COVID-19 Impact on the Digital Agriculture Market

The increase in demand for agricultural food products, shift in consumer preferences to higher standards of food safety and quality, and non-availability of labor during COVID-19 are some of the driving factors for the market.

Northbrook, USA, 2021-Jul-21 — /EPR Network/ —The report COVID-19 Impact on Digital Agriculture Market by Smart Farming Systems (Livestock Monitoring, Yield Monitoring, Crop Scouting, Field Mapping, Real-Time Safety Testing, and Climate Smart), and Region – Global Forecast to 2021″, Post COVID-19, the global digital agriculture market size is estimated to grow from USD 5.6 billion in 2020 and is projected to reach USD 6.2 billion by 2021, recording a CAGR of 9.9%.

COVID-19 Impact on Digital Agriculture Market

The digital agriculture market is projected to witness significant growth due to the increasing population and rising demand for agricultural produce across the globe. Increased farm mechanization and developing digital agriculture infrastructure are expected to increase the adoption of digital agriculture among the farmers. The COVID-19 impact on the market is estimated to be positive. Labor shortages and supply chain disruptions are expected to raise the need for digital agriculture globally.

Study Objectives:

  • To define, describe, forecast, and analyze the digital agriculture market by smart farming system (livestock monitoring, yield monitoring, crop scouting, field mapping, real-time safety testing, and climate-smart) and geography
  • To forecast the market for digital agriculture segments with regard to four main countries/regions, namely, the US, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
  • To assess the impact of COVID-19 pandemic on each of the above segments and regions
  • To provide detailed information regarding the major factors influencing the growth of the digital agriculture market (drivers and restraints)
  • To strategically analyze the micromarkets1 with respect to individual growth trends, prospects, and contributions to the total market
  • To analyze opportunities in the market for various stakeholders by identifying high-growth segments of the digital agriculture market
  • To strategically profile the key players and comprehensively analyze the impact of COVID-19 on their respective lines of businesses

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Precision farming is the most attractive end-user industry in the digital agriculture market.

The precision farming market is likely to increase in the long term after the COVID-19 outbreak, as precision farming makes it possible to monitor the state of the crops while not being physically present through the usage of automation, minimizing the need to contact other people, which is crucial during these times. This farming is an approach where inputs are utilized in precise amounts to get increased average yields, compared to traditional cultivation techniques. However, in the short term, COVID-19 would affect the market and the growth of the market would be relatively slower in the first and second quarters of the year 2020 due to economic slowdown and inflation.

These practices save time and costs: reduce fertilizer and chemical application costs, reduce pollution through less use of chemicals. Also, they help in monitoring the soil and plant physiochemical conditions: by placing sensors to measure parameters such as electrical conductivity, nitrates, temperature, evapotranspiration, radiation, and leaf and soil moisture, so that the optimal conditions required for plant growth can be achieved. These factors help to obtain a greater output with limited labor force during this pandemic situation where there is a shortage of labor and thus would help in a regular supply of food, thereby ensuring food security.

Asia Pacific to be the fastest-growing market in digital agriculture market during the forecast period

The market for digital agriculture, by region, has been segmented into Asia Pacific, Europe, the US, and RoW. The Asia Pacific segment accounted for the fastest-growing market in 2021, by value, in the digital agriculture market. Asia Pacific comprises the most populated countries such as China and India, with increasing demand for agricultural products. These countries are also the most two of the most affected countries during COVID-19. The government policies supporting the digitization of farm processes and the need for efficient usage of natural resources, and decreasing availability of migrant labor are expected to increase the adoption of digital agriculture techniques.

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Key Market Players:

Some of the major players in the market are DTN (US), Farmers Edge (Canada), Taranis (Israel), Eurofins (Luxembourg), and AgriWebb (Australia). DTN specializes in subscription-based services for the analysis and delivery of real-time weather, agricultural, energy, and commodity market information. The company mainly operates through four business segments, namely, agriculture, energy, weather, and financial analytics. The company offers different smart farming systems through the agriculture segment. Its agriculture segment provides an analysis of commodity markets; hyper-local weather and disease insights to guide planting, growing and harvesting operations to farmers and agribusinesses; and a real-time pulse on the industry so they are aware of the trends and how they may affect their operations.

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