The Agrifood Technology Industry size was valued at USD 729.50 Million in 2023 and the total Agrifood Technology Market revenue is expected to grow at a CAGR of 8.1 % from 2024 to 2030, reaching nearly USD 1258.36 Million.
Market Overview

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.


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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.

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.

Segmentation Analysis
The Agrifood Technology market divides across four major dimensions:

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.

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.

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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.

In the realm of European Agri-FoodTech startups, an impressive $3.4 billion in funding was secured across 419 deals during the year 2023, 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.

Commutator Analysis (Competitive Landscape)
The industry’s competitive structure can be described as a “commutator”—a dynamic ecosystem weaving together established multinationals and nimble innovators:

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)

Press‑Release Conclusion

With its current valuation of nearly US $730 million and anticipated CAGR of 8.1%, the Agrifood Technology market is entering a pivotal transformation phase—driven by smart agriculture, robotics, traceability, and sustainability. The U.S. and Germany exemplify how national policies, digital infrastructure, and technological investment can lead the charge, while disruptive startup activity guarantees fresh solutions and competition.

ADDITIONAL REPORTS

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