Agritech Market 2022 Current Trends, Rising Demand, and Top Key Players: ARSR Tech, Aero Farms, Apollo Agriculture, Crofarm Agriproducts Pvt Ltd

The agritech market was valued at US$ 17.4 Bn in 2021 and is projected to reach US$ 41.1 billion by 2030, at a CAGR of 12.1%.

Agritech, short for agricultural technology, refers to the use of technology in agriculture to enhance efficiency, productivity, and sustainability. Agritech can encompass a wide range of technologies, including precision agriculture, automation, robotics, sensors, drones, and data analytics.

Precision agriculture is one of the most important components of agritech. It involves the use of advanced technologies such as GPS, GIS, and remote sensing to monitor and manage crops more precisely. This enables farmers to optimize the use of resources, such as water, fertilizers, and pesticides, leading to higher crop yields and reduced environmental impact.

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Finally, artificial intelligence (AI) is also being used in agritech to help farmers make better decisions about planting, harvesting, and managing their crops. AI can analyze vast amounts of data about weather patterns, soil quality, and other factors to provide farmers with insights and recommendations about the best farming practices to follow.

The agritech market has been experiencing significant growth in recent years, as farmers and agribusinesses increasingly turn to technology to improve efficiency, productivity, and sustainability in agriculture. Here are some of the key developments in the agritech market:

1. Precision agriculture: The use of precision agriculture technologies, such as sensors, drones, and GPS mapping, is rapidly increasing. These technologies help farmers to optimize crop yield and minimize waste by providing real-time data on soil quality, weather conditions, and crop growth patterns.
2. Biotechnology: The use of biotechnology in agriculture is also growing. This includes the development of genetically modified crops that are more resistant to pests and disease, and that have improved nutritional content. Biotechnology is also being used to develop new plant breeding techniques, such as CRISPR, which allow for precise and targeted genetic modifications.
3. Robotics and automation: Robotics and automation are becoming increasingly common in agriculture, particularly for tasks such as planting, harvesting, and sorting crops. These technologies can help to improve efficiency, reduce labor costs, and increase yields.

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KEY INDUSTRY DEVELOPMENTS:

June 2020- AgBiome declared a recent patent directed toward the Connate product line granted in the United States, further strengthening AgBiome’s IP Protection around novel product offerings.

April 2020- AeroFarms announced to build the world largest 90,000 square foot indoor vertical farm in Abu Dhabi, UAE and invested USD $100 million in AeroFarms, to build facilities in Abu Dhabi.

SEGMENTATION

By Type

• Biotechnology and Biochemical
• Big Data and Analytics
• Sensors and Connected Devices
• Mobility

By Application