A research report by MarketsandMarkets, Global Agriculture Industry Outlook 2029 – A Look Ahead at The Industry Landscape, projects that the global agriculture market will grow at a year-over-year rate of 8.9% between 2024 and 2029. The industry’s total value, which stood at $148.4 billion in 2024, is expected to reach $227 billion by 2029.
The report covers key agricultural sectors, including vertical farming, plant breeding, precision farming, regenerative agriculture, blockchain in agriculture, smart irrigation, connected agriculture, drones, and agricultural biologicals.
Industry Developments and Growth Drivers
The agriculture sector has witnessed significant transformations, with sustainable practices, technological advancements, and strategic initiatives reshaping the landscape. Factors such as population growth, rising food demand, the widespread adoption of agricultural technology, and the increasing preference for organic and sustainable farming are driving this expansion.
Looking ahead, several trends are set to shape the industry’s trajectory. The integration of AI, automation, and precision agriculture will continue to redefine production methods, while competition among industry leaders will intensify. Both high-tech innovations and organic approaches are contributing to the push for sustainable agriculture.
Biotechnology and precision agriculture are optimizing yields and resource efficiency, while organic farming practices emphasize ecological balance. By 2029, the industry will see accelerated advancements in automated farm machinery, agricultural biotechnology, novel farming systems, and the development of organic and non-GMO seeds.
Navigating Industry Challenges
Despite its growth, the agriculture sector faces a range of challenges, including extreme weather conditions, rising costs of essentials like fertilizers and seeds, economic uncertainties, and a shrinking skilled workforce. In response, agricultural companies are actively exploring innovative solutions to navigate these complexities and ensure long-term sustainability.
(Source: MarketsandMarkets.com)
