Agritech Platform Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2030

Global Agritech Platform Market is estimated to witness a major jump in revenue from US$ 11,130.9 Mn in 2021 to US$ 54,247.6 Mn by 2030. The market is registering growth at a CAGR of 19.2% over the projection period 2022-2030. Agritech is the use of technology for farming and is developed for improving farming through information monitoring and analysis of weather, soil, and air temperature. 

Agritech platform provides access to agricultural inputs such as planting material, seeds, fertilizers, and equipment and also tries to provide farmers with adequate information on the quality and best practices of the products they buy. It is possible for farmers to utilize scientific data and technology to improve crop yields and keep themselves up-to-date with cutting-edge methods of farming.

As 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 the 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. With the adoption of Agritech platforms and the high penetration of smartphones, farmers can easily track their field status and can implement new scientific techniques in their agricultural field.

Market Dynamics

Shift from traditional method to advanced technological method in agriculture industry and favorable government initiatives to promote Agritech platform is expected to boost the Agritech platform market growth. Modern agriculture is driven by continuous improvements in digital tools and data as well as collaborations among farmers and researchers across the public and private sectors. More technological advances appeared in agriculture as time passed. Mobile technology is playing an important role in monitoring and controlling crop irrigation systems. Moreover, both the central and state governments proactively launch initiatives to promote the Agritech ecosystem worldwide. Therefore, the government initiatives to propel the Agritech industry require significant use of platforms, methodology, and techniques in the agriculture industry. 

However, a lack of adequate data prevents the adoption of financial services, such as credit and insurance. The unorganized and fragmented nature of developing countries' agriculture coupled with challenges such as lack of infrastructure, supply chain inefficiencies, and low digital adoption holds back the sector from performing to its full potential.

Key Insights of the Report: 

• The latest study published by Astute Analytica analyses the Global Agri-tech Platform Market for the study period of 2021-2030; where the base year is 2021 and the forecast period is 2022-2030.
• The research report offers a detailed study of market determinants including market drivers, restraints, opportunities, and trends; along with an attractive presentation in the form of impact analysis to gain a simple and easy comparison view of all market determinants.
• The research study is a compilation of 13 chapters distributed across 135 pages with 18 lists of tables and 50 lists of figures.
• The market estimates are presented in terms of value (US$ Mn).
• Along with market estimations, the market study was conducted on the basis of various economic models such as PESTLE and Porter’s five force models.
• Detailed value chain analysis of the industry was conducted. It includes raw material providers, manufacturing, distributors, and end-users.
• The competitive dashboard section includes analysis on the basis of Concentration Ratio (CR), based on market size and market presence of key companies.

Impact of COVID-19 on Global Agritech Platform Market

COVID-19 pandemic has affected the economy as well as sectors like agriculture in various regions. The pandemic exposed longstanding vulnerabilities to supply chains essential to operations. Labor shortages both on-farm and at processing facilities diminished seeded acreage or left products unable to reach end markets. Amid the COVID-19 crisis, agricultural activities related to production and marketing have been deemed “essential services” and were not restricted in any state. However, the lockdowns shut the operations of retail sellers and restricted their movement, also constrained the movement of goods severely, and closed processing units that consume agricultural commodities. However, as the economies begin to open up again, the adoption of technologies like AI, ML, IoT has increased. The agriculture sector has witnessed the rise in the adoption of technologies as they helped in creating channels that allowed farmers to choose their market and sell the products at the right price. Furthermore, government initiatives coupled with various companies investing in agri-tech solutions have fueled the market's growth during the period.

Key Takeaways from the Global Agritech Platform Market Report

• Based on type, the Agritech platform segment contributed the major share in the global Agritech market in 2021. Among the type of Agritech platforms, sensors and connected devices majorly supported the segmental growth. Whereas, the services segment is expected to project the highest CAGR of 20.2% in the global Agritech market over the forecast period.
• On the basis of application, the supply chain segment contributed the major share in the global Agritech market in 2021. Some of the leading companies such as NinjaCart focus on the supply chain of Agritech solutions. Production and maintenance held the second leading position in the Agritech industry. While the others segment is expected to project the highest CAGR of 20.6% in the global Agritech market during the forecast period.
• In terms of region, North America holds a major share in terms of revenue in the market in 2021 due to the continuous contribution of tech giants to technological advancements, and mergers and acquisitions among the market players support the Agritech market growth in North America. Moreover, the Asia Pacific in the global market is growing at the highest CAGR of 22.7% during the forecast period due to the potential of countries such as China and India investing in technologies for agriculture.

Competitive Insight

The key players in the Global Agritech Platform Market are Ninjacart, Semios, Hortau, CropX Inc, Agro-star Corp, Intello Labs, WayCool Foods, and Products Pvt. Ltd., 63Ideas Infolabs Private Limited, CropSafe, Arable, Gamaya, Tevel Aerobotics Technologies Ltd. and Phytech among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip on the emerging markets. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies. The Agritech platform market is highly fragmented with a large number of start-ups available in the market across the ecosystem. There are almost 3000+ startups in North America alone while India has close to 700 startups with more adding quickly.

Segmentation Overview 

Global Agritech Platform Market is segmented based on type, application, and region. The industry trends in the global Agritech platform market are sub-divided into different categories in order to get a holistic view of the global marketplace. 

Following are the different segments of the Global Agritech Platform Market:

By Type Segment of the Global Agritech Platform Market is Sub- Segmented into:

• Agritech Platform
  • Biotechnology and Biochemicals
  • Big Data and Analytics
  • Sensors and Connected Devices
  • Agro Software Solutions
  • Mobility Solutions
• Services

By Application Segment of the Global Agritech Platform Market is Sub- Segmented into:

• Irrigation
• Production and Maintenance
• Supply Chain
• Livestock Monitoring
• Precision Agriculture
• Smart Greenhouse
• Others

By Region Segment of the Global Agritech Platform Market is Sub- Segmented into:

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe 
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Poland
  • Russia
  • Rest of Europe
• Asia Pacific 
  • China
  • India
  • Japan
  • Australia & New Zealand
  • ASEAN
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
• South America
  • Argentina
  • Brazil
  • Rest of South America