The analysis of U.S. barley production at the farm gate shows a decreasing trend over the years from 2013 to 2023, with the value standing at $0.76575 billion in 2023. The series experienced significant variability, with substantial drops in 2014 (-26.75%) and 2017 (-35.56%). The past two years saw relatively minor declines of 0.52% each, and the recent 5-year CAGR indicates an average annual decline of 1.48%.
Forecasts from 2024 to 2028 suggest a continued slight decline in production value, with a projected 5-year CAGR of -0.41% and a forecasted growth rate of -2.02%.
Future trends to watch for include:
- The impact of climate change on crop yields and production stability.
- Technological advancements in farming practices that could potentially reverse the downward trend.
- Economic factors such as changes in demand for barley due to evolving consumer preferences and market shifts.