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Agtech poised to see significant growth in adoption between now and 2024, McKinsey

A survey by McKinsey of more than 1,300 US row- and specialty-crop farmers in 2022, reveals farmers are embracing new products and technologies to manage market unpredictability.

“Farmers are using agriculture technology to support more farming operations. Tools that might have seemed niche just a few years ago have gained more acceptance… The larger the operation, the greater the interest in such technologies”

— McKinsey, Voice of the US farmer in 2022: Innovating through uncertainty

55% of large farms are currently using farm management systems, and more than 50% of large farms use some form of precision agriculture hardware. 25% of small farms use similar technology or intend to use it over the next two years. Automation, robotics, and electrification are also catching on.

In particular, there are higher rates of technology adoption among large and medium-size farms, with small farms lagging.

Adoption of agtech by farm size survey - The Oregon Group - Investment Insights

To find out more, read our introduction for investors: Agtech, can technology feed the world.

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The Oregon Group

The Oregon Group is an investment research team founded by independent capital markets experts, Anthony Milewski and Justin Cochrane.

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