Agritech Market to Reach $8,150.15 million by 2024 in the short term and $34,831.17 Million by 2034 Globally, at 15.3% CAGR: Allied Market Research

The global agritech market is experiencing rapid growth due to rise in emphasis on food productivity and increase in demand for sustainable agriculture. The government's support and policies further drive market expansion. 

WILMINGTON, Del., May 8, 2025 /PRNewswire/ -- Allied Market Research published a report titled, "Agritech Market - Global Opportunity Analysis and Industry Forecast, 2024-2034", valued at $8,150.15 million in 2024. The market is expected to grow at a CAGR of 15.3% from 2025 to 2034, reaching $34,831.17 million by 2034. Key factors fueling the market growth include rise in emphasis on food productivity, rise in demand for sustainable agriculture, and government's support and policies to promote microinsurance products. 

Report Overview: 

Rise in emphasis on food productivity and increase in demand for sustainable agriculture has driven the demand for advanced agricultural technologies, prompting increased investments in precision farming, automation, and data-driven crop management solutions. In addition, the government's support and policies in supporting modern farming practices are positively influencing the market growth. 

However, high initial investment and limited digital literacy pose significant restraints. Conversely, adoption of automation and robotics in the agritech market presents significant opportunities for market players. 

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Key Segmentation Overview: 

The agritech market is segmented on the basis of component, application, technology, and region.

• By Component: Hardware, Software, and Service 
• By Application: Precision Farming and Farm Management, Livestock Monitoring, Quality Management, and Others 
• By Technology: AI, IoT, Automation and Robotics, and Others. 
• By Region: 
  • North America (U.S. and Canada) 
  • Europe (Germany, UK, France, Italy, Spain, Rest of Europe) 
  • Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific) 
  • LAMEA (Brazil, South Africa, UAE, Saudi Arabia, Rest of LAMEA) 

Market Highlights 

• By component, the hardware segment dominated the market in 2024 and is expected to continue leading due to increase in adoption of precision farming techniques and automation in agriculture, government initiatives in smart farming initiatives through subsidies and grants, and integration of integration of IoT-enabled devices, AI-driven analytics, and robotics to improving accuracy and reducing labor dependency. 
• By application, the precision farming and farm management segment witnessed significant growth due to rise in need for sustainable agriculture and efficient resource utilization and growing adoption of modern farming practices. 
• By technology, the automation and robotics segment is expected to register the highest growth, due to increase in adoption of advanced technologies such as robotics, drones, automated irrigation systems, and self-driving tractors. 

Report Coverage & Details: 

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Factors Affecting Market Growth & Opportunities: 

Rise in emphasis on food productivity, driven by increase in global population, climate change, and less availability of farmland has propelled the growth of the agritech market. Factors such as surge in demand for sustainable agriculture, such as organic farming and resource-efficient practices, and government's initiatives and policies promoting innovation and technology adoption are driving the market growth. 

• Adoption of automation and robotics: Technologies such as autonomous tractors, robotic harvesters, and drone-based monitoring help reduce manual labor, increase productivity, and enable precision farming. 
• Innovations in agritech: The integration of Internet of Things (IoT) devices, such as soil sensors, weather stations, and livestock trackers, enhances farm efficiency providing real-time insights, supporting precise irrigation, fertilization, and livestock management. 

However, challenges such the high initial investment and limited digital literacy remain concerns for industry players. Key stakeholders are focusing on enhancing accessibility to affordable technologies and strengthening farmer education and training programs to drive broader adoption of agritech solutions. 

Regulatory Landscape & Compliance:

The regulatory landscape and compliance in the agritech market is a complex and evolving domain shaped by regional and international laws, food safety standards, environmental regulations, and data protection requirements. These regulations are designed to ensure the safe deployment of agricultural technologies, protect consumer health, promote sustainable farming practices, and safeguard sensitive data collected through digital platforms.

Government compliance requirements in the agritech market focus on ensuring safety, transparency, and sustainability in the use of agricultural technologies. These include obtaining approvals for genetically modified organisms (GMOs), adhering to pesticide and fertilizer usage regulations, complying with data protection laws when using digital tools, and meeting environmental impact standards.

Key regulations such as the U.S. Department of Agriculture (USDA), European Food Safety Authority (EPA), and national bodies like Department of Agriculture and Farmers Welfare, in India play a crucial role in enforcing these regulations through licensing, monitoring, and periodic audits to ensure that agritech solutions align with national policies and international standards. 

