In 2023, the total value of agricultural production at the farm gate in the US was estimated to be $384.50 billion. The forecasted data from 2024 onwards indicates a modest yet steady growth, with values increasing from $388.22 billion in 2024 to $402.75 billion by 2028. The year-on-year percentage increase is relatively consistent, averaging around 1% per year as seen in these forecasted data points. Over this five-year period, the compound annual growth rate (CAGR) is approximately 1.2%, signaling a stable upward trend in the value of agricultural production.
Future trends to watch for include technological advancements in agriculture, climate change impacts on crop yields, and evolving trade policies. Additionally, shifts in consumer preferences towards sustainable and organic products could influence production values. Monitoring these factors will be crucial for understanding future agricultural economic conditions.
