Digital Agriculture Market to Grow Three Fold by 2028
Published | 03 August 2022
The agricultural market has experienced a significant rise as a result of growing awareness of the advantages of digital agriculture in maximizing agricultural productivity. The use of technologies in the agriculture sector, such as AI, drones, GPS, moisture detectors, etc., to gather, store, and analyses data in order to take necessary action is known as digital agriculture. Technology has been developed to include the whole value-addition chain till the product is delivered to the client, and not only farms.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global digital agriculture market was worth USD 10.7 billion in the year 2021. The market is projected to grow at a CAGR of 16.8% , earning revenues of around USD 31.8 billion by the end of 2028.
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Digital Agriculture Market is Anticipated to Witness Potential Growth Owing to Rising Technological Advancements in the Asia-Pacific Region
During the forecast period, the Asia-Pacific region is anticipated to register highest growth rate in the digital agriculture market due to increasing awareness about new technologies related to agriculture and adopting favorable government policies to promote digitization in the agriculture sector. With the increase in urbanization and the growing need for improving food security, the demand for digital agriculture is expected to increase in this region. APAC is expanding rapidly as a result of a number of reasons, including local corporate expansion and governmental initiatives supporting cutting-edge technical advancements. Some countries in the region, including China and Japan, have embraced, and are quickly deploying digital agriculture technologies. However, the vast development potential is still largely unrealized in the majority of Asia-Pacific markets.
New farming technology, such as precision farming, can help in using agricultural inputs in precise quantities to increase average yields as compared to traditional cultivation approaches. It is projected that the United States would contribute significantly to supporting the ecology for future foods. In the United States market, it is anticipated that there would be an increase in the availability of recently produced veggies across retail channels as more consumer insights into fresh-from-farm-to-table food are created. The UK government has placed AI at the center of its expanding productivity goals in its industrial policy. Growing worries about nutrition and food security are predicted to create a variety of new chances for the business to flourish.
Impact of COVID-19 on the Global Digital Agriculture Market
The impact of COVID-19 resulted in significant and widespread increase in the global food insecurity, impacting vulnerable households in virtually every nation, and the effects are anticipated to last through 2022. Even before COVID-19, reduced wages and disrupted supply chains, chronic and acute hunger were on the rise for a variety of causes, including conflict, socioeconomic conditions, natural catastrophes, climate change, and pests. The consequences of COVID-19 on vulnerable households have led in considerable and widespread increases in global food insecurity. These effects are expected to persist through 2022.
Although the forecast for important grain production globally is still favorable, increased prices are a result of the strong demand, weather-related issues, macroeconomic variables, and supply disruptions brought on by COVID-19. Retail food prices are rising significantly in several countries, which points to supply disruptions brought on by COVID-19 social distancing policies, currency devaluations, and other factors. Individuals in low- and middle-income countries are more impacted by rising food prices than people in high-income countries as they spend a larger percentage of their income on food. Due to the restrictions, consumers were forced to prepare their own meals at home. Furthermore, individuals are staying away from marketplaces and supermarkets due to the possibility of getting COVID-19 virus. In addition to producers, distributors, and consumers, labor-intensive food processing industries have also been impacted by supply chain interruptions.
The existence of several regional and local suppliers is what defines the global digital agricultural market. The digital agriculture market is competitive with domestic, regional, and international companies are all competing for a sizeable piece of the market share. Some of the prominent player in the global digital agriculture market includes Agrellus, Inc., Agri Marketplace, Agrofy, Agrostar, COFCO International, Crofarm Agriproducts Pvt. Ltd., DeHaat, Eden Farm, Farmcrowdy, Kaset Thai Hitech Co., Ltd., Ninjacart Platform (63Ideas Infolabs Pvt. Ltd.), Tanihub, WayCool Foods and Products Pvt Ltd.
By expanding their service offerings and introducing better consumer packages and discounts, the companies continue to lead the industry. In addition to producers, distributors, and consumers, labor-intensive food processing industries have also been impacted by supply chain interruptions. A variety of tactics are used, including signing agreements, mergers, and strategic alliances. For instance, for the purpose of offering an international precision agricultural solution, IBM teamed up with Solinftec. Unparalleled IBM climate-based information is combined with Solinftec's artificial intelligence and powerful algorithms to offer real-time decision-making solutions to improve operation efficiency, usage of inputs, and agricultural compliance, which reduces environmental impact.
The report's in-depth analysis provides information about growth potential, upcoming trends, and global digital agriculture market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global digital agriculture market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
Blue Weave Consulting provides all-inclusive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer comprehensive market research reports by analyzing qualitative and quantitative data to boost your business solution's performance. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are a promising digital MI solutions company providing agile assistance to make your business endeavors successful.
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