Market Estimation & Definition

The Agrifood Technology Industry is poised for substantial growth, valued at USD 25.17 billion in 2024, and projected to grow at a CAGR of 8.1% through 2032, reaching approximately USD 46.9 billion. Agrifood technology refers to the suite of advanced hardware, software, and integrated innovations applied across the agricultural and food industries. It includes technologies such as precision farming, AI-driven analytics, IoT sensors, automation, robotics, biotechnology, and vertical farming systems, all designed to improve productivity, sustainability, food safety, and traceability from farm to fork.

Market Overview

The agriculture segment led the market, accounted for around 42% of the market share, due to widespread adoption of smart equipment, sensors and AI-based crop monitoring tools. Europe dominated the global market, supported by a strong technological infrastructure, early adoption of agritech solutions, and the presence of major players. Major Key companies in the market include BASF SE, Yara International ASA, CNH Industrial N.V., John Deere as well as Trimble Inc. firms are central the charge through inventions in digital platforms, autonomous machinery, and precision solutions. The rising demand for maintainable tech-enabled agriculture is expected to continue driving robust market growth.

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Market Growth Drivers & Opportunities

Several critical factors are accelerating the adoption of agrifood technology globally:

• Rising Food Demand & Resource Constraints: Rapid population growth and limited arable land have intensified the need for more efficient farming solutions, maximizing yield per acre while conserving resources like water and fertilizers.

• Labor Shortages in Agriculture: Chronic labor scarcity, particularly in key agricultural economies, has driven the demand for automation, with robotics, drones, and autonomous equipment becoming essential in modern farming.

• Data-Driven Decision Making: AI-powered platforms and advanced analytics systems enable real-time monitoring, disease detection, yield forecasting, and resource optimization, leading to smarter, more precise farming practices.

• Growing Emphasis on Food Safety and Traceability: Rising consumer awareness around food origins and safety has increased demand for blockchain-based systems and transparent, traceable supply chains.

• Government Incentives & Policy Support: Several countries are actively promoting smart farming technologies through subsidies, tax benefits, and regulatory support to boost food security and environmental sustainability.

• Venture Capital Investment: The agritech sector has attracted strong investor interest, with substantial funding flowing into startups specializing in IoT systems, farm management software, vertical farming, and AI-driven agricultural solutions.

These drivers collectively create a highly favorable environment for growth, offering lucrative opportunities for agritech manufacturers, software developers, biotechnology firms, and supply chain innovators.

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Segmentation Analysis

The agrifood technology market is segmented based on industry, technology, end-user, and region:

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 Users

Farmers and Growers
Food Manufacturer
Distributors and Retailers

Regional Analysis

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.

Commutator Analysis

Key stakeholders in the agrifood technology market include:

Asia-Pacific
1. Kubota Corporation (Japan)
2. Taranis (Israel)
3. Mahindra & Mahindra (India)
4. Raven Industries (subsidiary of CNH) (India)
5. XAG Co., Ltd. (China)

Europe
6. BASF SE (Germany)
7. Yara International ASA (Norway)
8. CNH Industrial N.V. (UK/Italy)
9. DeLaval (Sweden)
10. Ag Leader Technology (UK)

Competitive Landscape

Major key players like BASF SE, Yara International ASA, and CNH Industrial N.V. form the backbone of the agrifood technology market. BASF SE is an international leader in crop protection, digital farming as well as agricultural biotechnology. In 2024, the Agricultural Solutions segment generated almost USD 9.3 billion, accounting for around 8.5% of the global agrifood technology market. BASF continues to invest heavily in R&D over 900 million to advance sustainable farming through its Xarvio Digital Farming Solutions. Yara International ASA focuses on crop nutrition and digital precision agriculture. Revenue is nearly USD 18.6 billion in 2024 and a 6.2% market share.

Press Release Conclusion

The global agrifood technology market is entering a transformative phase, powered by advances in AI, IoT, blockchain, and biotechnology. With projected growth at a robust CAGR of 8.1%, and expected market value nearing USD 47 billion by 2032, the sector offers immense opportunities for innovators, investors, and food producers alike.

The United States and Germany remain at the forefront of this transition, leveraging advanced digital solutions, biotechnology breakthroughs, and sustainability-driven farming practices. As smart agriculture moves toward data-driven, transparent, and autonomous systems, companies positioned at this intersection are poised to define the future of global food security and agricultural productivity.