Agriculture Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Agriculture Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Agriculture Global Market Report 2024, The agriculture market size has grown strongly in recent years. It will grow from $13272.75 billion in 2023 to $14356.23 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to population growth, globalization of trade, government policies, crop protection products, climate and weather patterns, rural development programs.

The agriculture market size is expected to see strong growth in the next few years. It will grow to $19286.79 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to growing sustainable agriculture practices, genetic engineering in crops, organic farming, vertical farming, water management solutionsglobal food security concerns. Major trends in the forecast period include precision agriculture technologies, integration of artificial intelligence in farming, digital marketplaces for agricultural products, utilization of autonomous farming equipment, adoption of farm management software.

The world’s population is growing and is expected to reach 10 billion by 2050. An increase in the population creates more demand for food. According to the Agricultural Outlook by the Organization for Economic Co-operation and Development (OECD) and FAO (Food and Agriculture Organization) published, global cereal production was projected to increase by 13% by 2027. Crop production, farming activities, and trade volumes will have to increase to meet the needs of the increased population. Agribusiness companies will increase acquisitions of arable land to increase crop production. Agriculture companies are expected to increase their presence and activities to meet increased demand from farming activities and increase their growth.

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The agriculture market covered in this report is segmented –

1) By Type: Animal Produce, Crop Production, Rural Activities

2) By Nature: Organic, Conventional

3) By Distribution Channel: Supermarkets Or Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels

Subsegments Covered: Milk, Honey, Meat, Wool, Egg, Skin And Hide, Live Animals, Other Animal Produce, Grain Farming, Oilseed Farming, Fruit And Nut Farming, Vegetable Farming, General Crop Farming, Greenhouse, Nursery, And Flowers, Fishing, Hunting And Trapping, Forestry And Logging, Agriculture And Forestry Services

Major companies operating in the agriculture market are developing agriculture drones to collect precise data on crop health, soil conditions, and pest infestations which helps to strengthen their market postion. Agriculture drones are unmanned aerial vehicles (UAVs) that are used in the agricultural industry to improve crop yields, reduce costs, and increase efficiency. For instance, in July 2023, XAG, a China-based drone service provider, launched the XAG P100 Pro. The XAG P100 Pro is a highly advanced and efficient drone that can help farmers with their agriculture needs. It has a large payload of 50 kilograms, making it a highly productive drone for agriculture. The XAG P100 Pro is a fully autonomous unmanned aerial system that can help farmers with seeding, crop spraying, and fertilization. The drone has a dual-link communication system that ensures stable operation on LAN and in poor network conditions.

The agriculture market report table of contents includes: