Agriculture Global Market Report 2024

The agriculture market size has grown strongly in recent years. It will grow from $13272.75 billion in 2023 to $14356.23 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth observed during the historical period can be attributed to factors such as population growth, the globalization of trade, government policies, the use of crop protection products, and the influence of climate and weather patterns. Additionally, initiatives such as rural development programs have played a significant role in fostering growth in the agriculture sector.

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.