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Technological Innovations & Future Trends: 

• Vertical and indoor farming, enabled by Controlled Environment Agriculture (CEA), facilitates food production in urban settings while minimizing land and water usage. By leveraging LED lighting and hydroponic or aeroponic systems, these methods reduce the need for pesticides and optimize plant growth cycles. 
• Smart farming integrates IoT sensors and AI to automate monitoring of weather, crops, livestock, and equipment, while AI-driven systems enhance productivity and optimize resource use. 
• Regenerative agriculture technologies leverage data tools and biological inputs to restore ecosystems, regenerate soil health, and capture carbon. 

Regional Insights 

North America dominated the agritech market owing to rise in demand for sustainable, efficient, and technologically advanced agricultural practices. In addition, there is growing emphasis on climate-smart agriculture, with innovations targeting soil health, carbon capture, and water conservation. Furthermore, integration of AI and machine learning in farm management systems is enhancing real-time decision-making, while the use of drones and autonomous machinery is reducing labor dependency and improving operational efficiency. The U.S. leads the market in the region, driven by substantial investments in agricultural technology, including advancements in precision farming, automation, and biotechnology. For instance, in February 2025, Pivot Bio launched its CERT-N, a new product designed for U.S. cotton crops. This innovative nitrogen-fixing technology provides a steady source of nitrogen from emergence to harvest, enhancing crop yield and fiber quality. CERT-N™ is applied as a seed treatment and has shown promising results in large-scale farm trials, replacing an average of 20% of traditional nitrogen programs and increasing yield by 50 pounds of lint per acre.

Asia-Pacific is expected to grow at a significant rate during the forecast period, due to rapid urbanization and rise in population in the region, driving the food demand, necessitating more efficient agricultural practices and scalable solutions to meet the needs of urban areas. In addition, rise in demand for autonomous agricultural equipment, such as driverless tractors and multifunctional robots, particularly in countries like China, Japan, India, South Korea, and Australia, is expected to propel the market growth. China leads the market in the region by investing heavily in agricultural technology, focusing on precision farming, automation, and digital tools to enhance productivity and sustainability. For instance, in October 2024, China had unveiled a five-year smart agriculture plan (2024–2028) aimed at modernizing its food production system through digital innovation. The initiative focuses on integrating technologies like AI, big data, and GPS across the agricultural value chain—from crop cultivation to livestock and fisheries. It also includes the development of a national agricultural big data platform and the upgrade of farming equipment, all designed to boost productivity, ensure food security, and reduce reliance on imports. 

Key Players: 

Major players in the agritech market include Syngenta AG, Indigo Ag, Pivot Bio, Ninjacart, Agreena ApS, CropX, Zuari FarmHub Limited, ARSR Tech, Crofarm Agriproducts Pvt Ltd., LettUs Grow, Ceres Imaging, Hortau Technologies Inc., Farmers Business Network, John Deere, AGCO Corporation., Microsoft Corporation, AgEagle Aerial Systems Inc., CNH Industrial N.V., topcon positioning systems, and BrioAgro Tech, S.L. These companies are focusing on expanding their service offerings, strategic partnerships, and enhancing cybersecurity measures in the agritech industry. 

Key Strategies Adopted by Competitors 

• In April 2024, Agreena launched a pioneering financial services solution aimed at supporting regenerative farmers. This initiative, in partnership with Raiffeisen Bank in Ukraine, leverages Agreena's advanced digital Measurement, Reporting, and Verification (MRV) capabilities to provide granular, verified farm-level data. This data helps farmers access sustainable finance offerings by simplifying eligibility documentation and reducing paperwork. The partnership aims to promote regenerative agriculture, enhance soil health, and increase carbon storage capacity.
• In September 2024, CropX acquired EnGeniousAg, a startup specializing in advanced nitrogen sensing technology. This acquisition aims to enhance CropX's capabilities in nitrogen management by integrating EnGeniousAg's innovative sensors, which provide near-instantaneous, in-field nitrogen measurements. These sensors monitor nitrogen levels in plant tissue, water, and soil, helping farmers optimize fertilizer use, improve crop performance, and reduce environmental impact. This collaboration underscores CropX's commitment to offering comprehensive, data-driven agronomic solutions.

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