forecast period. China, India, Indonesia, Japan, the Philippines, and Vietnam are among the nations with growing populations and increasing demand for higher yields. Agritech investments are substantial in the aforementioned countries.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Global Agritech Market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.Major key players in the agritech market include ARSR Tech, AeroFarms, Apollo Agriculture, Crofarm Agriproducts Pvt Ltd, Conservis, Indigo Ag, Inc., LettUs Grow Ltd., Pivot Bio, AgBiome, Inc., Ceres Imaging, AgWorld, Hortau, Harvest Automation, Farmers Business Network, and Others.

Recent Development

• In April 2024, Dhanuka Agritech Limited introduced LaNevo insecticide and MYCORe Super bio-fertilizer, targeting pests and enhancing crop yields, respectively.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the agritech market based on the below-mentioned segments:

Global Agritech Market, By Type

• Biotechnology and Biochemical
• Big Data and Analytics
• Sensors and Connected Devices
• Mobility
• Others

Global Agritech Market, By Application

• Irrigation
• Production and Maintenance
• Supply Chain
• Marketplace
• Others

Global Agritech Market, By Sector

• Irrigation
• Production and Maintenance
• Supply Chain
• Marketplace
• Others

Global Agritech Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

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About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

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