Digital Agriculture Market Size

Digital Agriculture Market size was over USD 23.88 billion in 2023 and is poised to cross USD 123.87 billion by 2036, growing at more than 13.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of digital agriculture is evaluated at USD 26.46 billion. The growth of the market can be attributed to the penetration of smart devices in agriculture market, and rising market digitalization. Digital agriculture provides a digital platform for the transaction of agriculture products, directly from farmers to traders or consumers. Similar to other online marketplaces, agriculture marketplace offers transparency, traceability, and sustainability, which is estimated to drive the market growth. Moreover, due to COVID-19 pandemic, farmers across the globe are experiencing financial losses. In fact, various studies displayed that more than 65% of the farmers had to sell their produce at a lower price, despite the hike in food prices. Further, digital marketplace provide farmers with a platform to sell their produce globally, and also offers a fair competition in the market. Such factors are further estimated to boost the market growth. Along with this, the scope for global expansion, and increasing investment in digital agriculture, backed by rising demand for food, are some other major factors, anticipated to promote the market growth. Additionally, government initiatives to combat global hunger, are also estimated to encourage the market growth. According to the Food and Agriculture Organization (FAO), by 2050, food production will need to increase by 60% to feed a world population of about 9.3 billion.