Market Estimation & Definition
The Agrifood Technology Industry was estimated at approximately US $730 million in 2023. Industry forecasts anticipate growth at a compound annual growth rate of about 8.1% between 2024 and 2030, bringing market value to close to $1.26 billion by 2030. This market encompasses a wide range of innovations—from smart sensors, data analytics, AI, robotics, and biotechnology, to blockchain-enabled traceability—deployed throughout crop cultivation, livestock farming, food processing, cold-chain logistics, and consumer-facing packaging. These solutions aim to enhance yields, food quality, sustainability, and profitability across the agricultural and food system.
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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 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
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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.
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