AgTech Market Research Report – Forecast till 2032

AgTech Market Research Report: Information By Application (Precision Agriculture, Livestock Monitoring And Management, Indoor Farming, Aquaculture, and Other Agtech Segments), And By Region (North America, Europe, Asia-Pacific, And Rest of The World) –Market Forecast Till 2032.

ID: MRFR/AGR/14576-CR | 128 Pages | Author: Harshita Gorade | January 2024         

AgTech Market Overview 

AgTech Market Size was valued at USD 18.9 Billion in 2022. The AgTech Market industry is projected to grow from USD 21.1 Billion in 2023 to USD 52.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.00% during the forecast period (2023 - 2032). The AgTech sector is swiftly advancing to enhance crop yield, growth, quality, and harvesting through the application of technology. This involves the utilization of various tools, including big data, smart sensors, interactive applications, high-tech autonomous machines, and other innovations that are expected to be a significant market driver for the AgTech marketAgtech Market

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

AgTech Market Trends

Increasing adoption of the Internet of Things (IoT) coupled with investments in cutting-edge agricultural technologies is driving the market growth.

Market CAGR for AgTech is being driven by the increasing adoption of the Internet of Things (IoT) coupled with investments in cutting-edge agricultural technologies. The expansion of precision agriculture can be attributed to the widespread adoption of the Internet of Things (IoT) and the utilization of advanced analytics by farmers. Advanced analytics, a component of data science, employs various tools and methods to analyze data, providing forecasts to ensure optimal nurturing of crops and soil. This empowers farmers to strategically plan their actions based on the insights derived.

Additionally, the increasing investments in technologies like driverless tractors, guidance systems, and GPS sensing systems are expected to further boost the growth of the precision agriculture market during the study period. For example, in April 2022, Agtech firm EarthScout introduced an innovative addition to its scalable line of agriculture products designed to assist farmers and food producers during droughts. This product aims to conserve water, reduce irrigation, and minimize inputs by offering real-time data on soil moisture and growing constraints. The EarthScout Soil Cub, a compact 4.5"x3"x2" commercial-grade sensor, is strategically placed in the field to monitor soil moisture, temperature, and electrical conductivity at different soil depths. This allows growers to monitor moisture and nutrient levels throughout the root zone, enabling them to make informed adjustments to inputs. As a result, it is anticipated that throughout the projection period, demand for the AgTech Market will increase due to the increasing adoption of the Internet of Things (IoT) coupled with investments in cutting-edge agricultural technologies. Thus, driving the AgTech Market revenue.

AgTech Market Segment Insights:

AgTech Market Application Insights

The   AgTech Market segmentation, based on Application includes Precision agriculture, livestock monitoring and management, indoor farming, aquaculture, and Other Agtech segments. The precision agriculture segment dominated the market, accounting for 58% of market revenue (10.9 billion). Advancements in agricultural technology have the potential to significantly drive the adoption of precision farming. As per ETNO, the European Union is projected to witness a rise in the number of active Internet of Things (IoT) connections in agriculture. The recorded count was 46.92 million connections in 2022, with an expected increase to 70.26 million by 2025. Various applications of IoT devices in agriculture include the use of drones for surveillance or the distribution of seeds.

Figure 1:    AgTech Market, by Application, 2022 & 2032 (USD Billion)

AgTech Market  by Application 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

AgTech Market Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The anticipated expansion of the AgTech market in North America can be attributed to several key factors. The region is at the forefront of technology adoption, driven by factors such as increased government initiatives supporting the integration of modern agricultural technologies and well-developed infrastructure, leading to substantial regional market revenue. Notably, organizations like the National Institute of Food and Agriculture (NIFA), a part of the U.S. Department of Agriculture, play a pivotal role by conducting programs on geospatial, sensor, and precision technology to raise awareness among farmers. Collaborating with Land-Grant universities, NIFA supports farmers in developing robust sensors, associated software, and instrumentation for modeling, observing, and analyzing diverse biological materials and processes. In addition, the Government of Canada, in May 2022, announced a noteworthy investment of USD 4,41,917.5 to facilitate the development of an integrated system for precision fruit tree farming. This investment aims not only to enhance the efficiency of fruit tree farming but also to address sustainability challenges faced by Canada's apple industry.

Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's AgTech Market accounts for the second-largest market share In Germany, precision farming is integrated into agricultural contractor services, serving as an additional farming business covering over 500 hectares of arable land. This technology is instrumental in monitoring soil conditions, plant health, and facilitating growth management. The growing awareness of specific applications of drones in farming areas is likely to positively impact the acceptance of modular precision farming technology, contributing to significant market growth in the country. For instance, a study conducted in 2019 revealed that 69% of farmers in Germany were adopting drones for agribusiness purposes, indicating a strategic move to enhance economic progress in the nation's agricultural industry. Consequently, the increasing emphasis on food security and nutrient supply among the population is driving a notable surge in the adoption of precision farming techniques by growers in the country. Further, the German AgTech Market held the largest market share, and the UK AgTech Market was the fastest-growing market in the European region.

