Insights from BCC Research

What Happened in Agriculture in 2019?

“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.

field of wheat against blue sky with clouds and sun

We’ll provide you with key insights in theoverall 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

Market Segmentation

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. 

Market trends:  

  • 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
The impact that these and other trends have had on the industry is not to be overlooked. And with the advancement of technology, we can expect to see more sophisticated and specific technologies being implemented in the various fields. 

Market Trends:  

  • 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 CropScienceMarrone Bio Innovations, The Dow Chemical Company and Monsanto.  

Market Drivers 

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 
  • Population
  • Food Waste
While there are some restraints that the market, including regulations, dependence on technical expertise and climate change, the future of the market is optimistic. 

 Market Trends:  

  • 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 fullreport: Agriculture Global Market Briefing 2019. 

Written by Clara Mouawad on Dec 27, 2019 11:35:42 AM

Clara Mouawad is the content writer at BCC Research. She contributes to our blog, social media, email marketing and more.