Agrifood Technology Market: Global Industry Analysis and Forecast (2023-2029)

The Agrifood Technology Market size was valued at USD 674.84Million in 2022 and the total Agrifood Technology Market revenue is expected to grow at a CAGR of 8.1 % from 2023 to 2029, reaching nearly USD 1258.36 Million.

Agrifood technology, also known as Agritech, represents an innovative technology within the realm of food production and farming, enabling farmers to enhance their crop yields. The primary goal of the Agrifood technology market is to elevate food quality, encourage sustainable practices, and maintain soil fertility. Notably, numerous researchers and experts believe that this technology holds the potential to mitigate significant health concerns. The benefits of the Agrifood technology market extend beyond increased productivity, encompassing improvements in health, safety, and financial returns.
Agrifood Technology Market Snapshot
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The scope of the Agrifood Technology Market encompasses various areas such as the development of novel food products and beverages, effective crop management, weed control, preservation of crop nutritional value, efficient water management, and the integration of agri-robotics. Recent advancements in machinery have revolutionized the scale, speed, and productivity of farming equipment, leading to the more efficient cultivation of larger areas. Additionally, significant progress has been made in the domains of seeds, irrigation, and fertilizers, contributing to enhanced yields for farmers.

Presently, the agriculture sector is on the cusp of another transformative phase driven by data and connectivity. The convergence of technologies like artificial intelligence, analytics, connected sensors, and emerging innovations holds the potential to further amplify yields, optimize water usage and resource allocation, and bolster sustainability and resilience across both crop cultivation and animal husbandry. This imminent revolution signifies a pivotal moment in the Agrifood technology landscape. The report covered a detailed analysis of the Agrifood Technology Market locally as well as key market players with investment plans benchmarking and merger acquisition.
Agrifood Technology Market Dynamics:
Data-Driven Transformation in Agriculture

Over the past five decades, the agricultural industry has undergone a remarkable evolution. The agrifood technology market is driven by technological advancements in machinery that have revolutionized farming, enabling larger-scale operations and increased productivity. Innovations in seeds, irrigation methods, and fertilizers have further propelled growth and yield improvements. Yet, the agriculture sector finds itself on the brink of yet another transformative phase, driven by the integration of data and connectivity. This new era is marked by the infusion of artificial intelligence, analytics, connected sensors, and emerging technologies, promising to elevate yields, optimize resource utilization, and foster sustainability in crop cultivation and animal management, which increases demand for Agrifood Technology Market.

Central to this transition is the necessity for robust connectivity infrastructure increases Agrifood technology market demand. Without it, the potential benefits remain unrealized. Successful implementation of connectivity in agriculture could contribute an estimated $500 billion in additional value to the global gross domestic product by 2030, offering a substantial 7 to 9 per cent enhancement from the projected total. This surge in value creation can improve existing pressures on farmers and emerges as one of seven sectors expected to add $2 trillion to $3 trillion in extra value to the global GDP over the next decade.
New Advance conncetivity, Estimated range of potential new global GDP value, USD billion


The convergence of data-driven technologies and connectivity presents a pivotal opportunity to address these challenges head-on. By leveraging advanced tools, agriculture can navigate constraints, optimize resource utilization, and meet the demands of a growing population while safeguarding the environment and meeting evolving consumer preferences. The path forward lies in a seamless integration of technology, connectivity, and sustainable practices to ensure the energy and resilience of the agricultural industry.

Precision Farming and Intelligent Food Processing Drive Market Momentum

The growth of the Agrifood Technology Market is driven by the integration of technology across both agricultural practices and food processing. Within agriculture, the adoption of advanced farm management systems and the implementation of smart and precision farming techniques are pivotal. Similarly, in food processing, the shift towards smart food processing is propelled by the incorporation of mechanization and automation.
Forecast market value of smart farming worldwide in 2021 to 2029 (in billion U.S. dollars)


The momentum driving the Agrifood Technology Market forward lies in the evolution towards smart food processing, facilitated by the integration of Advanced Manufacturing technologies, IoT, sensors, and Robotics into food processing operations. This transformation encompasses resource management, processing automation using Robotics, and the implementation of intelligent packaging embedded with sensors for monitoring variables like temperature in food products.

