Market Value of AgTech in United States of America (2017 – 2021, $ Million)
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The Market Value of AgTech in United States of America reached $4,397.1 million in 2021
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This represents an increase of 13.0% as compared to $3,890.0 million in 2020
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The indicator recorded a historical growth (CAGR) of 12.4% between 2017 and 2021
Market Value of AgTech in United States of America (2017 – 2021, $ Million)
Agriculture has opened a field of opportunities with respect to investments and improvements in agricultural practices in the shift to sustainable ways of growing food. Sustainable agriculture provides a solution to challenges in securing food supply for the growing population, while mitigating the problems of climate change caused due to the prevailing agricultural practices. The agriculture sector currently accounts for over 10% of the global greenhouse gas (GHG) emissions. This sector was also hugely affected by climate change caused due to GHG emissions. Companies involved in AgTech or Agriculture Technology are highlighting the role of sustainability in increasing yield and decreasing the impact on climate by solving problems related to food loss and wastage, crop yields, methane from livestock, among others.
Sustainable Agriculture or AgTech is an emerging sector. It has the potential to increase agricultural productivity while reducing environmental and social costs due to current agricultural practices. Sustainable Agriculture is the use of technology to increase yield, profitability, and efficiency. Agriculture Technology companies provide products and services to improve the input or output processes in agriculture.
The market for Agriculture Technology is expected to grow by over $10 billion in the next five years with a growth rate of about 150%. The US is one of the five major markets in the Agriculture Tech market, along with Canada, China, Germany, and Israel. The Agriculture Technology market in the US was valued at $4,397 million in 2021 in comparison to $3,890 million in 2020, a growth of 13.0%. The market grew at a compound annual growth rate (CAGR) of 12.4% between 2017 and 2021. Being one of the leaders in the market, the US is expected to witness continued growth in the sector as the global agriculture technology sector advances to combat climate change.
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