This market research report includes a detailed segmentation of the global AgriTech market by type (bio tech and chemicals, analytics, sensors, mobility, and others), application (irrigation, production and maintenance, marketplace, supply chain, and others), and region (North America, Europe, APAC, Middle East Africa, and Latin America). The market research report identifies Impossible Foods, Mei Cai, Indigo, ProducePay, PivotBio, and Plenty as the market leaders operating in the global AgriTech market.
Overview of the AgriTech Market
Trends market research report predicts that the global AgriTech market will grow at a CAGR of more than 18% during the forecast period 2019–2025. The market for AgriTech market is primarily driven by the increasing demand for enhancing the crops productivity and cultivation. The integration of various AgriTech technologies can drive fruitful results for farmers.
AgriTech vendors help farmers to measure their level of production, soil testing, and improve the entire ecosystem for farmers. Globally, governments are continuously focusing on a sustainable model for farming and earn maximum profits.
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According to our Agritech market analysis, North America accounts for the largest market share in 2019. With the presence of the highest number of technology innovators and market disruptors in this region, the adoption of AgriTech solutions is highest in the US. Several enterprises in this region are focusing on enhancing the soil and seed quality and measure productivity with usage of IoT, mobility, and connected networks. Asia Pacific is anticipated to witness the fastest growth rate due to potential of countries such as China, India in investing in technologies for agriculture. The food technology market is suring with a boom in the food delivery services market. The food delivery services vendors in US and India are growing heavily currently with heav investments and the AgriTech market with focus on production, profitability and market reach are expected to create new opportunities in the farming and biotechnology sector. The key component in the market would be technology penetration to the farmers and role of government to widespread the use of these technologies in their farming and crop cultivation. The market is expected to be competitive in future with local and global players offering high quality products to farmers with a connected network of buyers, sellers, and technology providers.
AgriTech Research Competitive Analysis and Key Vendors
The report covers and analyzes the AgriTech market. Emerging vendors across IT and pure agriculture-based companies are planning for high investments in product development, and as a result, the AgriTech market is expected to grow at a high rate in the coming years. The key players in the market are adopting various organic growth strategies, i.e., new product launches and expansion strategies to be in a strong position in the market.
Few of the Key Vendors in the AgriTech Market:
These companies are striving in the market sphere by acquiring customers who are willing to invest in food technologies and IT to improve the quality of foods and enhance their profitability . For instance, Impossible Foods is focusing on genetically engineering the plants to produce meat experience for meat loving people. Mei Cai, a Chioneese start-up is focused on helping farmers sell their vegetables to restaurants and also raised $600 million funding by Tiger Capital Management and Hillhouse Capital.
There are numerous other vendors that have been studied based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D for analysis of the entire ecosystem.
AgriTech Market Research By Type
Bio tech and Chemicals
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The bio tech and chemicals segment is expected to grow at the highest rate during the forecast period 2019–2025.
AgriTech Market Research By Application
Production and Maintenance
The production and maintenance segment is estimated to hold the largest market share in 2019, and this trend is likely to continue during the forecast period 2019–2025.
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AgriTech Market Research Benefits
The report provides an in-depth analysis of the AgriTech market. AgriTech combines various technologies of analytics, mobility, cloud, automation, and bio tech to offer multiple innovative intelligent features in agriculture. By analyzing various crop production improvements and better communication mediums for farmers, the AgriTech vendors are expected to grow multi-folds during the forecast period. The AgriTech technologies can help in in-house crop cultivation, growing of crops in water scarcity, and genetically modified seed and soil for enhancing crops in their field. The report discusses the market in terms of application, type, and region. Furthermore, the report provides details about the major challenges impacting the market growth.