by Advanced farming involves the use of information and communications technologies to monitor crop health and soil conditions and optimize farm operations. Techniques such as precision agriculture, livestock monitoring, greenhouse and indoor farming help farmers improve yields and efficiency.
The global Advanced Farming Market is estimated to be valued at US$ 9.7 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing use of advanced technologies such as robotics, automation, IoT, and data analytics in agriculture is a key driver of the advanced farming market. Farmers are increasingly adopting smart agriculture equipment integrated with IoT sensors, GPS systems, and computer vision to monitor health of livestock and crops, soil conditions, and make informed decisions. This is enabling greater productivity, traceability, and sustainability. Advanced technologies allow precise application of water, fertilizers and pesticides based on real-time field conditions through precision irrigation and variable rate application techniques. This is resulting in optimized use of resources and higher yields.
SWOT Analysis
Strength: Advanced farming employs technology such as automated soil and crop monitoring sensors, drones, GPS tracking and software to increase crop yields. This leads to higher profits for farmers.
Weakness: Advanced farming equipment and technologies require significant upfront investment which may not be affordable for small and medium farmers. Developing countries also lack infrastructure to support advanced farming practices.
Opportunity: Growing global population is increasing the demand for food. Advanced farming can help boost agricultural production to meet rising food demand. Governments support programs for farmers to adopt new technologies.
Threats: Failure of advanced farming equipment can disrupt operations and reduce yields if not addressed promptly. Climate change is making weather patterns more unpredictable which poses risks for crop cultivation.
Key Takeaways
Global Advanced Farming Market Size is expected to witness high growth over the forecast period. Increasing population is driving demand for food while arable land is limited. Advanced farming allows maximizing crop yields to meet this growing demand. The global Advanced Farming Market is estimated to be valued at US$ 9.7 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030.
Regional analysis:
North America currently dominates the market due to high technology adoption among farmers. However, Asia Pacific is expected to be the fastest growing market for advanced farming. Countries like China and India are encouraging farmer training and subsidizing technology procurement to boost productivity.
Key players:
Key players operating in the advanced farming market are Walmart, Amazon, Costco, Target, Best Buy, Home Depot, Kroger, Lowe’s. These companies are launching new precision farming equipment and tools. They are also providing farms with satellite imagery, cloud computing and IoT devices to optimize operations. Partnerships between agri-businesses and tech giants will further fuel market expansion during the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
