Smart Harvest Global Market Report 2024

The smart harvest market 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 expansion observed in the historical period can be attributed to several key factors. Notably, the growth was propelled by the increasing demand for plant-based proteins, driven by trends such as the rise of vegetarian and vegan diets. Soy protein, with its functional properties, has found significant applications in food processing, contributing to the development of various products. Additionally, the market growth was influenced by the demand for gluten-free and allergen-free alternatives, addressing dietary preferences and restrictions. The versatility of soy protein, allowing for diverse applications in a wide range of food products, further contributed to its market growth. Furthermore, the global expansion of soy production played a pivotal role in meeting the increasing demand for soy-based products, fostering growth in the historic period.

The smart harvest market 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 anticipated growth in the forecast period is driven by the expanding market for meat alternatives, leveraging the functional and nutritional benefits of soy protein. Ongoing research and development efforts, aligned with the rising global population, are key contributors to this growth. The market is further influenced by a shift towards sustainable and environmentally friendly practices. Notable trends in the forecast period encompass continuous innovations in food processing, an emphasis on clean label and natural ingredients, the diversification of soy flour products, fortification of foods, and the exploration of gluten-free functional properties in food products. These trends reflect the dynamic and evolving landscape of the soy protein market in the business context.

The projected growth in the smart harvest market is anticipated to be fueled by the increasing demand for food. Food demand, representing the quantity of food that individuals are willing and able to purchase within a specific price and timeframe, is on the rise. Smart harvesting technologies are poised to address this growing food demand by optimizing agricultural production and efficiency. These innovative farming techniques empower farmers to monitor individual plants, adjust their nutrition, prevent adverse conditions, and enhance overall crop health. The integration of advanced technologies in smart farming contributes to increased agricultural output and efficiency. For example, a report from the Food and Agriculture Organization in April 2023 highlighted a global increase in wheat utilization, rising from approximately 762 million tons in 2020/2021 to around 773 million tons in 2021/2022, with an anticipated further increase to 780 million tons in 2022/2023. Hence, the escalating food demand is a significant driver for the growth of the smart harvest market.

The adoption of agricultural robots is expected to play a pivotal role in propelling the smart harvest market forward. Agricultural robots, designed for use in the agricultural industry, contribute to improving various farming processes by taking over tasks that are slow, labor-intensive, or require high precision. In the era of smart harvest, these robots are revolutionizing harvesting operations, providing precise and efficient solutions for crop collection. This transformation significantly enhances productivity while reducing labor costs. As an illustration, a survey conducted by Integrated Aerial Precision in December 2022 indicated a strong willingness among Nigerian farmers to pay for drone services on farms, with a notable preference for using drones for applying agrochemicals. This growing adoption of agricultural robots is a key factor driving the expansion of the smart harvest market.

Product innovation has emerged as a prominent trend in the smart harvest market, with major players in smart harvest technologies focusing on creating innovative solutions to bolster their market positions. For example, in November 2021, Iron Ox, a US-based company specializing in robotics and artificial intelligence (AI) for agriculture, introduced Grover, an autonomous mobile robot designed to operate within the company's greenhouses. Grover performs tasks such as planting, watering, and harvesting crops, showcasing its versatility in various greenhouse environments and resilience to harsh conditions such as extreme temperatures and humidity.

Leading companies in the smart harvest market are directing their efforts towards technological innovations, particularly in the realm of AI-driven farming solutions, to gain a competitive edge. AI-driven farming solutions leverage artificial intelligence to analyze data, make predictions, and automate tasks in agriculture. In June 2023, Aigen, a US-based agricultural technology startup, launched Aigen Element, an autonomous and scalable robotics platform for crop management. This innovative service utilizes solar and wind energy, reducing reliance on fossil fuels and minimizing environmental impact. The AI-powered technology enables precise identification and targeted weed removal, eliminating the need for harmful herbicides. The robots operate independently, covering large areas efficiently and reducing labor costs.

In November 2021, Fieldin Inc., a US-based digital agriculture company, acquired Midnight Robotics for an undisclosed amount. This strategic acquisition aims to enhance autonomy in Fieldin's farm management software by integrating Midnight Robotics' autonomous technology. The integration will enable Fieldin's customers to automate a broader range of farm tasks, resulting in reduced labor costs, particularly in labor-intensive crops. Midnight Robotics, based in the US, specializes in autonomous driving technology for various agricultural applications.

Major companies operating in the smart harvest market report are Robert Bosch GmbH, Agrobot S L, Deere and Company, Harvest Automation Inc., Panasonic Corporation, Root Al Inc., Abundant Robotics Inc., Harvest CROO Robotics LLC, FFRobotics Ltd., Iron Ox Inc., Vision Robotics Corp., Energid Technologies Corp., Metomotion Ltd., Smart Harvest Agritech Ltd., Dogtooth technologies Ltd., Octinion, Ripe Robotics Pty Ltd., Agrobotix LLC, Fieldwork Robotics Ltd., Naio Technologies, FarmWise Labs, Inc., Green Robot Machinery Private Limited, Saga Robotics AS, Harvesting Inc., Octagrow Ltd., Metos Oy AB, Yanmar Co. Ltd., Juniper Systems Inc., Caterpillar Inc., Bobcat Company.

Western Europe was the largest region in the smart harvest market in 2023. North America is expected to be the fastest-growing region in the global smart harvest market during the forecast period. The regions covered in the smart harvest market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the smart harvest market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The key crops involved in smart harvest predominantly include fruits and vegetables. Fruits, which are the edible products of plants containing seeds, encompass a variety of produce such as apples, strawberries, and oranges. The technology used in smart harvest is typically categorized into hardware and software components. These smart harvest systems can be deployed in various locations, including on-field, in greenhouses, and indoors, and find applications across diverse sectors such as agriculture, horticulture, floriculture, vertical farming, and other related fields. The integration of smart harvest technologies aims to revolutionize traditional harvesting methods and bring about advancements in agricultural practices.

The smart harvest market research report provides smart harvest market statistics, including smart harvest industry global market size, regional shares, competitors with a smart harvest market share, detailed smart harvest market segments, market trends and opportunities, and any further data you may need to thrive in the smart harvest industry. This smart harvest market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The smart harvest market consists of revenues earned by entities by providing harvesting robots, automation and control systems, imaging systems, and softwires. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart harvest market also includes sales of soil sensors, tractors, and drones. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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