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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.
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:
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
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.
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:
By Application Segment of the Global Agritech Platform Market is Sub- Segmented into:
By Region Segment of the Global Agritech Platform Market is Sub- Segmented into:
|Market Size Value in 2021||US$ 11,130.9 Mn|
|Expected Revenue in 2030||US$ 54,247.6 Mn|
|Unit||Value (USD Mn)|
|Segments covered||By Type, Application, and Region|
|Key Companies||Ninjacart, Semios, Hortau, CropX Inc, Agro-star Corp, Intello Labs, and other prominent players.|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
Agricultural technology or agritech, is the application of technology used for farming in order to produce more with less, to make the farming process more efficient from field monitoring to the analysis of weather, soil and air temperature.
Global Agritech Platform Market is projected to grow at a CAGR of 19.2% during the forecast period 2022-2030.
The global agritech platform market is driven by the shift from traditional method to advanced technological method in agriculture industry and favourable government initiatives to promote agritech platform.
The agritech platform segment contributed the major share in the global agritech market in 2021.
North America holds a major share in term of revenue in the global agritech platform market in 2021.
The growing usage of agritech platform helps the farmers in enhancing their land fertility, maximize productivity, facilitate sustainable agriculture and at the same time helps in reducing the farming cost.
Types and application are the different segments of the global agritech platform market.
Based on application, the agritech platform market is segmented into irrigation, production and maintenance, supply chain, livestock monitoring, precision agriculture, smart greenhouse and others.
Lack of financial services and limited digital infrastructure further inhibits the growth in global agritech platform market.
Mexico is expected to project the highest CAGR in the North America agritech platform market during the forecast period.
Favourable government initiatives such as using AI to help farmers in efficiently planning their harvest cycle, promotes and support agritech industry and thus fuels the adoption of agritech platform around the world.
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 are some major key players in the global Agritech platform market.