“Agriculture is the world’s largest industry, employing more than one billion people. Globally, one third of the economically active population works in the agriculture industry.” --TBRC
The agriculture global market is huge. And there are so many moving parts that it can be difficult to stay on top of it all. Today, we’ll look into some of the major market developments that we’ve seen in 2019.
We’ll provide you with key insights in the overall market by giving you the information you need to ensure your project or report is updated with the latest market research. These insights include:
- Market Segmentation
- Market Trends and Strategies
- Market Drivers
Despite how big the agricultural market is, it can be segmented into three groups
- Crop production
- Animal produce
- Rural activities
Looking at the industry from a regional point of view, the North America segment comes in at the second largest region, as it follows Asia Pacific’s lead. Eastern Europe accounts for the smallest region of the agricultural market.
- Crop Production was the largest segment in the agriculture market at 47.6% of the market worth about $4,616.7 billion.
- Animal Produce was the second largest segment in the agriculture market at 35.8% of the market worth about $3,474.9 billion.
- Rural Activities was the smallest segment in the agriculture market at 16.5% of the market worth about $1,603.9 billion.
Market Trends and Strategies
There are a few major trends that have shaped the agricultural landscape over the last few years and is expected to continue in the future. A few of these strategies include:
- Agribots to increase productivity
- Big data farming
- Biologics to battle diseases and pests
- Some of the companies providing agribots for effective and efficient productivity in agriculture are Small Robot Company, Naio Technologies, EarthSense, HETO Agrotechnics, Harvest Automation, PrecisionHawk and BoniRob.
- In 2017, the agriculture technology industry recorded $10.1 billion investments with an increase of 29% from 2016, enabling farmers to utilize big data and predictive analytics to increase agricultural productivity.
- Some of the major companies offering biologics for effective farming are Bayer CropScience, Marrone Bio Innovations, The Dow Chemical Company and Monsanto.
When it comes to the factors driving the market, there are a few key components that make-up the industry. These include:
- Continued Technology Investment
- Faster Economic Growth
- Food Waste
- The global agriculture market is expected to grow from $9,695.6 billion in 2018 to $12,197.1 billion in 2022 at a CAGR of 5.9%.
- The International Monetary Fund (IMF) predicts that the global real GDP growth will be 3.7% over 2019 and 2020, and 3.6% from 2021 to 2023.
- According to “The Agricultural Outlook” by the OECD and FAO published in 2018, global cereal production was projected to increase by 13% by 2027.
Learn more about the Agricultural Market
For more intel about the consumer and finance market, check out our partner’s full report: Agriculture Global Market Briefing 2019.