Agriculture

Gross production value in Agriculture market is projected to amount to US$246.10bn in 2024. An annual growth rate of 8.37% is expected (CAGR 2024-2029), resulting in gross production value of US$367.80bn in 2029.
The import value in Agriculture market is projected to amount to US$4.8bn in 2024. An annual growth rate of 2.93% is expected (CAGR 2024–2029).
The export value in Agriculture market is projected to amount to US$77.8bn in 2024. An annual growth rate of 5.89% is expected (CAGR 2024–2029).

Definition:

The agriculture market refers to the economic activities involved in the production of agricultural products. This includes the gross production value of crops such as cereals, fruit, vegetables, and oil crops, as well as livestock and dairy products.

Structure:

The agriculture market comprises seven distinct markets that represent a wide range of agricultural products:

The cereal market encompasses more than 10 items including barley, rice, oats, rye, and other similar grains.
The vegetable market includes more than 15 items such as avocado, beans, and cabbage, among others.
The fruits market covers over 30 items including popular fruits like apples, apricots, bananas, cherries, and so on.
The oil crops market consists of more than 5 items such as olives, soya beans, sunflower seeds, linseeds, and other similar crops.
The meat market includes over 10 items such as cattle, chickens, goats, sheep, pigs, and others.
The milk market represents different types of milk produced by cattle, goats, sheep, buffalo, and camel.
The other Livestock Products market encompasses 5 items, including eggs, honey, wool, beeswax, and silk-worm cocoons.
The forestry market encompasses more than 10 items, including raw materials, processed timber, engineered wood products, pulp and paperboard products.

Additional Information:

The market comprises gross production value and gross production value growth rates, import and export value. Data is only provided for the countries that are active in the above-mentioned markets. The market only displays B2B values.

The term "Revenue" in the title of the charts and chapter refers to the gross production value within this market.

Cereals
Vegetables
Fruit
Oil Crops
Meat
Milk
Other Livestock Products
Forestry

The agriculture market is a vast and complex industry that involves the production of various items like crops or livestock products. In recent years, there has been a significant increase in the demand for crops and livestock products, which has resulted in the growth of these markets of the agriculture market. The increasing demand for this market is driven by factors like population growth, changing diets, and urbanization.

The agriculture production market faces several challenges that impact its growth and sustainability, such as climate change, which affects crop yields, soil fertility, and water availability. Droughts, floods, extreme temperatures, and changing rainfall patterns are just a few examples of how climate change impacts agriculture production. This market also faces challenges related to technology adoption, particularly in developing countries. The use of modern agricultural technologies, such as precision farming, drones, and artificial intelligence, can increase yields, reduce costs, and improve efficiency. Trade and market access are other challenges. Tariffs, quotas, and other trade barriers can limit access to global markets, reducing the profitability of agriculture production. Agricultural producers also face competition from low-cost imports, which can undermine local production and threaten food security.

The COVID-19 pandemic and the ongoing war in Ukraine have had significant impacts on the agriculture market.

The pandemic disrupted supply chains and led to reduced demand for certain agricultural products due to changes in consumer behavior and government-imposed lockdowns. This resulted in an increase in prices for some commodities, such as meat and dairy products, as well as a slowdown in global trade. The pandemic also highlighted the vulnerability of food systems to disruptions, emphasizing the need for resilience and adaptation in the agriculture market.

The war in Ukraine has also had a significant impact on the agriculture market. Ukraine is a major producer of crops such as wheat, corn, and barley, and the ongoing conflict has disrupted agricultural production and exports. The conflict has resulted in the loss of farmland and destruction of infrastructure, leading to reduced yields and lower quality crops. The disruption of trade routes and supply chains has also impacted the availability of Ukrainian agricultural products on the global market, which has in turn affected prices and supply in other regions.

All in all, the future outlook of the agriculture market is promising, as the demand for food products continues to grow due to population growth and changing diets. Technological advancements are expected to increase productivity and efficiency in the sector, while sustainability concerns will also become increasingly important. However, the agriculture market also faces challenges such as climate change, water scarcity, and extreme weather events, which may increase the volatility of agricultural commodity prices and reduce the availability of arable land. Despite these challenges, the cereals market is expected to remain the largest market of the agriculture market, with significant growth potential in emerging economies.

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.

This report presents a comprehensive analysis and additional information on the Industrial market, in a PDF format.

In the last few years, the agriculture sector has contributed over 200 billion U.S. dollars in net added value to the U.S. GDP annually. Alone in 2023, the export value of agriculture products in the U.S. amounted to over 170 billion U.S. dollars. As a result of very diverse climates, and natural resources, the ecosystem in the United States can support a variety of different crops. Corn is the leading crop in terms of production volume in the United States. Soybeans are another major crop produced in the U.S., and one which has exhibited an upward trend in production over the last two decades.