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Agriculture and Forestry Services Market 2024 - By Size, Industry Analysis, Segmentation And Outlook 2033
Agriculture and Forestry Services Market
According to The Business Research Company's, The agriculture and forestry services market size has grown strongly in recent years. It will grow from $331.73 billion in 2023 to $361.12 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to land use and agricultural practices, environmental regulations, market demand for agricultural products, weather and climate patterns, government policies and subsidies..
The agriculture and forestry services market size is expected to see strong growth in the next few years. It will grow to $498.92 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to climate change adaptation, growing focus on sustainable practices, global food security concerns, biodiversity conservation, global population growth. Major trends in the forecast period include agritech startups, increased adoption of remote sensing, growing demand for agricultural analytics, use of blockchain in supply chain management, forestry management and sustainable logging practices..
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Market Drivers and Trends:
The rise in environmental concerns is expected to propel the growth of the agriculture and forestry services market going forward. The environmental concerns refer to climate change, pollution, degradation of soil, water, and air, trapping of greenhouse gasses, and reduced soil fertility. The agriculture and forestry services help the farmers in sustainable farming to reduce contribution to environmental concerns by providing solutions for climate changes and reducing soil fertility, and managing the usage of water, pesticides, fertilizers, and herbicides. For instance, in 2021, according to the National Centre for Organic and National Farming, an Indian Department of Agriculture and Farmers Welfare, organic farming is being practiced in 187 countries, and around 72.3 million hectares of agricultural land us under organic farming. Furthermore, in March 2023, according to Eurostat, an EU-based government agency, the organic crop area in the European Union in 2019 was 14,252,939, which increased to 14,725,051 in 2020 to meet increasing environmental concerns around the world. Therefore, the rise in environmental concerns is driving the growth of the agriculture and forestry services market going forward.
Technological advancements are gaining popularity in the agriculture and forestry services market. Farm management software provides real-time information and data from digital checklists and assists in tracking farmers' daily activities and improves decision-making throughout all operations. Major companies operating in agriculture and forestry services are focusing on improving their products, and its related services to enhance their market reach. For instance, in March 2023, Bushel, a US-based agriculture software company, launched Bushel FarmTM, a next-generation farm management software. The software auto-populates individual grains sales data, improving the farm's operational and functional performance. The Bushel FarmTM digitalizes and accelerates the flow of information through the agriculture supply chain. This software reduces the burden of manual entry, provides valuable grain marketing insights to farmers, and enables farmers' collaboration with buyers.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Cargill Incorporated; Dairy Farmers of America Inc.; Bayer AG; West Fraser Timber Co. Ltd.; Hancock Victorian Plantations Holdings Pty Limited; Forestry Corporation of NSW; Rayonier Inc.; China Forestry Group Corporation; Tilhill Forestry Ltd.; Arbor Forest Management Ltd.; SWS Forestry Services Ltd.; Premier Woodlands Ltd.; Purser Tarleton Russell Ltd.; Stora Enso Oyj; Ecoplan Forestry Ltd.; Archer Daniels Midland Company; Syngenta AG; BASF SE; Monsanto Company; Deere & Company; The Mosaic Company; CHS Inc.; Tyson Foods Inc.; Dow AgroSciences LLC; DuPont de Nemours Inc.; Agrium Inc.; Potash Corporation of Saskatchewan Inc.; The Andersons Inc.; Agco Corporation; The Scotts Miracle-Gro Company; The Toro Company; CNH Industrial N.V.; Kubota Corporation; Olam International Ltd.; International Paper Co.; Sumitomo Forestry Co. Ltd.; UPM-Kymmene Corp.; UFP Industries Inc.
Agriculture and Forestry Services Market 2024 Key Insights:
• The agriculture and forestry services market will grow to $498.92 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
• Rise In Environmental Concerns Drives The Market
• Focus On Lauch Of Advanced Solutions
• North America was the largest region in the agriculture and forestry services market in 2023
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