(MENAFN- GlobeNewsWire - Nasdaq) New Delhi, March 10, 2023 (GLOBE NEWSWIRE) -- The global agritech platform market has been growing rapidly in recent years due to the increasing demand for technology-driven solutions in the agricultural sector. Agritech platforms are digital platforms that offer farmers and other stakeholders in the agriculture value chain access to data and tools that help them optimize their operations, improve efficiency and productivity, and reduce waste. The market is driven by factors such as the increasing adoption of precision farming techniques, rising demand for food due to population growth, and the need to improve the sustainability and efficiency of agriculture.
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Agritech platforms have also enabled other sustainable farming practices, such as vertical farming and hydroponics. According to a report by the International Energy Agency, vertical farming can reduce water usage by up to 70% and increase crop yields by up to 10 times compared to traditional farming methods. The platforms can also help farmers access new markets and increase their revenue. According to a report by the World Bank, smallholder farmers in developing countries often lack access to information, finance, and markets, which limits their ability to grow their businesses. Agritech platforms can help address these challenges by providing farmers with real-time data and connections to markets and financing.
Consumer Behavior Analysis: More Farmers Shifting to Sustainable and Efficient Agriculture in Global Agritech Platform Market
Farmers and other stakeholders in the agriculture value chain are increasingly adopting agritech platforms to optimize their operations, improve efficiency and productivity, and reduce waste. These platforms offer a wide range of features and tools that help farmers to make data-driven decisions, monitor crop health, predict weather patterns, and manage their farms more effectively.
From the past few years, the global agritech platform market is witnessing a increasing demand for sustainable and efficient agriculture. Consumers are becoming more conscious about the environmental impact of food production and are demanding more sustainable and eco-friendly agricultural practices. Agritech platforms help farmers to reduce waste and optimize their use of resources, which can have a positive impact on the environment and meet the growing demand for sustainable agriculture.
Another factor in the agritech platform market is the need for cost-effective solutions. Farmers are under increasing pressure to reduce costs and improve profitability, and agritech platforms can help them to achieve this by reducing waste, improving efficiency, and optimizing their use of resources. This is particularly important for small-scale farmers, who often have limited resources and need to maximize their yields to remain competitive.
In addition, the market is also influenced by factors such as ease of use, scalability, and compatibility with existing systems. Farmers are looking for platforms that are easy to use and integrate with their existing systems, and that can be scaled up or down depending on their needs. They are also looking for platforms that offer a wide range of features and tools that can help them to manage their farms more effectively.
More than 30% Revenue of Global Agritech Platform Market to Come from Supply Chain Application
The demand for agritech platforms in supply chain management has been increasing rapidly in recent years, as the agricultural industry embraces technology to improve efficiency, sustainability, and transparency. One of the key drivers of this growth is the need for increased efficiency in the supply chain. The use of agritech platforms can help farmers optimize their operations, resulting in higher yields and lower costs. For example, precision agriculture techniques, such as using data analytics to optimize crop yields, can lead to a 25% increase in crop productivity, according to a report by Astute Analytica. This not only benefits farmers but also helps to ensure a stable and affordable food supply for consumers.
Transparency is another factor driving the demand for agritech platform market. Consumers are increasingly interested in knowing where their food comes from and how it is produced. According to our survey, 94% of consumers are more likely to be loyal to a brand that offers transparency. Agritech platforms provide consumers with real-time data on the origin and quality of the products they purchase, enabling them to make more informed choices.
Sustainability is also a key concern in the agricultural industry, and agritech platforms can help farmers adopt more sustainable practices. For example, using precision agriculture techniques can reduce water usage by up to 40%, according to a report by the Food and Agriculture Organization of the United Nations. This not only benefits the environment but also improves the long-term viability of the agricultural industry.
The COVID-19 pandemic has also accelerated the adoption of agritech platform market in supply chain management. The pandemic has led to a 50% increase in online grocery sales in the United States, highlighting the need for more efficient and transparent supply chains. Agritech platforms can help meet this demand by providing real-time data and insights to farmers, distributors, and consumers.
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Future of Agriculture: Exploring the Cutting-Edge Technology Landscape of Agritech Platform Market
Internet of Things (IoT): IoT technology involves the use of sensors and connected devices to gather real-time data on various aspects of farming operations, such as soil moisture, temperature, and humidity. This data can be analyzed to optimize crop yields, reduce waste, and improve sustainability. Artificial Intelligence (AI): AI technology is being used in agritech platforms to analyze vast amounts of data and generate insights that can inform decision-making. For example, machine learning algorithms can be used to analyze crop data and predict optimal planting times and fertilizer applications. Blockchain: Blockchain technology can provide a secure and transparent way of tracking products throughout the supply chain, from farm to table. This can help ensure food safety and quality, as well as provide consumers with greater transparency and trust. Robotics: Robotics technology is being used in agritech platforms to automate various farming tasks, such as planting, harvesting, and weeding. This can help reduce labor costs and improve efficiency in the global agritech platform market. Drones: Drones are being used in agritech platforms to gather aerial data on crops, soil conditions, and water usage. This data can be used to optimize farming operations and improve yields. Big data Analytics: Big data analytics involves the use of advanced analytics tools to process and analyze vast amounts of data. In agritech platforms, big data analytics can be used to optimize farming operations, predict market trends, and identify new opportunities for growth.
North America to Contribute Over 50% Revenue to Global Agritech Platform Market
North America, which includes the United States and Canada, is a significant consumer of agritech platforms, and the region has a mature and advanced agricultural sector. According to a report by Accenture, North America is the largest market for agritech globally, accounting for more than 40% of the total market share.
In the United States, the agriculture sector contributes around $1.27 trillion to the national GDP and employs around 2% of the workforce. The country has a vast agricultural land area of around 900 million acres, and the sector produces a diverse range of crops and livestock, including corn, soybeans, wheat, beef, and poultry. The use of agritech platforms in the United States is growing, and it's estimated that the country's agritech market will be worth around $15 billion by 2025.
Canada is also a significant consumer of agritech platform market, with the agriculture sector contributing around $100 billion to the national GDP and employing around 2.3 million people. The country's vast land area and diverse climate allow for the production of various crops and livestock, including wheat, canola, cattle, and dairy. It's estimated that the Canadian agritech market will be worth around $1.6 billion by 2025.
Both the United States and Canada have government initiatives aimed at promoting the use of agritech platforms in agriculture. For example, in the United States, the USDA (United States Department of Agriculture) has various programs aimed at supporting the adoption of new technologies in agriculture, such as the Precision Agriculture Connectivity Act and the USDA's Innovation Center. In Canada, the government has also invested in agritech through initiatives such as the AgriInnovate program, which provides funding and support for innovative agri-businesses in the agritech platform market.
Some of the Top Market Players Are:
CropX Inc. Arable Corp. Gamaya Corp. Agro-star Corp. Waycool Corp. 63Ideas Infolabs Private Limited (Ninjacart) Cropsafe Corp. Tevel Aerobotics Technologies Ltd. Phytech Semios Hortau CropIn Intello Labs Other Prominent Players
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About Astute Analytica
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