Source: Research and Markets
Dublin, Ireland — The growing global agritech market, valued at $24.42 billion in 2024, is expected to reach $48.98 billion by 2030, according to a recent report issued by Research and Markets, which projected a 12.30% continued annual growth rate (CAGR).
A recent report, “Agritech Market – Global Outlook & Forecast 2025-2030,” issued by a global market research firm is projecting the agritech market to reach $48.98 billion by 2030, according to ResearchandMarkets.com. The report notes a 12.30% continued annual growth rate (CAGR) and reports that the market was valued at $24.42 billion in 2024.
Key findings from report, which finds that the agritech market is poised for continued expansion — with sustainability and digital transformation at the forefront of competitive strategies — follow:
*The global agritech market is experiencing robust growth, driven by the increasing demand for sustainable agricultural practices, technological advancements, and supportive government policies. Key technologies, including precision agriculture, AI-based analytics, IoT-enabled devices, robotics, and smart farming solutions, are transforming the sector. Major players have secured significant market shares by focusing on innovation and expanding their global presence. The key players in the global agritech market include AGCO Corporation, CNH Industrial, Corteva Agriscience, John Deere, Kubota Corporation, Syngenta, and Trimble Inc.
*According to the ResearchandMarkets data analysts: John Deere (Deere & Company) leads the market with a share of approximately 15%-18%, offering advanced solutions such as autonomous tractors and the John Deere Operations Center. Trimble Inc. follows John Deere, known for its GPS technologies and field analytics. Bayer CropScience holds 8%-10% of the market through its Climate FieldView platform, which integrates data analytics with on-field applications. AGCO Corporation contributes 7%-9% via its Fendt, Massey Ferguson, and Valtra brands, integrating IoT and telemetry into its machinery. CNH Industrial, with its New Holland and Case IH brands, accounts for a significant agritech market share, providing telematics and data-driven solutions. Other players, such as Corteva Agriscience, Kubota Corporation, Indigo Ag, and Yara International, focus on digital agronomy, seed technology, and sustainable solutions.
In identifying market trends and drivers in agritech,
ResearchandMarkets.com addressed vertical farming, controlled environment agriculture (CEA) and reported on the increase of investments into agri-biotechnology and sustainable practices. Its report findings include the following updates:
*Adopting vertical farming and Controlled Environment Agriculture (CEA) is revolutionizing the global agritech market, addressing challenges like limited arable land and climate change. Vertical farming leverages hydroponics and AI-driven systems to enhance productivity, while CEA ensures precise environmental control, enabling year-round, resource-efficient cultivation. These advancements, supported by substantial investments and government initiatives, are reshaping sustainable food production worldwide.
*The global agritech market is witnessing unprecedented growth, driven by advancements in agri-biotechnology, precision agriculture, and sustainable farming practices. Investments surpassed $27 billion in 2023, marking a 19% rise from 2022, as governments and private enterprises prioritize technological solutions to address challenges like food security and climate change. Innovations such as drought-resistant crops, precision irrigation, and autonomous machinery are revolutionizing agriculture, enabling higher yields and resource efficiency.
*Reporting on government support and initiatives, the ResearchandMarkets.com team also reported: The global agritech market is experiencing rapid growth, driven by government initiatives targeting critical issues such as food security and climate change. Substantial funding programs, such as the EU’s $10 billion Horizon Europe initiative and the US Farm Bill’s $500 million allocation for precision agriculture, are accelerating technology adoption. These efforts have enhanced productivity and sustainability, with emerging markets in Asia and Africa leading the democratization of agritech solutions.
*As the population approaches 9.7 billion by 2050, advanced technologies like precision agriculture, AI, and vertical farming are transforming agricultural practices, enhancing productivity while minimizing environmental impact. This rising food demand is a driving factor behind the significant growth in the global agritech market, contends the ResearchandMarkets.com report authors. Vertical farming is a key area of growth in the agritech sector, with companies like AeroFarms and Plenty leading the charge. These companies are developing state-of-the-art indoor farms that use minimal water, land, and energy to produce crops in urban settings.
Restraints on the global agritech industry range from limited digital literacy in rural areas to high initial investment costs. A snapshot summary of those obstacles presented by ResearchandMarkets.com in their latest report follow.
*The global agritech market faces significant barriers due to limited digital literacy and infrastructure in rural areas, particularly in emerging economies. Farmers often lack the skills and resources to adopt innovative technologies, which restricts agritech adoption and stifles growth. Collaborative efforts among governments, NGOs, and agritech companies are crucial to bridging this gap and unlocking the sector’s full potential.
*High initial investment costs pose a significant barrier to agritech adoption, particularly in regions with limited financing access. Technologies like precision farming and autonomous machinery require substantial capital, making them unaffordable for small and medium-sized farms in both emerging and developed markets.
