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Agritech Business Models

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Agriculture and agro-allied industries play an irreplaceable role in our lives and the development of our society as a whole. While many individuals only think about agricultural practices as a source of food, clothing, and other common items, they fail to understand that the agricultural revolution
— which began about 12,000 years ago — is one of the most important discoveries of our species.

It catapulted us from hunter-gatherers scavenging off the land and left at the mercy of Mother Nature to shapers of the earth itself. It fueled the first major jump in the progress of our society, as more food meant more people. Also, as we got better at growing food we had more time to dabble in other disciplines such as science, the arts, and medicine, setting the stage for our future development.

In the present day, the impact of agriculture on our society has not diminished. In fact, with our growing population and ever-increasing demand for raw materials for various industries, agriculture seems to play a more pivotal role than ever before.

From an economic standpoint, the impact of agriculture on the economy of various nations and the world cannot be denied. However, this can vary widely between nations.
Agriculture contributed to over 4% of the global gross domestic product (GDP) in 2018 according to a report from the World Bank, with this figure exceeding 25% of the GDP of certain countries with the category of the least developing nations.

To shed some further light on this disparity, let’s take a look at

the agricultural sector within different nations with vastly different backgrounds.

According to data from 2020, within the United States, 1.4% of
U.S. employment comes from direct on-farm employment (farmers and ranchers), while this figure stands at 10.3% when the food industry is added. Within that same year, agriculture, food, and related industries contributed $1.055 trillion to the
U.S. GDP, with direct on-farm activities contributing $134.7 billion.

Contrast this with a country such as the East African nation of Rwanda, where up to 72% of the working population are engaged in the agricultural sector, which constitutes about 33% of the nation's GDP — which stood at $10.33 billion in 2020.

This disparity also presents itself in an increasingly important part of the agricultural industry — technological innovation.
Like most areas of human development, the agricultural sector has moved in leaps and bounds. From the simple farming practices of the first agricultural revolution to the mechanization of the industrial revolution to the mammoth industrial machines used in commercial farms today, innovation is a strong part of the agricultural industry. That’s why it comes as no surprise that it seems like the industry is making another slow transition to the next phase of its development: Agritech.

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