The applications of these technologies are expansive, covering processes like packaging, palletizing, logistics, and even intricate tasks such as deboning, portioning, and assembling food items like sandwiches and pizzas. Sensors, particularly crucial, assume a central role by monitoring temperatures, ensuring the integrity of the cold chain for frozen goods to increase the Agrifood technology market demand. In the context of food security, technology aligns with objectives such as resilient manufacturing, waste reduction, and the production of safe and compliant goods. Furthermore, technology aids in navigating resource scarcity and significantly contributes to the mitigation of food waste and losses.

Technology adoption gains impetus from its capacity to uphold product quality and value. This entails leveraging cost-effective process technologies to sustain and enhance quality and shelf life. Photonics technology, for example, comes into play for optimizing harvesting and monitoring post-harvest treatment, especially within the fruit and vegetable value chain. Beyond this, considerations of nutrition and well-being propel technology uptake tied to product quality. Photonics, once again, proves valuable in enhancing nutritional content and preserving its value. The vigilant monitoring and control of storage temperatures through sensors and IoT are instrumental in this regard. Moreover, technologies like sensors hold significance in ensuring ingredient precision and compositional accuracy to align with specific dietary prerequisites.
Agrifood Technology Market Segments
By Technology, Biotechnology and Genetic Engineering are expected to dominate the Agrifood Technology Market during the forecast period. Biotechnology empowers farmers with a suite of tools that enhance production efficiency and cost-effectiveness. One notable advancement is the engineering of biotechnology crops with the ability to withstand specific herbicides, streamlining weed control practices. This application of biotechnology within agriculture yields benefits that span farmers, producers, and consumers alike, fostering a safer and more productive ecosystem.

Insect pest control and weed management have both witnessed significant improvements through biotechnology interventions. ForExample, genetically modified insect-resistant cotton has precipitated a substantial reduction in the reliance on persistent synthetic pesticides. This shift not only safeguards groundwater and the environment from contamination but also curtails the risk associated with pesticide usage. Similarly, herbicide-tolerant soybeans, cotton, and corn have paved the way for the utilization of reduced-risk herbicides that swiftly deIndustry in soil, posing no harm to wildlife or humans.

These crops are particularly compatible with conservation-focused agricultural systems like no-till or reduced tillage, which play a pivotal role in preserving topsoil integrity against erosion. Agricultural biotechnology's impact extends to safeguarding crops against menacing diseases. For example, the advent of genetically engineered papayas resistant to the papaya ringspot virus averted a crisis in the Hawaiian papaya industry. This remarkable feat not only rescued the industry but also served as a testament to biotechnology's potential in overcoming complex challenges. Similar research endeavors continue for crops like potatoes, squash, and tomatoes, with the goal of conferring resistance to viral diseases that traditionally pose formidable control hurdles.
Seeded area of genetically engineered crops in Canada from 2012 to 2022(in million hectares)


The integration of biotech crops into farming practices not only enhances profitability but also elevates crop quality and, in some instances, yields. Moreover, these crops streamline work processes and enhance safety for farmers, liberating their time for more lucrative endeavours. Consequently, biotechnology not only revolutionizes crop management but also offers farmers the opportunity to diversify their focus and maximize their overall productivity.
Agrifood Technology Market Regional Insights:
Europe is expected to dominate the Agrifood Technology Market during the forecast period. In the European Agrifood Technology Market, an examination of technological advancements can be facilitated through the analysis of patenting activities specific to various sectors. To achieve this, a regional assessment of the Agrifood Technology market was conducted, focusing on the agri-food Technology Industry. This analysis involved the selection of patents within the domains of food, agriculture, and bioeconomy, utilizing a classification framework developed by Fraunhofer ISI et al. in 2016. This classification system provides a structured approach for categorizing patents within the realms of food, agriculture, and bioeconomy, enabling the identification of patents and patent areas using the International Patent Codes (IPC codes) that pertain to the sector's advancements.

