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Agriculture - Industry - Global Market, Share and Trends 2023-2028

Report ID:

AGIND1G

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Industry:

Summary of Agriculture

Agriculture activity is the oldest form of production and has evolved over centuries to reach a monetary market value of USD 4515 Billion  in 2023 and this value is expected to reach USD 5824.19 Billion with an extremely high CAGR of 4.24%. Agriculture has supported human civilization for millennia as the foundational economic activity through which societies produce food, fiber and other essentials. What began as subsistence farming to meet basic needs has evolved into a multi-trillion dollar global industry that touches all corners of the world.

Today's agricultural market generates over $13 trillion annually through the cultivation, rearing and harvesting of a wide variety crops, livestock and value-added products. Revenues are derived from the sale of staples like grains, oilseeds and vegetables as well as higher value goods such as fruits, nuts, dairy and meat. Associated industries such as fishing, forestry, aquaculture and related services further contribute to total market size.

Several factors have propelled agriculture to its current prominence. Chief among them is rising global population, which is expected to reach nearly 10 billion by 2050 according to United Nations projections. Sustaining this many lives will require increasing agricultural productivity significantly to meet growing demand for food. Equally important is the trend toward more resource-intensive diets higher in calories, protein and consumption of livestock products as developing economies become more affluent.

Every region of the world is experiencing agricultural development to satisfy consumption needs, improve food security and lift rural incomes. Advanced technologies like genome editing, IoT, robotics and AI are being applied to farming techniques and supply chain management to boost yields, reduce waste and access new markets.

Looking ahead, continued agricultural innovation will be crucial to the industry's continued growth trajectory in a sustainable manner. Meeting the nutrition demands of a larger global population within environmental limits will require new solutions around efficient land and water use, climate-resilient crops, traceability and more. With dedicated efforts from public and private sectors, the agricultural industry is well-positioned to deliver economic prosperity and nutrition security for decades to come.

Recent Trends and Insights

Climate fluctuations negatively impact harvests around the world. According to data from the UN Food and Agriculture Organization-- fluctuating weather conditions in major producing countries over 2022-2023 led to droughts, excessive rains, flooding and natural disasters which negatively affected harvests.

This contributed to rising global food prices as production was lower than expected in key commodities like wheat and soy. Farmers will need to adopt climate-resilient practices to stabilize output.Emerging economies continue to lead agricultural production and exports.

Research from the Observatory of Economic Complexity indicated that Brazil and India have become dominant suppliers of global agricultural commodities due to favorable growing environments and investments in high-yield farming. All countries must prioritize sustainable practices to safeguard the environment.

Technology adoption is increasing to boost efficiency and profits. Data from agritech firm Indigo Agriculture shows precision agriculture tools involving IoT, robotics and AI are being adopted by farmers to optimize resources, lower costs and enhance yields. This trend is expected to continue as labor shortages rise and weather becomes more unpredictable which has been indicated in a report by Goldman Sachs.

Consumer demand is rising for organic and sustainable options. Nielsen research found health-conscious customers are seeking pesticide-free products, driving expansion of the organic market.

Additionally, locally-sourced items are increasingly popular as consumers wish to support local economies and reduce their carbon footprint-- according to a survey by the International Trade Centre. The industry must cater to these preferences through eco-friendly and community-focused practices.

Product Insights

The agriculture industry, across its value chain, is witnessing a transformation by adopting new and emerging farm technologies. This is helping organizations in countering several market challenges such as non-availability of manpower, water scarcity, aversion to chemicals, etc.

Agriculture industries have understood the importance of integrating new technologies such as robotics, artificial intelligence, IoT, and big data into their operations.

IoT devices when equipped with multiple sensors-- gather and transmit real-time data through mobile apps, edge devices or other means. These sensors handle diverse tasks like tracking soil temperature, humidity, livestock and plants. IoT also streamlines remote farm monitoring, boosting convenience for farmers.

