CHICAGO, May 14, 2024
/PRNewswire/ -- According to a research report "Global
Agriculture Industry Outlook 2024 - Feeding the Future
Through Innovation" published by MarketsandMarkets, the Top 10
Agriculture Markets Will Grow From USD 81.5
billion in 2023 to USD 94.3
billion by 2024 at A YOY Increase of 15.7%.
The Agriculture Industry Outlook covers vertical farming market,
plant breeding market, precision farming market, regenerative
agriculture market, blockchain in agriculture market, smart
irrigation market, connected agriculture market, agriculture
drones' market, and agricultural biologicals market.
The agriculture industry anticipates a transformative journey
from 2023 to 2024, with a focus on agricultural biologicals, the
demand for sustainable and carbon neutral agriculture, and
innovative technologies like farm automation, and precision
agriculture. This period promises unprecedented innovation and
heightened competition as companies strive to meet evolving
technology integration and embrace ethical organic farming.
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Browse in-depth TOC on "Global Agriculture Industry Outlook
2024"
6 – Figures
34 – Pages
Agriculture industry developments in 2023 and upcoming
predictions in 2024
In 2023, the agriculture industry is experiencing significant
developments, marked by the rise of sustainable practices,
increased adoption of advanced technologies, and strategic
initiatives by key players. Growing population, increasing demand
for food, widespread implementation of technology in agriculture,
and a surge in demand for organic and sustainable agriculture are
primary demand drives. As we look ahead to 2024, several trends are
poised to shape the industry's trajectory. The integration of
advanced technologies like AI and automation will continue to
redefine production processes, while competition among industry
leaders will intensify. High-tech and organic approaches are both
driving sustainable agriculture. Precision agriculture and
biotechnologies optimize yields and resource use, while organic
practices prioritize ecological balance. In 2024, the emphasis on
automated farm machinery, agriculture biotechnology, novel farming
systems, organic and non-GMO seeds, are accelerating the
agriculture industry growth. The agriculture industry is grappling
with a perfect storm of challenges including increasingly extreme
weather, rising costs for essentials like fertilizer and seeds,
unpredictable economic conditions, and a shrinking pool of skilled
workers. Agricultural companies are actively seeking solutions to
navigate these complex issues and ensure the long-term viability of
the sector
Top Key Companies in Global Agriculture Industry
Outlook:
In the rapidly evolving landscape of the agriculture industry,
key companies are spearheading transformative initiatives across
various sectors. In the agrigenomics industry Eurfins Scientific
(Luxembourg), and Illumina Inc.
(US) are leading the charge. In the connected space IBM (US),
AT&T (US), and Microsoft (US) are leveraging their expertise in
technology to offer premium agricultural services. For organic
agricultural production, Syngenta (Switzerland), UPL (India), BASF SE (Germany), Bayer AG (Germany), and Marrone Bio Innovation, Inc.
(US) are at the forefront. Additionally, in plant breeding and
CRISPR Plants technologies companies such as Corteva, Inc. (US),
BASF SE (Germany), and Bayer AG
(Germany), are leading the charge
by offering biotechnological and conventional methods of plant
breeding to obtain desirable agriculture outputs. The agricultural
landscape is poised for a dynamic transformation driven by
continuous investment in innovative technologies and product
development. 2024 is expected to see a growing focus on expanding
access to these advancements in developing nations. This global
effort will be instrumental in achieving sustainable yield
improvements and ensuring food security for all.
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North America currently
reigns supreme as the largest agricultural market, while
Asia Pacific is surging ahead in
terms of growth rate.
North America currently holds
the crown for the largest market owing to its well-established
infrastructure, government support for large-scale farms, and a
robust agribusiness sector. The US reigns supreme within the
region, leveraging its vast fertile land, diverse climate, and
heavy investments in research and development.
However, the Asia Pacific
region is rapidly rising as an agricultural powerhouse. Soaring
population particularly in China
and India, are creating an immense
and ever-growing demand for food. Many Asian governments are
strategically investing in agricultural modernization through
infrastructure development, irrigation projects, and technology
adoption. AgTech solutions like precision agriculture and vertical
farming are gaining traction as they promise improved yields and
resource management. China and
India are leading the charge in
this region, with China being a
major producer of rice, wheat, and vegetables, and India a significant producer of rice, wheat,
and cotton. Other countries like Vietnam, Thailand, and Indonesia are also experiencing significant
agricultural growth.
Investment is pouring into both regions, but with distinct
focuses. North America is looking
to maintain and expand its existing edge through further
optimization of production with advanced technologies and
infrastructure. In contrast, Asia
Pacific is directing its investments towards building modern
infrastructure, developing cold chain logistics to reduce spoilage,
and promoting the adoption of AgTech solutions. Sustainability is
also becoming a growing concern, with investments flowing towards
practices that minimize environmental impact.
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