Ag Digital Marketing

London, July 18, 2024 (GLOBE NEWSWIRE) -- Global agritech market is on an upward trajectory, with forecasts indicating substantial growth in revenue, projected to reach US$32.7 Bn by the year 2030. This surge marks a significant leap from the US$15.7 Bn recorded in 2023, showcasing an impressive CAGR of 11% over the period from 2023 to 2030.

The agritech industry is witnessing remarkable growth driven by prominent segments such as biotechnology, and big data analytics, coupled with regional frontrunners like North America, and Asia Pacific.

These advancements are revolutionising the field of agriculture, predominantly boosting productivity, sustainability, and efficiency across the agricultural value chain. As the sector continues to evolve, stakeholders are poised to capitalise on emerging opportunities and drive innovation in modern farming practices.

“Farmers worldwide are increasingly embracing modern technologies to optimise crop yields, minimise resource wastage, and enhance overall agricultural practices. Innovations such as drones, and GPS-guided tractors enable precise planting and harvesting, resulting in lower input costs, and reduced environmental impact. This is a massive growth booster to the agritech market,” says the company’s analyst.

Fueling the remarkable expansion of industry are several key trends driving innovation and investment within the agricultural technology sector. One of the primary drivers is the escalating global demand for agricultural products spurred by population growth. This has prompted increased investments in agriculture technology solutions, offering farmers a diverse array of services such as soil analysis, weather forecasting, crop monitoring, precision farming, and advanced farm management tools.

“While several factors are nurturing the proliferation of this market, a rising global population coupled with increasing demand for food critically necessitates advancements in agricultural practices. Agritech solutions, encompassing precision agriculture, data analytics, automation, and robotics, offer farmers the tools to optimise resource utilisation, maximise yields, and minimise environmental impact,” explains the analyst, adding further, “The benefits of agritech extend far beyond the farm. Consumers are increasingly demanding sustainable and ethically sourced food, eventually promoting agritech solutions”.

Source: https://www.globenewswire.com/