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What Growth Rate is Predicted for the Smart Harvest Market for 2024-2033?

The market size for smart harvest has seen significant expansion in recent years, with a projected growth from $16.02 billion in 2023 to $17.98 billion in 2024, implying a compound annual growth rate (CAGR) of 12.2%. This positive growth trend during the historic period can be linked to factors such as the rising demand for plant-based proteins, the use of functional properties in food processing, the need for gluten-free and allergen-free alternatives, a range of applications in various food products, and the worldwide growth in soy production.

The market size for smart harvest is anticipated to experience a swift expansion in the coming years, escalating to a value of $28.66 billion by 2028 with a compound annual growth rate (CAGR) of 12.4%. This anticipated growth during the forecast period can be linked to the burgeoning meat alternatives market, relevant functional and nutritional advantages, research and development initiatives, increase in global population, as well as sustainable and ecologically considerate practices. Significant trends anticipated during this period encompass advancements in food processing, the use of clean label and natural ingredients, broadening the range of soy flour products, food fortification, and the incorporation of gluten-free functional attributes in food.

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What Drivers Are Enhancing the smart harvest Market’s Growth?

The surge in the requirement for food is predicted to enhance the expansion of the smart harvest market. The term food demand refers to the quantity of food that consumers are prepared and capable of purchasing at a specific cost and time. With the help of smart harvesting techniques, this escalating food necessity can be addressed by boosting agricultural yield and effectiveness. Smart agriculture tactics enable farmers to supervise individual plants and modify their nutrients, thus aiding in avoiding circumstances and enriching crop wellbeing. They also incorporate numerous sophisticated technologies that contribute to increasing agricultural productivity and competence. For example, as reported by the United Nations’ Food and Agriculture Organization in April 2023, global wheat usage rose from 762 million tons in 2020/2021 to approximately 773 million tons in 2021/2022. The utilization is forecasted to surge to 780 million tons in 2022/2023. Hence, the rising food demand is steering the expansion of the smart harvest market.

What Segments Are Central to the Smart Harvest Market?

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

What Emerging Trends Are Influencing Smart Harvest Industry Dynamics?

One significant trend gaining traction in the smart harvest market is product innovations. Major players in smart harvest technologies are focusing their resources on developing cutting-edge innovations to solidify their hold on the market. A case in point is Iron Ox, a US firm specialising in creating robotics and AI for the agriculture sector. In November 2021, they launched an autonomous mobile robot named Grover. This robot is purposed for operations within Iron Ox’s greenhouses, handling tasks like planting, watering, and harvesting crops. Grover is devised to survive in diverse greenhouse conditions and endure severe weather situations such as high temperatures and humidity.

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Which Geographic Locations Are Critical to the Growth of the Smart Harvest Market?

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 Smart Harvest Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the smart harvest market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Smart Harvest Market Include

1. Smart Harvest Market Executive Summary

2. Smart Harvest Market Segments

3. Smart Harvest Market Size And Template Market Growth Rate

4. Key Smart Harvest Market Trends

5. Major Smart Harvest Market Drivers

……

25. Key Mergers And Acquisitions In The Smart Harvest Market

26. Top Smart Harvest Companies

27. Smart Harvest Market Opportunities And Strategies

28. Smart Harvest Market, Conclusions And Recommendations

29. Appendix

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