The Farm Product Warehousing And Storage 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 Farm Product Warehousing And Storage Global Market Report 2024, The farm product warehousing and storage market size has grown strongly in recent years. It will grow from $91.12 billion in 2023 to $98.01 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to green revolution, expansion of global trade, introduction of quality standards, cold chain development, increased agricultural productivity .
The farm product warehousing and storage market size is expected to see strongly grown in the next few years. It will grow to $129.39 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to precision agriculture and iot integration, blockchain for supply chain transparency, adoption of sustainable practices, e-commerce and direct-to-consumer trends, government initiatives for food security. Major trends in the forecast period include technological advancements, smart warehousing solutions, multi-modal transportation integration, collaborations and partnerships, flexibility in storage space usage.
The growth in the farm product warehousing and storage market can be attributed to the increasing retail penetration. Increasing retail penetration is expected to propel the growth of the farm product warehousing and storage market going forward. Retail penetration is a measure of how much a product or service is being used by customers compared to the total estimated market for that product or service. Because of the increase in customer demands for product or service, most filers purchase the products and store them in warehouses and sell them according to the demand. For instance, according to the Indian Brand Equity Foundation, an India-based export promotion agency for the year 2021, the retail industry achieved 96% of pre-COVID-19 sales in the year 2021. The Indian retail sector is valued at $2.77 billion for the year 2020. Therefore, raise in increasing retail penetration is growing demand for farm product warehousing and storage market.
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The farm product warehousing and storage market covered in this report is segmented –
1) By Type: Storage Services, Handling Services: Packing Services, Other Types
2) By Ownership: Private, Public, and Bonded
3) By Application: Farm, and Enterprise
Mobile technologies have gained popularity among warehouse owners as it helps them to perform and track warehouse operations and reduce time consumption and manpower. Mobile technology includes tablets, smartphones, and other handheld devices for communication and information. These devices make use of GPS, RFID, VoIP, digital imaging, and voice technology for equipment status, performance, and tracking warehouse operations. These technologies also provide hands-free operations and faster data entry. For instance, in June 2023, IAM Robotics, a US-based automation technology company, launched an automated solution to help warehouses with order fulfillment called as Lumabot. The Lumabot uses the company’s new Meet Me technology to coordinate humans and robots as a cohesive system, enabling warehousing, logistics, and manufacturing operations to increase productivity, mitigate operational risk, and scale without adding headcount. The Lumabot can also manage the work of all of the warehouse associates and mobile robots making it a useful addition for the growth of the business.
The farm product warehousing and storage market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
Major Players:
- Archer-Daniels-Midland Company
- Cargill Incorporated
- CBH Group
- Americold Realty Trust
- Lineage Logistics Holdings LLC
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