IoT-driven irrigation systems integrate sensors for automated crop watering, including evapotranspiration, soil moisture and rainfall sensors.

Agricultural robots include operations like fruit picking, planting, transplanting, harvesting, seeding, spraying and weeding. Such agricultural robots are automating repetitive field chores and saving up many man hours that go into them.

Intelligent agricultural machinery, including autonomous and semi-autonomous tractors equipped with auto-steer technology to streamline harvesting and navigation.

Robots find utility in automated livestock management systems, managing tasks like-- weighing, incubation, milking and feeding.

AI delivers predictive analytics for weather forecasting, crop yield estimation, and pricing trends, equipping farmers with data-driven choices. AI-powered chatbots assist farmers by offering tailored suggestions and recommendations. AI and ML algorithms automate the identification of anomalies and diseases in plants and livestock, enabling swift corrective actions when necessary.

AI also opens doors to alternative credit scoring, extending financial access to farmers overlooked by traditional banks. Innovative startups also leverage AI to improve harvest quality.

Unmanned aerial vehicles (UAVs) or drones collect raw data that transforms into invaluable insights for comprehensive farm oversight. Equipped with cameras, drones simplify aerial imaging and surveying vast fields. Farmers use them to optimize the targeted application of fertilizers, water, seeds, and pesticides, thereby advancing precision agriculture.

Drones streamline tasks like livestock tracking, geofencing, and grazing monitoring.

Key Companies

Some major players within this vast domain of industry are

  • Cargill Incorporated
  • Dairy Farmers of America
  • Bayer AG
  • WH Group Limited
  • Bunge Limited
  • Wens Foodstuff Group Co. Ltd.
  • Charoen Pokphand Foods PCL
  • Corteva Inc.
  • Olam International
  • Land O'Lakes Inc.

Regional Analysis

Recent dynamics in North American agriculture have stemmed from shifting legislation, groundbreaking technologies, volatile markets and social/environmental factors. These changes will significantly impact resilient industries, presenting opportunities and challenges.

Plenty projections estimate that the sector of agriculture in North America-- in 2023—will be valued at $298.30 billion, with expected annual growth of 2.81% through 2028, reaching $352.26 billion. Canada's value is estimated at $28.16 billion in 2023, anticipated to increase annually by 2.34% to $32.35 billion by 2029.

Agriculture's 2023 gross production is projected at $2,176.00 billion. An anticipated annual growth rate of 6.46% through 2028 could lift this to $2,976.00 billion.

The agriculture market in Asia is characterized by a number of trends that vary by country. Within this region-- there has been a shift towards larger-scale farming operations, with many small farmers leaving the industry. This trend has been driven by government policies aimed at modernizing the agriculture sector and increasing productivity.

In India-- there has been a focus on improving the quality of agricultural products and increasing exports. This has been supported by government initiatives to improve infrastructure and increase access to credit for farmers.

Gross production value in Agriculture market is projected to amount to US$635.50bn in 2023. An annual growth rate of 4.03% is expected (CAGR 2023-2028), resulting in gross production value of US$774.40bn in 2028.

In Western Europe, the agriculture market has been facing challenges due to the increasing cost of labor and land. As a result, there has been a trend towards consolidation, with larger farms acquiring smaller ones.

This consolidation has led to an increase in the use of technology and precision farming techniques, resulting in higher yields and increased efficiency. In Eastern Europe-- the market is still dominated by small-scale farms, but there has been a recent trend towards modernization and mechanization.

