by The Advanced Farming Market incorporates a wide range of farming technologies, equipment, and systems that help farmers increase crop yields and minimize expenses. Technologies like precision farming, livestock monitoring applications, greenhouse farming solutions help farmers optimize resource use and farm more efficiently and sustainably.
The global Advanced Farming Market is estimated to be valued at US$ 9.7 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Advanced technologies are facilitating increased automation and data collection in agriculture. Farmers can now deploy sensors, drones, robots and autonomous machines at scale to monitor soil, crops and livestock more closely. Precision farming techniques supported by IoT and AI are helping farmers optimize water, fertilizer and pesticide use. Automation is reducing the need for manual labor while maximizing productivity. Tech-powered insights allow for proactive management of land and resources. These trends are likely to shape the future of farming and further propel growth of the advanced farming market over the coming years.
SWOT Analysis
Strength: Advanced farming techniques help improve crop yields and livestock production. They optimize the use of resources like water, seeds, fertilizers. This leads to higher returns for farmers.
Weakness: Initial setup costs of advanced farming technologies like IoT devices, drones, automation systems is high for small and medium farmers. Access to financing remains a challenge.
Opportunity: Growing global population is increasing the demand for food. Advanced farming can boost supply through higher productivity and resource efficiency. Governments across countries are promoting precision and digital agriculture.
Threats: Dependence on technology brings risks of data breaches and cyber attacks. Adverse weather conditions due to climate change can impact yields despite precision farming practices.
Key Takeaways
The Global Advanced Farming Market Size is expected to witness high growth. Technologies that enable precision and automation are being rapidly adopted to meet rising agricultural production needs. The market size is projected to reach US$ 9.7 Billion by 2024, registering a CAGR of 7.9% during the forecast period.
Regional analysis: North America currently dominates the advanced farming market due to significant technology investments and farmer awareness in the US and Canada. However, Asia Pacific is emerging as the fastest growing region with countries like India and China taking the lead in deploying advanced solutions to modernize crop and livestock management.
Key players: Key players operating in the advanced Farming market are Walmart, Amazon, Costco, Target, Best Buy, Home Depot, Kroger, Lowe’s, Albertsons, Publix, Walgreens Boots Alliance, CVS Health, 7-Eleven, Rite Aid, Ace Hardware, Menards, Dick’s Sporting Goods, L Brands, Nordstrom, Macy’s. They are focusing on partnerships, acquisitions and new product development to strengthen their presence and market share.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
