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%.
Agriculture Industry Outlook: Anticipating Growth Through Innovation
The future agriculture industry is set for a transformative journey from 2023 to 2024, marked by a focus on agricultural biologicals, sustainable practices, and innovative technologies. Key sectors such as vertical farming, precision agriculture, and regenerative agriculture are driving this evolution.
2023 Developments and 2024 Predictions
In 2023, the agriculture industry witnessed significant advancements, including the rise of sustainable practices and increased adoption of technology. Looking ahead to 2024, trends such as the integration of AI and automation, competition among industry leaders, and a focus on sustainable agriculture will shape the industry's trajectory.
Key Companies Driving Innovation
Leading companies across various sectors are spearheading transformative initiatives. From agrigenomics to connected agricultural services, companies like Eurfins Scientific, Illumina Inc., IBM, AT&T, and Microsoft are at the forefront. In organic agricultural production, companies such as Syngenta, UPL, BASF SE, Bayer AG, and Marrone Bio Innovation, Inc. are leading the charge.
Regional Dynamics: North America vs. Asia Pacific
North America currently dominates the agricultural market, leveraging its infrastructure and government support. However, the Asia Pacific region is rapidly emerging as an agricultural powerhouse, driven by soaring population and strategic investments in modernization. While North America focuses on optimizing production with advanced technologies, Asia Pacific is investing in infrastructure development and AgTech solutions to meet growing demands sustainably.
Recent Developments
- In May 2023, Syngenta Biologicals and Unium Bioscience collaborated to introduce revolutionary biological seed treatment solutions, leveraging NUELLO iN, to farmers across Northwest Europe. NUELLO iN, a natural enhancement that boosts a plant’s capacity to utilize nitrogen from the atmosphere efficiently, has the potential to reduce nitrogen consumption by over 10%.
- In December 2022, AgEagle launched eBee VISION drone that offers real-time video surveillance for precision agriculture, providing high-resolution imagery, thermal observation capabilities, and ease of use for enhanced crop management and infrastructure surveillance.
- In December 2021, Indigo AG launched a new Market+ by Indigo identity for its digital keystone offer. The product would help directly connect a wide range of stakeholders across the agricultural supply chain (farmers, cooperatives, shippers, and consumer brands) with integrated and data-driven tools. This would help the company to strengthen its network among stakeholders.
- In June 2021, UPL Australia launched a new range of biostimulant products based on GoActiv technology, designed to address specific crop physiological or abioti stresses in fruits, vegetables, vines, and tree crops. GoActiv Technology is based on 100% pure extract from the Ascophyllum nodosum seaweed species.
Related Reports:
Agricultural Biologicals Market
Blockchain in Agriculture and Food Supply Chain Market
Agriculture plays an important role in the growth of the economy of any country.
In the growth of a few countries, the part of the agriculture industry is high, and in others, the industry plays a rationally less part.
Many industries are connected with agriculture, and it offers the opportunity to earn too many people.
Tractor parts suppliers are one of the industries that grow with the agriculture sector of a country.
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