Market Segmentation

By Type:

  • Crop farming
  • Livestock farming
  • Mixed farming (combination of crop and livestock)
  • Aquaculture (farming of fish and other aquatic organisms)
  • Horticulture (cultivation of fruits, vegetables, and ornamental plants)
  • Forestry (management and cultivation of forests)

By End User:

  • Commercial farmers
  • Small-scale farmers
  • Agribusinesses and cooperatives
  • Government and research organizations
  • Retailers and distributors of agricultural products

By Sub-Sector:

  • Arable farming (crops like wheat, corn, rice, etc.)
  • Dairy farming (production of milk and dairy products)
  • Poultry farming (raising chickens, ducks, and other birds)
  • Viticulture (cultivation of grapes for wine production)
  • Floriculture (cultivation of flowers)
  • Specialty crops (such as herbs, spices, and niche products)

By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

Our Methodology

We have offered a well-founded review of the global agriculture industry along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.

Primary Research  

Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.

We supplement our primary research with a careful examination of secondary materials such as-- case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.

We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.

Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.

Quantitative Analysis

Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.

Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.

Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.

We value your investment and offer free customization with every report to fulfil your research needs.

Frequently Asked Questions

The Global Size of the Agriculture Industry is USD 4515 Billion in 2023 and is expected to grow to USD 5824.19 Billion by 2029

The CAGR of the Agriculture Industry Market in the Global Region is 4.24%

The APAC region accounts for 51.5% of the total market share of the Agriculture Industry Market

The key players in the Agriculture Industry Market in the Global Region are Cargill, DowDuPont, Bayer AG, CNH Industrial NV and Nutrien. These industry leaders collectively contribute to shaping the landscape of this market and driving growth within the industry.

The factors driving the Agriculture Industry Market in the Global Region are Falling dollar, Demand for biofuel, Trade liberalization, Policy “errors” and Increasing role of biotechnology. These factors contribute to the overall growth of this industry, establishing it as a key player in the interconnected global economy.

Summary of Agriculture

Agriculture activity is the oldest form of production and has evolved over centuries to reach a monetary market value of USD 4515 Billion  in 2023 and this value is expected to reach USD 5824.19 Billion with an extremely high CAGR of 4.24%. Agriculture has supported human civilization for millennia as the foundational economic activity through which societies produce food, fiber and other essentials. What began as subsistence farming to meet basic needs has evolved into a multi-trillion dollar global industry that touches all corners of the world.

Today's agricultural market generates over $13 trillion annually through the cultivation, rearing and harvesting of a wide variety crops, livestock and value-added products. Revenues are derived from the sale of staples like grains, oilseeds and vegetables as well as higher value goods such as fruits, nuts, dairy and meat. Associated industries such as fishing, forestry, aquaculture and related services further contribute to total market size.

Several factors have propelled agriculture to its current prominence. Chief among them is rising global population, which is expected to reach nearly 10 billion by 2050 according to United Nations projections. Sustaining this many lives will require increasing agricultural productivity significantly to meet growing demand for food. Equally important is the trend toward more resource-intensive diets higher in calories, protein and consumption of livestock products as developing economies become more affluent.

Every region of the world is experiencing agricultural development to satisfy consumption needs, improve food security and lift rural incomes. Advanced technologies like genome editing, IoT, robotics and AI are being applied to farming techniques and supply chain management to boost yields, reduce waste and access new markets.

Looking ahead, continued agricultural innovation will be crucial to the industry's continued growth trajectory in a sustainable manner. Meeting the nutrition demands of a larger global population within environmental limits will require new solutions around efficient land and water use, climate-resilient crops, traceability and more. With dedicated efforts from public and private sectors, the agricultural industry is well-positioned to deliver economic prosperity and nutrition security for decades to come.

Recent Trends and Insights

Climate fluctuations negatively impact harvests around the world. According to data from the UN Food and Agriculture Organization-- fluctuating weather conditions in major producing countries over 2022-2023 led to droughts, excessive rains, flooding and natural disasters which negatively affected harvests.

This contributed to rising global food prices as production was lower than expected in key commodities like wheat and soy. Farmers will need to adopt climate-resilient practices to stabilize output.Emerging economies continue to lead agricultural production and exports.

Research from the Observatory of Economic Complexity indicated that Brazil and India have become dominant suppliers of global agricultural commodities due to favorable growing environments and investments in high-yield farming. All countries must prioritize sustainable practices to safeguard the environment.