This method allows for a comprehensive representation of patenting activities within the agri-food sector at both the European Union (EU) and global levels, facilitating the observation of trends in distribution and developmental trajectories within this sector. Notably, in the year 2017, patent leadership in the agri-food Technology Market domain was exhibited by Germany, France, and the Netherlands. When considering the Europe Agrifood Technology Market perspective, the highest proportion of agri-food-related patents within the global patent landscape was attributed to Germany, followed by France, the Netherlands, Italy, and Belgium. This graphical representation reaffirms the dominant role of Germany in acquiring patents within the agri-food sector. It is also pertinent to acknowledge the robust research positioning of the Netherlands in the agri-food landscape.
Leading agri-food companies ranked by global agri-food sales in Europe in 2020/22*(in billion euros)


In the realm of European Agri-FoodTech startups, an impressive $3.4 billion in funding was secured across 419 deals during the year 2019, signifying a remarkable year-over-year growth of 70%. With approximately 93 billion euros in annual global agri-food sales, Nestlé is the top agri-food firm in Europe. The other top three businesses are Danone, Unilever, and Ferrero, each of which has worldwide agri-food revenues above 30 billion euros.

All of these businesses are multinational companies with operations in various countries. They create a vast variety of dairy products, packaged meals, drinks, and confections, among other food and drink items.

With 10% of the EU's GDP coming from the agri-food industry, Europe is one of the world's most prosperous regions. These industry leaders contribute significantly to the sector by creating employment and money. Additionally, they make investments in R&D, which helps to maintain the agri-food industry's competitiveness in the world Agrifood Technology Market.
Agrifood Technology Market Scope: Inquire Before Buying



Global Agrifood Technology Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 674.84 Mn.


Forecast Period 2023 to 2029 CAGR:
8.1%
Market Size in 2029:
US $ 1258.36 Mn.


 Segments Covered:
by Industry
Animal
Agriculture
Cold Chain
Food and Beverage
Others


by Technology
Internet of Things (IoT) and Sensors
Artificial Intelligence (AI) and Machine Learning
Robotics and Automation
Biotechnology and Genetic Engineering
Blockchain and Traceability
Data Analytics and Farm Management Software
Vertical Farming Systems


by End User
Farmers and Growers
Food Manufacturer
Distributors and Retailers



Agrifood Technology Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Agrifood Technology Market, Key Players are
1. Monsanto Company (now part of Bayer)USA
2. Syngenta AG (Switzerland)
3. Cargill, Incorporated (USA)
4. BASF SE (Germany)
5. DowDuPont (now Dow Inc. and DuPont)(USA)
6. Archer Daniels Midland Company (ADM)(USA)
7. John Deere (USA)
8. Bunge Limited (USA)
9. CNH Industrial (UK)
10. Zoetis Inc.(USA)
11. Elanco Animal Health Inc. (USA)
12. The Mosaic Company (USA)
13. Bayer AG (Germany)
14. Corteva Agriscience (formerly DowDuPont's Agriculture Division) (USA)
15. Indigo Agriculture (USA)
FAQs:
1. What are the growth drivers for the Agrifood Technology Market?
Ans. Stringent government regulations are expected to be the major major driver for the Agrifood Technology Market.

2. What is the major restraint for the Agrifood Technology Market growth?
Ans. Climate change are expected to be the major restraining factor for the Agrifood Technology Market growth.

3. Which Region is expected to lead the global Agrifood Technology Market during the forecast period?
Ans. Europe is expected to lead the global Agrifood Technology Market during the forecast period.

4. What is the projected Europe Agrifood Technology Market size & growth rate of the Agrifood Technology Market?
Ans. The Agrifood Technology Market size was valued at USD 674.84 Million in 2022 and the total Anime revenue is expected to grow at a CAGR of 8.1% from 2023 to 2029, reaching nearly USD 1258.36 Million.

5. What segments are covered in the Agrifood Technology Market report?
Ans. The segments covered in the Agrifood Technology Market report are Industry, Technology, End-User and Region