As of 2023, the value added of crop and animal production, hunting, and related service activities in the US stood at 170.75 billion USD. The forecast from 2024 to 2028 shows a steady year-on-year increase, with the value projected to reach 175.3 billion USD by 2028. This represents a compound annual growth rate (CAGR) of approximately 0.7%. The trend indicates a modest but consistent rise in the industry's value added over the forecast period.
Future trends to watch for include:
- Technological advancements in agriculture potentially boosting efficiency and production output.
- The impact of climate change and environmental policies on farming practices and costs.
- Shifting consumer preferences towards sustainable and organic products.
- Changes in trade policies affecting export and import dynamics in the agriculture sector.