Agritech Market Size, Share, Growth, Trends, and Global Industry Analysis: By Type (Big Data & Analytics, Biotechnology & Biochemical, Mobility, Sensors & Connected Devices and Others), By Application (Production, Irrigation, Supply Chain, Market Size, Share, Growth, Trends, and Global Industry Analysis: place and Others), By Sector (Precision Farming, Agriculture, Agrochemicals, Smart Agriculture, Biotechnology, Indoor Farming and Others), and Region

Agritech market size was valued at US$ 21,894.8 million in 2023 and is poised to grow at 16.9% CAGR from 2024 – 2030. Agritech, or agricultural technology, is the use of science and technology to improve agriculture, horticulture, and aquaculture the goal of agritech is to increase efficiency, profitability, and yield. The key driving factors of the market are increasing emphasis on food security, strategic partnerships between agritech firms, and agricultural equipment manufacturers, and changing dietary preferences. However, the restraints of the market are high cost, lack of digital literacy, supply chain inefficiencies, concerns over data security and technology, and limited understanding among farmers about the technology.

Emerging opportunities in the market are extensive implementation of precision farming, crop monitoring technologies, startups using AI and data to predict supply and demand to deliver products to farmers, and adoption of vertical farming solutions as they are attractive & it maximize the plant space. The emerging trends of the market are IoT & smart farming, emerging demand for robotics with the combination of satellite technology which will lead to more efficiency and fewer mistakes, and adoption of agricultural robotics which will help with tasks like weed control, and harvesting. For instance, using soil sensors to measure soil moisture, temperature, and nutrient density thus enables farmers to address the individual needs of each crop.

Key Developments

• In January 2024, Apollo Agriculture, a platform for commercial farming that helps small-scale farmers maximize their revenues, raised US$10 million of funding to support its further expansion.
• In February 2023, AeroFarms, a world pioneer in indoor vertical farming and a Certified B Corporation, launches AeroFarms AgX, their newest cutting-edge indoor vertical farm, to solve more general issues with the global agricultural supply chain, AeroFarms AgX seeks to enhance indoor vertical farming and sustainable controlled environment agriculture (CEA).