The advanced farming market comprises products such as farm management software, precision farming equipment, drones, livestock monitoring equipment, soil sensors, fish monitoring systems, and climate field view among others. Advanced farming techniques enable real-time monitoring of crops and livestock, optimize resource allocation, increase production efficiency, and monitor soil and water quality. Due to growing sustainability concerns and need to feed the escalating global population with limited land resources, advanced farming techniques are being increasingly adopted by farmers globally.
The Global Advanced Farming Market is estimated to be valued at US$ 11.18 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2031.
Key Takeaways
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, and Macy's.
Advanced Farming Market Demand Rising concern over depleting natural resources and need to attain food security for the growing population has significantly boosted the demand for advanced farming techniques in recent years. Precision farming techniques help farmers optimize input use and maximize yield, thereby increasing farm profitability.
Increasing adoption of data-driven farm management practices and new technologies such as smart irrigation systems, driverless tractors, robots, UAVs and AI by farmers globally is expected to drive the market during the forecast period. Majority of farmers in developed nations have adopted advanced farming solutions while adoption is gradually rising in developing regions as well.
Market key trends
One of the major trends in the Advanced Farming Market Companies is growing adoption of drone technology. Drones can survey large tracts of farmland in a short duration, provide field images with greater accuracy, and detect problems that may not be visible to humans. They help farmers optimize irrigation, compare crop cycles, and monitor soil moisture content and overall farm productivity. Drone adoption for agriculture applications is expected gain further momentum over the coming years.
Porter’s Analysis
Threat of new entrants: New entrants face high level of initial investments required for R&D, technology development and manufacturing units.
Bargaining power of buyers: Large buyers have significant influence on suppliers due to bulk purchase orders and price negotiations.
Bargaining power of suppliers: Suppliers have lower level of influence as there are number of component manufacturers and service providers.
Threat of new substitutes: Moderate threat from alternative farming methods that provides similar yields.
Competitive rivalry: Intense competition between major players to gain market share through new product development and innovations.
Geographical regions with high market concentration:
North America dominates the advanced farming market currently, contributing over 35% of the global market share in 2024, owing to rapid adoption of new technologies by farmers and agribusinesses. The US and copyright are major revenue contributors owing to presence of global leaders and support from regional and federal governments for sustainable agriculture practices.
Fastest growing region:
Asia Pacific region is expected to exhibit fastest growth during the forecast period. Countries like China, India are witnessing increase in population and rise in disposable income. This has boosted domestic demand for food grains. Governments in the region are promoting use of advanced technologies to improve yields and meet growing demand. Emerging economies thus present lucrative growth opportunities for farming equipment and technology providers.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)