Global AgTech Market Report and Forecast 2024-2032

Global AgTech Market Size

The global AgTech market reached approximately USD 15.49 billion in 2023. The market is projected to grow at a CAGR of 15% between 2024 and 2032, reaching a value of around USD 56.6 billion by 2032.

AgTech Market Outlook

• As per the Economic Survey of India 2022-23, around 1000 Agri-Tech startups have emerged in the country in the last six years.

• Farmtopia, an EU funding program, aims to provide training in Agricultural Digital Solutions (ADSs) to around 64,000 small farms from September 2023 to 2026 to boost sustainable agriculture.

• As per the industry reports, Australia intends to take its agriculture technology sector to 100 billion dollars by 2030.

Global AgTech Market Growth

The growing world population, shortage of labour, and rapid innovations in AgTech solutions are some of the crucial market drivers. The world population is anticipated to reach around 9.7 billion by 2050, which boosts the demand for food production, thereby increasing the demand for smart AgTech solutions.

Government initiatives have been instrumental in expediting the integration of technology and innovation within the agricultural sector. For instance, the introduction of an agriculture accelerator fund in the budget speech of India in 2023 aims to foster the growth of agritech startups led by young entrepreneurs residing in rural areas.

Market players are leveraging seed funding to enhance their technological capabilities. For instance, Sprout Agritech, a venture capital firm for early-stage investments and commercialisation of innovative technologies announced its eighth investment of USD 1 million in Metrovate in May 2024, which is dedicated to transforming the agricultural sector through the creation of advanced precision biostimulants.

AgTech Industry Segmentation

“AgTech Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Biotechnology and Biochemical 

• Big Data and Analytics 

• Sensors and Connected Devices 

• Others 

Market Breakup by Application

• Irrigation 

• Production and Maintenance 

• Supply Chain 

• Marketplace 

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

AgTech Market Share

Based on region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America accounts for a significant market share owing to the high adoption of farm management tools and programs, the utilisation of tools that measure carbon emissions and optimise farming accordingly, and the rise of agri-tech startups.

Leading Companies in the AgTech Market

The market players are increasing their collaboration activities to create a technologically advanced landscape for the farmers.

• Deere & Company 

• Crofarm Agriproducts Pvt Ltd. 

• Traction Ag Inc. (Conservis) 

• LettUs Grow Ltd. 

• AgBiome, Inc. 

• Ceres Imaging, Inc. 

• Semios Group (Agworld Pty Ltd.) 

• Jiva Ag Pte Ltd. 

• Koltiva AG 

• Harvest Automation  

• Others

Key Highlights of the Report