The Asia-Pacific AgTech Market is expected to grow at the fastest CAGR from 2023 to 2032. Service providers in numerous Asian countries are swiftly adopting advanced application methods, making agriculture in Asia a primary focus for vendors in the studied market. Accessible technologies such as smart tractors, UAVs, ground leveling services, satellite imaging, pesticide application, irrigation services, and handheld decision diagnostics are now within reach for smallholder farmers in the region, eliminating the need for substantial investments in expensive infrastructure. In countries like Japan, where the average age of farmers is 67, labor shortages highlight the significance of precision farming for ensuring food production and security. Additionally, in December 2022, Indian fresh produce company IG International announced a collaboration with Fyllo, a precision agriculture company driven by AI, ML, and IoT. This collaboration aimed to empower companies to utilize precision farming technologies, integrating AI, ML, and IoT for the production of high-quality fruits. As part of this alliance, IG International's corporate farms would be seamlessly integrated with 'Nero,' a soil analysis and irrigation management device. Moreover, China’s AgTech Market held the largest market share, and the Indian AgTech Market was the fastest-growing market in the Asia-Pacific region.

AgTech Market Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the AgTech market grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the AgTech industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the AgTech industry to benefit clients and increase the market sector. In recent years, the AgTech industry has offered some of the most significant advantages to the agricultural sector, ranging from increased efficiency and productivity to sustainable and data-driven farming practices. Major players in the AgTech Market, including Cargill (US), ADM (US), Bayer (Germany), AgroStar (India), Topcon Agriculture (US), DeLaval (UK), Trimble (US), Apollo Agriculture (Kenya), Benson Hill (US), and Bowery Farming (US) are attempting to increase market demand by investing in research and development operations.

Trimble Inc. is a provider of technological solutions designed to enhance and revolutionize work processes for professionals and mobile field workers. The company delivers a range of products, including satellite navigation systems, surveying instruments, agricultural and construction equipment, as well as data collection and fleet tracking systems. Trimble caters to diverse markets such as agriculture, civil engineering, architecture, surveying, mapping, geospatial, construction, natural resources, government, transportation, and utilities. The company distributes its products through various channels, including distributors, dealers, authorized representatives, joint ventures, and other partners. With a presence in the US, Sweden, Germany, Finland, New Zealand, Canada, the Netherlands, China, the UK, and India, Trimble operates at the forefront of technology innovation. The corporate headquarters is located in Sunnyvale, California, in the US. In August 2022, Trimble, Inc. announced a strategic partnership with CLAAS KGaA mbH, a prominent agricultural engineering equipment manufacturer. The collaboration aimed to develop a precision farming system integrating the SAT 900 GNSS receiver, CLAAS CEMIS 1200, and GPS PILOT steering system.

Bayer AG is actively involved in the research, development, manufacturing, and commercialization of products spanning human health and agriculture. The company offers a range of medications for various health concerns, including cardiovascular diseases, women's health, cancer, hematology, and ophthalmology. Bayer is dedicated to advancing new molecules and technologies applicable in both the medical and modern agriculture fields. The extensive product portfolio includes prescription drugs, specialty pharmaceuticals, diagnostic imaging equipment, over-the-counter (OTC) products, seeds, crop protection solutions, and non-agricultural pest control solutions. Bayer distributes its healthcare and crop protection products primarily through wholesalers, pharmacies, hospitals, and retailers. Operating through subsidiaries across Asia-Pacific, Europe, North America, Latin America, Africa, and the Middle East, Bayer is headquartered in Leverkusen, North Rhine-Westphalia, Germany.

Key companies in the AgTech Market include.

  • Cargill (US)

  • ADM (US)

  • Bayer (Germany)

  • AgroStar (India)

  • Topcon Agriculture (US)

  • DeLaval (UK)

  • Trimble (US)

  • Apollo Agriculture (Kenya)

  • Benson Hill (US)

  • Bowery Farming (US)

AgTech Industry Developments

January 2022: In January 2022, Hexagon Agriculture introduced a groundbreaking technology called the HxGN AgrOn Planting Assistant, designed to enhance precision in shovel planting. This innovation is versatile and applicable to various crops, including but not limited to palm oil, coffee, banana, and citrus.

October 2022: In October 2022, Trimble Inc. unveiled new agriculture displays, namely the Trimble GFX-1060 and GFX-1260, tailored for precision agriculture applications. These displays offer advanced performance and connectivity to elevate in-field operations to the next level.

AgTech Market Segmentation
AgTech Market Application Outlook

  • Precision agriculture

  • Livestock monitoring and management.

  • Indoor farming

  • Aquaculture

  • Other Agtech segments

AgTech Market Regional Outlook

  • North America

  • US

  • Canada

  • Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 18.9 Billion
Market Size 2023 USD 21.1 Billion
Market Size 2032 USD 0.2952.4 Billion
Compound Annual Growth Rate (CAGR) 12.00% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Application, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Cargill (US), ADM (US), Bayer (Germany), AgroStar (India), Topcon Agriculture (US), DeLaval (UK), Trimble (US), Apollo Agriculture (Kenya), Benson Hill (US), and Bowery Farming (US)
Key Market Opportunities ·        Changing consumer demands and an improvement in technology within the space
Key Market Dynamics ·        The burgeoning proliferation of the Internet of Things (IoT) along with the use of advanced analytics by farmers

Frequently Asked Questions (FAQ) :

The AgTech Market size was valued at USD 18.9 Billion in 2022.

The AgTech Market is projected to grow at a CAGR of 12.00% during the forecast period, 2023-2032.

North America had the largest share of the market

The key players in the market are Cargill (US), ADM (US), Bayer (Germany), AgroStar (India), Topcon Agriculture (US), DeLaval (UK), Trimble (US), Apollo Agriculture (Kenya), Benson Hill (US), and Bowery Farming (US)

The Precision agriculture segment dominated the market in 2022.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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