An agricultural commodity is a raw product derived from farming and agriculture, used for consumption, trade, or further processing. These commodities are generally produced in large quantities and are fundamental to global trade and economies.
Sizing and Forecast
The agricultural commodity market size has grown strongly in recent years. It will grow from $208.83 billion in 2023 to $220.48 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to increasing crop yields, increasing nutritional value, increasing agricultural production, an increase in water efficiency in farming, and a rise in income levels.
The agricultural commodity market size is expected to see strong growth in the next few years. It will grow to $277.73 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to increasing demand for healthier diets, growing adoption of hydroponics, growing interest in renewable energy sources, increasing population and changing consumer taste, and growing demand for biofuels. Major trends in the forecast period include technological advancements, sustainable farming practices, biotechnological innovations, shifts in dietary preferences, and digital agriculture adoption.
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Segmentation & Regional Insights
The agricultural commodity market covered in this report is segmented –
1) By Product: Soybeans, Corn, Wheat, Rice, Cocoa, Coffee, Cotton, Spices, Other Products
2) By Trading: Online, Offline
3) By End User: Business To Business, Business To Consumer
North America was the largest region in the agricultural commodity market in 2023. The regions covered in the agricultural commodity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for healthier diets is expected to propel the growth of the agricultural commodity market going forward. Healthier diets refer to eating patterns or choices that promote physical well-being and reduce the risk of chronic diseases. The increasing demand for healthier diets is due to rising health awareness, concerns about food safety, a desire for weight management, the prevalence of chronic diseases, and accessibility to nutritious food options. Agricultural commodities are the cornerstone of healthy diets by providing critical nutrients, promoting various food choices, and improving overall health and well-being. For instance, according to the 2022 Food and Health Survey by the International Food Information Council (IFIC), a US-based nonprofit organization that promotes science-based information on nutrition, food safety, and sustainable food systems, around 52% of Americans followed a specified diet or eating pattern, up from 39% in 2021. The top choices were clean eating (16%), mindful eating (14%), and calorie counting (13%). Therefore, the increasing demand for healthier diets is driving the growth of the agricultural commodity market.
Key Industry Players
Major companies operating in the agricultural commodity market are Glencore plc, Cargill Inc., Nestle S.A., Archer Daniels Midland Company, BASF SE, Bunge Limited, Bayer AG, Louis Dreyfus Company B.V., Yara International ASA, General Mills Inc., Smithfield Foods Inc., Wilmar International Limited, Syngenta Group, Barry Callebaut Group, Ingredion Incorporated, Fresh Del Monte Produce Inc., Olam International Limited, Adecoagro S.A., BrasilAgro Companhia Brasileira de Propriedades Agrícolas, Devex S.A., Agrium Inc., Monsanto Company, Agro-K Corporation
The agricultural commodity market report table of contents includes:
1. Executive Summary
- Agricultural Commodity Market Characteristics
- Agricultural Commodity Market Trends And Strategies
- Agricultural Commodity Market – Macro Economic Scenario
- Global Agricultural Commodity Market Size and Growth
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32. Global Agricultural Commodity Market Competitive Benchmarking - Global Agricultural Commodity Market Competitive Dashboard
- Key Mergers And Acquisitions In The Agricultural Commodity Market
- Agricultural Commodity Market Future Outlook and Potential Analysis
- Appendix
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