The agriculture market size is expected to see strong growth in the next few years. It will grow to $19286.79 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The anticipated growth in the forecast period can be attributed to the adoption of growing sustainable agriculture practices, advancements in genetic engineering in crops, the emphasis on organic farming, the rise of vertical farming, and the implementation of water management solutions to address global food security concerns. Key trends expected in the forecast period encompass the integration of precision agriculture technologies, the use of artificial intelligence in farming, the emergence of digital marketplaces for agricultural products, the utilization of autonomous farming equipment, and the adoption of farm management software.
The global population is on the rise and is projected to reach 10 billion by 2050, creating an increased demand for food. The Organization for Economic Co-operation and Development (OECD) and the Food and Agriculture Organization (FAO) predict a 13% growth in global cereal production by 2027 to meet the needs of the expanding population. This necessitates an augmentation of crop production, farming activities, and trade volumes. Agribusiness companies are anticipated to acquire more arable land to boost crop production and expand their activities to meet the growing demand, fostering overall growth in the agriculture sector.
The agriculture market is expected to experience growth due to shifting consumer preferences toward healthier and diverse diets. Healthier and diverse diets, characterized by nutrient-rich foods and a variety of choices, are gaining popularity. Diversification in agriculture has the potential to enhance the nutrient adequacy of diets, benefiting smallholder farming households. This shift in consumer preferences is driving increased demand for a broader range of crops, leading to market expansion. As per the 2022 Food and Health Survey by the International Food Information Council, 54% of Americans made changes to their diet to prioritize health, indicating a significant trend toward healthier eating habits.
The outbreak of COVID-19 had a substantial impact on the agriculture market in 2020, disrupting supply chains due to trade restrictions and reducing consumption as a result of global lockdowns. Lockdowns hindered farmers in harvesting and marketing their produce, while cross-border trade restrictions led to a decline in the export of agricultural products. Despite the challenges faced, the agriculture market is expected to recover from the effects of the pandemic over the forecast period, as the situation is considered a black swan event unrelated to fundamental weaknesses in the market or the global economy.
Major players in the agriculture market are investing in technology, such as agriculture drones, to gather precise data on crop health, soil conditions, and pest infestations. Agriculture drones, unmanned aerial vehicles (UAVs) used in agriculture, aim to improve crop yields, reduce costs, and enhance efficiency. For example, XAG, a China-based drone service provider, launched the XAG P100 Pro in July 2023. This advanced drone, equipped with a large payload of 50 kilograms, operates autonomously and assists farmers in tasks such as seeding, crop spraying, and fertilization.
Companies in the agriculture market are also focusing on digital farming platforms such as Climate FieldView to empower farmers with data-driven insights. Climate FieldView, a digital agriculture ecosystem, enables farmers to analyze yield performance and assess applied products transparently. In March 2021, The Climate Corporation, Bayer's digital farming arm, introduced Climate FieldView in South Africa. The platform allows farmers to analyze detailed farm data, offering compatibility across various equipment types and connectivity to multiple farm management software systems, facilitating informed decision-making and operational improvement.
Major companies operating in the agriculture market report are Cargill Incorporated, Archer Daniels Midland Co., BASF SE, Wilmar International Ltd., Dow Inc., Olam International, Bayer AG, Tyson Foods, Deere & Company, Nutrien Ltd., WH Group Limited, Yara International ASA, CNH Industrial NV, Kubota Corporation, Syngenta AG, The Mosaic Company, Corteva Inc., The Andersons Inc., Charoen Pokphand Foods PCL, Land O'Lakes Inc., Mahindra & Mahindra Ltd., AGCO Corporation, Wens Foodstuff Group Co. Ltd., FMC Corporation, The Toro Company, Valmont Industries Inc., The Scotts Miracle-Gro Company, Flour Mills of Nigeria, Dairy Farmers of America, Bunge Limited.
The Asia-Pacific was the largest region in the agriculture market in 2023. North America was the second largest region in the agriculture market. The regions covered in the agriculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the agriculture market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
The primary types of agriculture include animal production, crop production, and rural activities. Crop production involves the cultivation of crops for both domestic and commercial purposes. Large-scale cultivation of crops such as wheat, maize, rice, jute, and others is common. Agricultural products can be categorized as organic or conventional, and their distribution occurs through various channels, including supermarkets/hypermarkets, convenience stores, e-commerce, and other retail channels.
The agriculture market research report is one of a series of new reports that provides agriculture market statistics, including agriculture industry global market size, regional shares, competitors with an agriculture market share, detailed agriculture market segments, market trends and opportunities, and any further data you may need to thrive in the agriculture industry. This agriculture market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The agriculture market consists of revenues earned by entities that produce milk, honey, meat, wool, egg, skin and hide, live animals, grain farming, oilseed farming, fruit and nut farming, vegetable farming, general crop farming, greenhouse, nursery, and flowers, and other agriculture products. The agriculture market also consists of revenues earned by entities by providing services such as fishing, hunting and trapping, forestry and logging, agriculture and forestry services, and other agriculture services. This market also includes horticulture and aquaculture. This market excludes proceeds from captive (internal) consumption of the agriculture and forest produce for further processing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
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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Table of Contents
Executive Summary
Agriculture Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on agriculture market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for agriculture? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Type: Animal Produce; Crop Production; Rural Activities
2) By Nature: Organic; Conventional
3) By Distribution Channel: Supermarkets Or Hypermarkets; Convenience Stores; E-Commerce; Other Distribution Channels
Subsegments Covered: Milk; Honey; Meat; Wool; Egg; Skin and Hide; Live Animals; Other Animal Produce; Grain Farming; Oilseed Farming; Fruit and Nut Farming; Vegetable Farming; General Crop Farming; Greenhouse, Nursery, and Flowers; Fishing, Hunting and Trapping; Forestry and Logging; Agriculture and Forestry Services
Key Companies Mentioned: Cargill Incorporated; Archer Daniels Midland Co.; BASF SE; Wilmar International Ltd.; Dow Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Cargill Incorporated
- Archer Daniels Midland Co.
- BASF SE
- Wilmar International Ltd.
- Dow Inc.
- Olam International
- Bayer AG
- Tyson Foods
- Deere & Company
- Nutrien Ltd.
- WH Group Limited
- Yara International ASA
- CNH Industrial NV
- Kubota Corporation
- Syngenta AG
- The Mosaic Company
- Corteva Inc.
- The Andersons Inc.
- Charoen Pokphand Foods PCL
- Land O'Lakes Inc.
- Mahindra & Mahindra Ltd.
- AGCO Corporation
- Wens Foodstuff Group Co. Ltd.
- FMC Corporation
- The Toro Company
- Valmont Industries Inc.
- The Scotts Miracle-Gro Company
- Flour Mills of Nigeria
- Dairy Farmers of America
- Bunge Limited
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 500 |
Published | February 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 14356.23 Billion |
Forecasted Market Value ( USD | $ 19286.79 Billion |
Compound Annual Growth Rate | 7.7% |
Regions Covered | Global |