Report Overview
Agritech platforms are platforms that provide farmers with a wide range of technologies that can improve farming practices, and increase productivity, sustainability and efficiency. It also helps farmers by providing low-cost agricultural inputs like seeds, fertilizers, and herbicides, and offers affordable or on-rent agricultural equipment such as cultivators and sickles. As agricultural production increases every year to meet the demand of the growing food insecurity, the agritech platform market will also be expected to display an increase in growth with new agricultural technologies and the improvement of existing products and services.
Introduction:
The Agritech platform market is expected to witness significant growth during the forecast period of 2024-2029 due to factors such as increasing demand for food from the rapid population growth, which boosts the production of agriculture.
Drivers:
- Growing demand for food and increasing agricultural production: The increase in demand for food is one of the major factors that drive the growth of the agritech platform market. The increasing population of the world drives the increase in food security, which increases the burden for increased agricultural production. Through the creation and innovation of agritech platforms, businesses and farmers will be able to trade agricultural products through online platforms, which include products such as crop seeds, crop byproducts, machinery, and many others. This increases the ease of access and also increases productivity and efficiency in production from farmers. As per the United Nations, the world population is expected to grow and increase by 2 billion people in the next 30 years, which is an increase from 8 billion in 2023 to 9.7 billion by 2050. The increase in the growth of the population also increases food insecurity around the world, which is a challenge that farmers will face in the production and processing of foods and crops from their cultivation/agricultural farms. As per the US Department of Agriculture, the world production of grains accounted for 2,748.2 million metric tons in 2022-23 and will be expected to increase to 2,812.3 million metric tons by January 2024. This increase in crop production shows a positive trend and will also be expected to increase at a higher pace during the forecasted period due to the increasing population. As agricultural production increases, farmers will need access to platforms through which ease of trade and communications can occur. In the current era where technology is advancing at a high rate, the role of agritech platforms plays a major role for farmers, as it allows farmers to easily trade and sell crops and other agricultural commodities between businesses and consumers in the market. This will assist in the growth of the agritech platform during the forecast period.
Key Players:
Regional Analysis:
The Asia Pacific region is expected to witness significant growth in the agritech market during the forecasted period of 2024-2029, due to factors such as growing population and increasing agricultural production. China and India are considered leaders in the region due to the increasing population, which leads to an increase in agricultural production in the market. The increase in agricultural production will be expected to increase the creation of agritech platforms that allow farmers and businesses to trade with each other and the consumers in the market and also allow them to manage and maintain the condition of their farm environment. As per the Food and Agriculture Organization, China is the leading driver of the growth of production and is expected to display a 9% growth in agriculture and fish commodities production by 2032. As of 2020-22. China occupies 90% of the total value in the Asia Pacific region and is the sole growth driver in the region. It is also expected that the crop sector in the region accounts for 38% of the total agricultural and fish output in the world. The increase could imply that the increase in access to agritech platforms has shown positive results and will be expected to increase in growth during the forecasted period, due to increasing population demand for feed and increasing agricultural production.
Market Developments:
- August 2022: BASIX Social Enterprise Group announced a partnership with Mastercard and launched BASIX Farmers Market (BFM), an agritech platform that will help 10 lakh farmers in Maharashtra, India. This collaboration was done with the Government of India’s vision to integrate farmers into the digital economy. Mastercard’s technological capabilities were combined with BASIX’s deep industry expertise in agriculture to improve the lives of small and marginal farmers, addressing the fundamental challenges related to price discovery, market reach, credit card access, and payments.
Segmentation:
- By Types of Services:
- Precision Farming Platforms
- Livestock Monitoring Platforms
- Supply Chain Management Platforms
- Marketplace Platforms
- Weather Forecasting Platforms
- By Application Areas:
- Crop Management Platforms
- Livestock Management Platforms
- Aquaculture Management Platforms
- Farm Financial Management Platforms
- Agribusiness Management Platforms
- By End-User:
- Small and Medium-Sized Farms
- Large Commercial Farms
- Cooperatives and Farmer Groups
- Government and Research Institutions
- By Geography:
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- Others
- Asia Pacific
- Japan
- China
- India
- South Korea
- Indonesia
- Thailand
- Others
- North America
Global Agritech Platform Market Report
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