Global Farming As A Service Market To Reach $9.56 Billion By 2028 At a CAGR of 17.9%
Farming As A Service Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What Is The Projected Growth Rate And Market Size Of The Global Farming As A Service Market?2
The farming as a service market size has grown rapidly in recent years. It will grow from $4.21 billion in 2023 to $4.95 billion in 2024 at a compound annual growth rate CAGR of 17.6%. The growth during the historic period can be attributed to growth in farm productivity, increasing use of IoT devices, rising demand for sustainable farming practices, rising popularity of vertical farming, and growth in demand for farm automation.
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What Are the Growth Projections for the Farming As A Service Market?
The farming as a service market size is expected to see rapid growth in the next few years. It will grow to $9.56 billion in 2028 at a compound annual growth rate CAGR of 17.9%. This growth during the forecast period can be attributed to growing demand for precision agriculture, growing government initiatives and subsidies, rising need for food security, rising demand for sustainable agriculture practices, and increasing adoption of modern agricultural methods.
What Are the Prime Growth Drivers Of the Farming As A Service Market?
The increasing food consumption is expected to propel the growth of the farming as a service market going forward. The increase in food consumption is due to growing global populations, rising incomes, and changes in dietary preferences and lifestyles. Farming as a service FaaS provides access to advanced technologies like precision agriculture tools, which optimize water use, fertilizers, and pesticides. This leads to higher crop yields and reduced waste, allowing farmers to produce more food with fewer resources.
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Who Are the Key Industry Players And Growth Trends For the Farming As A Service Market?
Major companies operating in the farming as a service market include Mahindra & Mahindra Limited, Trimble Inc., Ninjacart, Topcon Corporation, Raven Industries Inc., Granular Inc., RML AgTech, Figured Limited, Farmers Edge Inc., Agworld Pty Ltd., Conservis Corporation, FarmLogs Inc., AgriWebb, Solinftec, Farmplan, EM3 Agri Services Pvt Ltd., Synnefa, AGRIVI, Farmbrite, Agroptima SL, Traction Ag Inc., Grownetics Inc., Harvest Profit, Croptracker Inc.
These industry giants are increasingly focusing on developing technologically advanced solutions, such as farm management software, to streamline and enhance their agricultural operations. For instance, in March 2023, Bushel Inc., a US-based software company, launched the Bushel Farm management software, introducing a new era for farmers and their agribusiness partners.
How is the Global Farming as a Service Market Segmented?3
The farming as a service market covered in this report is segmented as follows:
1 By Services: Farm Management Solutions, Production Assistance, Access To Markets.
2 By Delivery Model: Subscription, Pay-Per-Use.
3 By End User: Farmers, Government, Corporate, Financial Institutions, Advisory bodies.
What Are the Regional Insights On The Farming As A Service Market?
North America was the largest region in the farming as a service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the farming as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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