AgriTech Market New Technology Opportunities by 12.1% of CAGR by 2027 – Indigo Ag LettUs Grow Meicai ProducePay PivotBio

Research Reports

Mar 01, 2021

According to our latest market study on “Agritech Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type (Biotechnology and Biochemicals, Big Data and Analytics, Sensors and Connected Devices, Mobility, and Other Types) and Application (Irrigation, Production and Maintenance, Supply Chain, and Marketplace), the market was valued at US$ 17,442.7 million in 2019 and is projected to reach US$ 41,172.5 million by 2027; it is expected to grow at a CAGR of 12.1% from 2020 to 2027.

Agritech enables efficient monitoring, mapping, and controlling of farming decisions precisely. The agriculture sector is witnessing adoption of advanced agriculture machines, sensors, satellite imagery, and software solutions. Further, the rising demand of irrigation is amongst a major factor boosting the penetration of agriculture technologies to face unpredictable situations related to global warming and climate change.

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Impact of COVID-19 Pandemic on Agritech Market

According to the latest situation report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are some of the worst affected countries due to COVID-19 outbreak. The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in the year 2020 and likely in 2021. The pandemic has disturbed agriculture businesses and suppliers around the globe. Fresh vegetables and fruit become increasingly scarce in various regions since the COVID-19 pandemic hampers the global movement of agritech market growth.

The entry of startups in farming and investment activities for promoting the use of agricultural technologies have increased enormously in the region. In the last few years, venture capitalists have invested US$4 billion in the agritech startups. Other investments in the region are mentioned below:

Farmers Business Network has raised US$ 250 million in the Series F funding. The company is among the pioneers in e-commerce models assisting farmers to optimize their financial performance.
iFarm is a Finland-based startup offering technologies that are used in indoor farming to grow fresh berries, greens, and vegetables. The company has gathered US$ 4 million of investments from Gagarin Capital, Matrix Capital, IMI.VC, Impulse VC, and many more investors.
Berkeley-based Pivot Bio affirmed a funding round of US$ 100 million, supported by Temasek and Breakthrough Energy Ventures to scale up microbial nitrogen technology, which helps improve crop yields.

Strategic Insights

The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.

In 2020, AeroFarms to build the world largest 90,000 square foot indoor vertical farm in Abu Dhabi, UAE. Abu Dhabi Investment Office (ADIO) invest USD $100 million in AeroFarms, to build facilities in Abu Dhabi.
In 2020, AgBiome declared a recent patent directed toward the Connate product line granted in the United States, further strengthening AgBiome’s IP Protection around novel product offerings.
In 2019, LettUs Grow, declared that it has secured US$ 1.27 million (£1 million) in funding to build world-leading indoor growing facilities, to help feed the growing global population.

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