Market Size in 2022 | Market Forecast in 2030 | CAGR (in %) | Base Year |
---|---|---|---|
USD 23.5 Billion | USD 79.7 Billion | 16.5% | 2022 |
FrequentlyAsked Questions
Agritech, often known as digital agriculture or sometimes called agtech, is the use of technology and digital instruments in farming. It includes a broad variety of technological applications, such as data analysis, information monitoring, automation, and biotechnology. Agritech has the potential to enhance productivity, raise yields, save expenses, and promote sustainability.
The agritech market is being driven by several factors including a growing worldwide population, increasing emphasis on food security, climate change and environmental concerns, growing trend of precision agriculture, rising adoption of AI and Machine learning and rising government initiatives.
According to the report, the global market size was worth around USD 23.5 billion in 2022 and is predicted to grow to around USD 79.7 billion by 2030.
The global Agritech market is expected to grow at a CAGR of 16.5% during the forecast period.
The global Agritech market growth is expected to be driven by North America. It is currently the world’s highest revenue-generating market due to the growing adoption of precision farming.
The global Agritech market is dominated by players like WayCool, Mankind Agritech, Ken Agritech, Chifu Agritech Private Limited, 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 and Farmers Business Network among others.
The Agritech market report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, sentiment analysis, PESTLE analysis, trend analysis, SWOT analysis, trade area analysis, demand & supply analysis, Porter’s five forces analysis, and value chain analysis.
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