The global agrifoodtech sector showed signs of recovery in 2024, with investment reaching $16 billion, a modest 4% decline from 2023. This marks a potential slowing of the sector’s recent freefall, despite ongoing macroeconomic challenges and geopolitical tensions.
Upstream categories continued to dominate, securing 51% of total funding, though investment declined 22% year-over-year. Downstream categories saw a 38% increase, with eGrocery reclaiming the top-funded spot. The US led global funding at $6.6 billion, while India emerged as the top developing market with $2.5 billion. Deal count dropped 24% overall, with the steepest decline in downstream categories. Early-stage investments accounted for 77% of deals. Notable growth was seen in Cloud Retail Infrastructure, while Novel Farming Systems experienced the largest decline.
The report suggests a cautious optimism for the sector’s future, with varied performance across different markets and categories.
Source: Global agrifoodtech investment’s free fall starts to level out