The agri-tech market continues to grow all over the world. With so many challenges prominent with food such as shortages, supply chain issues, and the environment, technology may be the simple answer to solving many of the problems.
Globally, the agri-tech market was valued at $17B in 2019 and is projected to reach $41B by 2027 at a CAGR of 11.3% from 2019 to 2027. North America has the largest revenue share of the market at 38.59% in 2019, followed by APAC and Europe.
Within the UK, the agri-tech market is expanding through both public and private investment. The UK government launched a £24 million package last summer that will boost agri-tech projects across England, Wales, Scotland and Northern Ireland. This includes projects that involve bringing big data, artificial intelligence (AI) and robotics to the country’s farming industry.
At Polestar, one of our contacts owns a vertical farming business in the West Midlands. They have received an offer for the business, but are waiting to see if a better one arrives in the coming months.
This is a market definitely worth keeping an eye on, especially as agri-tech becomes more innovative with the advancement of technology. Through our previous deals within agriculture and research done within this area, Polestar would love to help expand your business in this growing field.
Nine innovative projects that apply big data, AI and robotics to UK farming will help establish a more efficient system of food production.