Technology adoption is increasing to boost efficiency and profits. Data from agritech firm Indigo Agriculture shows precision agriculture tools involving IoT, robotics and AI are being adopted by farmers to optimize resources, lower costs and enhance yields. This trend is expected to continue as labor shortages rise and weather becomes more unpredictable which has been indicated in a report by Goldman Sachs.

Consumer demand is rising for organic and sustainable options. Nielsen research found health-conscious customers are seeking pesticide-free products, driving expansion of the organic market.

Additionally, locally-sourced items are increasingly popular as consumers wish to support local economies and reduce their carbon footprint-- according to a survey by the International Trade Centre. The industry must cater to these preferences through eco-friendly and community-focused practices.

Product Insights

The agriculture industry, across its value chain, is witnessing a transformation by adopting new and emerging farm technologies. This is helping organizations in countering several market challenges such as non-availability of manpower, water scarcity, aversion to chemicals, etc.

Agriculture industries have understood the importance of integrating new technologies such as robotics, artificial intelligence, IoT, and big data into their operations.

IoT devices when equipped with multiple sensors-- gather and transmit real-time data through mobile apps, edge devices or other means. These sensors handle diverse tasks like tracking soil temperature, humidity, livestock and plants. IoT also streamlines remote farm monitoring, boosting convenience for farmers.

IoT-driven irrigation systems integrate sensors for automated crop watering, including evapotranspiration, soil moisture and rainfall sensors.

Agricultural robots include operations like fruit picking, planting, transplanting, harvesting, seeding, spraying and weeding. Such agricultural robots are automating repetitive field chores and saving up many man hours that go into them.

Intelligent agricultural machinery, including autonomous and semi-autonomous tractors equipped with auto-steer technology to streamline harvesting and navigation.

Robots find utility in automated livestock management systems, managing tasks like-- weighing, incubation, milking and feeding.

AI delivers predictive analytics for weather forecasting, crop yield estimation, and pricing trends, equipping farmers with data-driven choices. AI-powered chatbots assist farmers by offering tailored suggestions and recommendations. AI and ML algorithms automate the identification of anomalies and diseases in plants and livestock, enabling swift corrective actions when necessary.

AI also opens doors to alternative credit scoring, extending financial access to farmers overlooked by traditional banks. Innovative startups also leverage AI to improve harvest quality.

Unmanned aerial vehicles (UAVs) or drones collect raw data that transforms into invaluable insights for comprehensive farm oversight. Equipped with cameras, drones simplify aerial imaging and surveying vast fields. Farmers use them to optimize the targeted application of fertilizers, water, seeds, and pesticides, thereby advancing precision agriculture.

Drones streamline tasks like livestock tracking, geofencing, and grazing monitoring.

Key Companies

Some major players within this vast domain of industry are

  • Cargill Incorporated
  • Dairy Farmers of America
  • Bayer AG
  • WH Group Limited
  • Bunge Limited
  • Wens Foodstuff Group Co. Ltd.
  • Charoen Pokphand Foods PCL
  • Corteva Inc.
  • Olam International
  • Land O'Lakes Inc.

Regional Analysis

Recent dynamics in North American agriculture have stemmed from shifting legislation, groundbreaking technologies, volatile markets and social/environmental factors. These changes will significantly impact resilient industries, presenting opportunities and challenges.

Plenty projections estimate that the sector of agriculture in North America-- in 2023—will be valued at $298.30 billion, with expected annual growth of 2.81% through 2028, reaching $352.26 billion. Canada's value is estimated at $28.16 billion in 2023, anticipated to increase annually by 2.34% to $32.35 billion by 2029.

Agriculture's 2023 gross production is projected at $2,176.00 billion. An anticipated annual growth rate of 6.46% through 2028 could lift this to $2,976.00 billion.

