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Agriculture Market Analysis, Size, Growth, Overview By 2033
Agriculture Market Analysis
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According to The Business Research Company's, 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 in the historic period can be attributed to population growth, globalization of trade, government policies, crop protection products, climate and weather patterns, rural development programs.
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 growth in the forecast period can be attributed to growing sustainable agriculture practices, genetic engineering in crops, organic farming, vertical farming, water management solutions global food security concerns. Major trends in the forecast period include precision agriculture technologies, integration of artificial intelligence in farming, digital marketplaces for agricultural products, utilization of autonomous farming equipment, adoption of farm management software.
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Market Drivers and Trends:
The world's population is growing and is expected to reach 10 billion by 2050. An increase in the population creates more demand for food. According to the Agricultural Outlook by the Organization for Economic Co-operation and Development (OECD) and FAO (Food and Agriculture Organization) published, global cereal production was projected to increase by 13% by 2027. Crop production, farming activities, and trade volumes will have to increase to meet the needs of the increased population. Agribusiness companies will increase acquisitions of arable land to increase crop production. Agriculture companies are expected to increase their presence and activities to meet increased demand from farming activities and increase their growth.
Major companies operating in the agriculture market are developing agriculture drones to collect precise data on crop health, soil conditions, and pest infestations which helps to strengthen their market position. Agriculture drones are unmanned aerial vehicles (UAVs) that are used in the agricultural industry to improve crop yields, reduce costs, and increase efficiency. For instance, in July 2023, XAG, a China-based drone service provider, launched the XAG P100 Pro. The XAG P100 Pro is a highly advanced and efficient drone that can help farmers with their agriculture needs. It has a large payload of 50 kilograms, making it a highly productive drone for agriculture. The XAG P100 Pro is a fully autonomous unmanned aerial system that can help farmers with seeding, crop spraying, and fertilization. The drone has a dual-link communication system that ensures stable operation on LAN and in poor network conditions.
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Major Key Players of the Market:
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
Agriculture Market 2024 Key Insights:
• 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%.
• Rising Demand For Food And The Agribusiness Expansion
• Elevating Agriculture With Cutting-Edge Drones
• The Asia-Pacific was the largest region in the agriculture market in 2023
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