Smart Harvest Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Smart Harvest Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Smart Harvest Global Market Report 2024, The smart harvest market size has grown rapidly in recent years. It will grow from $16.02 billion in 2023 to $17.98 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to demand for plant-based proteins, functional properties in food processing, gluten-free and allergen-free alternatives, diverse applications in food products, global expansion of soy production..

The smart harvest market size is expected to see rapid growth in the next few years. It will grow to $28.66 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The growth in the forecast period can be attributed to expansion in meat alternatives market, functional and nutritional benefits, research and development, global population growth, sustainable and environmentally friendly practices.. Major trends in the forecast period include innovations in food processing, clean label and natural ingredients, diversification of soy flour products, fortification of foods, gluten-free functional properties in food..

The increasing demand for food is expected to propel the growth of the smart harvest market going forward. Food demand is the amount of food that people are willing and able to buy at a particular price and period. Smart harvesting can help fulfill rising food demand by enhancing agricultural production and efficiency. Smart farming techniques enable farmers to monitor individual plants and alter their nutrition, which helps prevent conditions and improve crop health. It also integrates several advanced technologies that can assist in raising agricultural output and efficiency. For instance, in April 2023, according to the report published by Food and Agriculture Organization, a Canada-based international organization that leads international efforts to defeat hunger and improve nutrition and food security, global wheat utilization increased from around 762 million tons in 2020/2021 to around 773 million tons in 2021/2022. It is anticipated to increase to 780 million tons in 2022/2023. Therefore, the increasing food demand is driving the growth of the smart harvest market.

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The smart harvest market covered in this report is segmented –

1) By Components: Hardware, Software

2) By Crop Type: Fruits, Vegetables

3) By Site Of Operation: On-Field, Greenhouse, Indoor

4) By End Users: Agriculture, Horticulture, Floriculture, Vertical Farming, Other End Users

Product innovations have emerged as a key trend gaining popularity in the smart harvest market. Major market players operating in smart harvest technologies are concentrating their efforts on creating innovative technologies to strengthen their position in the market. For instance, in November 2021, Iron Ox, a US-based company specializing in developing robotics and artificial intelligence (AI) for the agricultural industry launched Grover, an autonomous mobile robot. It is designed to operate within Iron Ox’s greenhouses to perform tasks such as planting, watering, and harvesting crops. This new product is designed to operate in a variety of greenhouse environments and can withstand harsh conditions such as extreme temperatures and humidity.

The smart harvest market report table of contents includes: