Agriculture - Worldwide

Worldwide

Gross production value in Agriculture market is projected to amount to US$3.90tn in 2024. An annual growth rate of 5.66% is expected (CAGR 2024-2028), resulting in gross production value of US$4.86tn in 2028.
The import value in Agriculture market is projected to amount to US$949.7bn in 2024. An annual growth rate of 11.54% is expected (CAGR 2024–2028).
The export value in Agriculture market is projected to amount to US$841.7bn in 2024. An annual growth rate of 17.73% is expected (CAGR 2024–2028).

Key regions: United States, Brazil, Germany, Italy, Spain

Market

Region

Region comparison

Currency

Analyst Opinion

The Agriculture market is an essential sector in the global economy, providing food and raw materials for various industries. The market is constantly evolving, influenced by customer preferences, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Consumer demand for organic and sustainable agriculture products is increasing worldwide. Consumers are becoming more health-conscious, seeking products free from pesticides and harmful chemicals. This trend is driving the growth of the organic agriculture market, which is expected to continue to expand in the coming years. Additionally, there is a growing demand for locally sourced products, as consumers prioritize supporting local farmers and reducing carbon footprints.

Trends in the market: The Agriculture market in India is rapidly growing, driven by government initiatives and technological advancements. The government has implemented various schemes to promote agriculture, such as increasing minimum support prices and providing subsidies for fertilizers and seeds. Additionally, technological advancements, such as precision farming and crop monitoring systems, are improving yields and reducing costs for farmers.In the United States, the Agriculture market is experiencing consolidation, with larger farms acquiring smaller ones. This trend is driven by the high costs of equipment and land, which are making it difficult for smaller farms to compete. Additionally, there is a growing demand for plant-based products, such as meat substitutes and dairy alternatives, which are driving innovation and investment in the agriculture industry.

Local special circumstances: In Brazil, the Agriculture market is heavily influenced by government policies and environmental concerns. The government has implemented various programs to promote sustainable agriculture, such as the Low Carbon Agriculture Program, which provides incentives for farmers to adopt environmentally friendly practices. Additionally, the Agriculture market in Brazil is impacted by deforestation and land use, which are major environmental concerns.

Underlying macroeconomic factors: The Agriculture market in China is impacted by the country's population growth and changing dietary preferences. China's population is expected to reach 1.4 billion by 2025, driving demand for food and agricultural products. Additionally, as China's middle class grows, there is a shift towards a more Westernized diet, with increased demand for meat and dairy products. This trend is driving investment in livestock production and feed production in China.

Methodology

Data coverage:

The data encompasses B2B. Figures are based on the value of gross production in the agriculture market, which values of production are calculated by multiplying gross production by output prices at the farm gate.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use resources from the Statista platform as well as annual financial reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting agriculture products due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.