Agritech has been on the rise in the past few years, enhancing every step of the agri value chain. In the United States, the agriculture sector contributes around $1.27 trillion to the national GDP and employs around 2% of the workforce. The use of agritech platforms in the United States is growing, and it’s estimated that the country’s agritech market will be worth around $15 billion by 2025.
Enabling sustainable farming practices, such as vertical farming and hydroponics, the incorporation of technology in farming has led to increased crop yields, reduced water usage, better revenue, access to better markets, and so much more.
According to a report by the World Bank, smallholder farmers in developing countries often lack access to information, finance, and markets, which limits their ability to grow their businesses. Agritech platforms bridge this gap by addressing these challenges by providing farmers with real-time data and connections to markets and financing.
Farmers and other stakeholders in the agriculture value chain are increasingly adopting agritech platforms to optimize their operations, improve efficiency and productivity, and reduce waste. Since these platforms offer a wide range of features and tools that help farmers to make data-driven decisions, monitor crop health, and predict weather patterns, their farms are more effectively looked after.
Over the past few years, the global agritech platform market has witnessed an increasing demand for sustainable and efficient agriculture. With consumers becoming more conscious of the environmental impact of food production, the demand for more sustainable and eco-friendly agricultural practices cannot be ignored. Agritech platforms with the latest AI features help farmers to create a positive impact on the environment and meet the growing demand for sustainable agriculture simultaneously.
In addition, the market is also influenced by factors such as ease of use, scalability, and compatibility with existing systems. Farmers need platforms that are easy to use and integrate with their existing systems, and that can be scaled up or down depending on their needs. They need platforms that offer a wide range of features and tools that are cost-effective.
The demand for agritech platforms in supply chain management is also the result of the agricultural industry embracing technology to improve efficiency, sustainability, and transparency. One of the key drivers of this growth is the need for increased efficiency in the supply chain.
Studies have reported that precision agriculture techniques, such as using data analytics to optimize crop yields, can lead to a 25% increase in crop productivity. This not only benefits farmers but also helps to ensure a stable and affordable food supply for consumers.
The COVID-19 pandemic has also accelerated the adoption of the agritech platform market in supply chain management. The pandemic has led to a 50% increase in online grocery sales in the United States, highlighting the need for more efficient and transparent supply chains. Agritech platforms can help meet this demand by providing real-time data and insights to farmers, distributors, and consumers.
Agribusiness needs to work with the latest AI and analytical technology if the industry has to keep up with the booming demand across the globe. Feeding the world efficiently can only result from technology-driven solutions that offer sustainability, transparency, and optimization.