Asia Pacific is witnessing highest growth rate in the global AgriTech market
The global AgriTech market is expected to witness a CAGR of above 18% during the forecast period 2019–2025 to reach revenue of over a billion by 2025
Bangalore, India, June 20, 2019: With its recently published study “Global AgriTech Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global market for AgriTech is expected to grow, owing to the increasing need for intelligent monitoring and better yeilding processes for agriculture. AgriTech helps farmers in the right choice of crops or seed selection, stay informed about soil and climate, and reach out to wider marketplace for their yields.
AgriTech finds significant interest from farmers in the North American region. The increasing need to feed the ever-increasing population and decreasing cultivatable land is driving many organizations to invest in technologies that help in crop cultivation. AgriTech adoption is likely to increase, especially in Asia Pacific and Middle East Africa region, during the forecast period 2019–2025. The trend of maximizing crop production is fueling the implementation of AgriTech solutions, helping the market to grow at a CAGR of more than 18% to reach a billion-revenue mark by 2025.
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North America is dominant in the smart facility management market followed by Europe and Asia Pacific. North American start-ups are expected to invest heavily in genetic engineering technologies and enhance fertilizers and crop cultivation. The organizations are expected to grow substantially with support from government bodies to reach out to farmers. Asia Pacific is poised to grow at the highest CAGR as the region holds great potential, owing to farming being the backbone of GDP for many countries in the region.
Budgetary concerns and lack of knowledge on the benefits of adopting such technologies are restricting the growth of AgriTech start-ups. AgriTech is in the early stage of adoption and is expected to be widely accepted across geographies. On the other hand, technologies in the genetic production space requires rigorous tests and acceptability from government bodies for quality checks to ensure acceptability.
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Most of the emerging vendors are based-out of North America currently. Also, there are many vendors in India, Israel, and China who are focusing on the AgriTech market. Farmers can reap the benefits of AgriTech with an integrated approach to enhance yield, better management of farms and better reachability to the market.
“Advanced and digital technologies have not impacted greatly in the agricultural sector till now. To assist farmers with a better yield, boost cultivation and ensure improved marketing of products, adequate support from the government is mandatory in this scenario,” pointed out Swarup Bhowal, Research Analyst, Infoholic Research.
Key Insights of the Report Include:
- Bio Tech and Chemicals
- Production and Maintenance
- Supply Chain
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East Africa
- South Africa
- Rest of Middle East Africa
- Latin America
- Rest of Latin America
- Industry outlook: Market trends, drivers, restraints, and opportunities
- North America
Ms. Kathakali Basu
Infoholic Research LLP