The agriculture market in Asia is characterized by a number of trends that vary by country. Within this region-- there has been a shift towards larger-scale farming operations, with many small farmers leaving the industry. This trend has been driven by government policies aimed at modernizing the agriculture sector and increasing productivity.

In India-- there has been a focus on improving the quality of agricultural products and increasing exports. This has been supported by government initiatives to improve infrastructure and increase access to credit for farmers.

Gross production value in Agriculture market is projected to amount to US$635.50bn in 2023. An annual growth rate of 4.03% is expected (CAGR 2023-2028), resulting in gross production value of US$774.40bn in 2028.

In Western Europe, the agriculture market has been facing challenges due to the increasing cost of labor and land. As a result, there has been a trend towards consolidation, with larger farms acquiring smaller ones.

This consolidation has led to an increase in the use of technology and precision farming techniques, resulting in higher yields and increased efficiency. In Eastern Europe-- the market is still dominated by small-scale farms, but there has been a recent trend towards modernization and mechanization.

Market Segmentation

By Type:

  • Crop farming
  • Livestock farming
  • Mixed farming (combination of crop and livestock)
  • Aquaculture (farming of fish and other aquatic organisms)
  • Horticulture (cultivation of fruits, vegetables, and ornamental plants)
  • Forestry (management and cultivation of forests)

By End User:

  • Commercial farmers
  • Small-scale farmers
  • Agribusinesses and cooperatives
  • Government and research organizations
  • Retailers and distributors of agricultural products

By Sub-Sector:

  • Arable farming (crops like wheat, corn, rice, etc.)
  • Dairy farming (production of milk and dairy products)
  • Poultry farming (raising chickens, ducks, and other birds)
  • Viticulture (cultivation of grapes for wine production)
  • Floriculture (cultivation of flowers)
  • Specialty crops (such as herbs, spices, and niche products)

By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

Our Methodology

We have offered a well-founded review of the global agriculture industry along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.

Primary Research  

Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.

We supplement our primary research with a careful examination of secondary materials such as-- case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.

We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.

Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.

Quantitative Analysis

Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.

Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.

Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.

We value your investment and offer free customization with every report to fulfil your research needs.

Frequently Asked Questions

The Global Size of the Agriculture Industry is USD 4515 Billion in 2023 and is expected to grow to USD 5824.19 Billion by 2029

The CAGR of the Agriculture Industry Market in the Global Region is 4.24%

The APAC region accounts for 51.5% of the total market share of the Agriculture Industry Market

The key players in the Agriculture Industry Market in the Global Region are Cargill, DowDuPont, Bayer AG, CNH Industrial NV and Nutrien. These industry leaders collectively contribute to shaping the landscape of this market and driving growth within the industry.

The factors driving the Agriculture Industry Market in the Global Region are Falling dollar, Demand for biofuel, Trade liberalization, Policy “errors” and Increasing role of biotechnology. These factors contribute to the overall growth of this industry, establishing it as a key player in the interconnected global economy.

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rfc logo transparent

Featured Reports

Understand the macroeconomic situations that affect the global positioning of countries.

Businesses can better understand how chatbots can advocate their vision.

DeFi helps reduce dependency on traditional methods of transactions.

Creating a sustainable environment for driving multiple countries into a better tomorrow.

Understand how the U.S. discrepancy in accordance to their debt creates a havoc. 

Sustainable blockchain technology has immense benefit for the environment which cannot go unnoticed.

About Us

We are Ruskin Felix Consulting (RFC), a global strategic advisory firm. For over a decade, we have partnered with clients worldwide to solve complex business and technology challenges. Whether you need strategic advice, market research, or solutions to make important decisions, we’ve got you covered.

RFC Mentorship

At RFC, we believe that every great idea deserves a chance to shine. With our expert guidance, cutting-edge strategies, and meticulous attention to detail, we’ll work hand in hand with you to create strategies and guidance that helps you scale, build and develop your idea into a ready product in the market.