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Agriculture Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Agriculture Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • January 2021
  • 500 pages
  • ID: 6018865
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major companies in the agriculture market include Cargill; JBS S.A. and Tyson Foods.

The global agriculture market is expected to grow from $9602.79 billion in 2020 to $10181.92 billion in 2021 at a compound annual growth rate (CAGR) of 6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $13133.95 billion in 2025 at a CAGR of 7%.

The agriculture market consists of sales of agriculture and related services by entities (organizations, sole traders and partnerships) that provide agriculture and related services such as animal and crop produce and other support services. Agriculture involves the cultivation of plants, and animal and bird rearing for food, fabrics, fibres, bio-fuel, medicinal and other products used to sustain and enhance human life. This market also includes horticulture and aquaculture. This market excludes proceeds from captive (internal) consumption of the agriculture and forest produce for further processing. The agriculture market is segmented into animal produce; crop production and rural activities.

Asia Pacific was the largest region in the global agriculture market, accounting for 57% of the market in 2020. South America was the second largest region accounting for 12% of the global agriculture market. Middle East was the smallest region in the global agriculture market.

Shortage of labor and increasing demand for advanced agriculture tools in many countries is driving the demand for agriculture robots or agribots. Agribots are used in farmlands for pruning, weeding and spraying pesticides and herbicides. They are connected to tractors for spraying water, seeds, pesticides, nutrients and harvesting. For instance, Energid Citrus Picking Robot System picks an orange every two seconds from a tree, thus enhancing productivity and thereby limiting the need for agricultural labor. Some of the companies providing agribots for effective and efficient productivity in agriculture are Small Robot Company, Naio Technologies, EarthSense, HETO Agrotechnics, Harvest Automation, PrecisionHawk, BoniRob and others.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the agriculture market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. As governments imposed lockdowns, farmers faced difficulties in harvesting and marketing their produce. Also, the export of agricultural produce declined significantly as countries imposed restrictions on cross border trade. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the agriculture market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

World population is growing and is expected to reach 10 billion by 2050. Increase in population creates more demand for food. According to "The Agricultural Outlook" by the Organization for Economic Co-operation and Development (OECD) and FAO (Food and Agriculture Organization) published in 2018, global cereal production was projected to increase by 13% by 2027. Crop production, farming activities and trade volumes will have to increase in order to meet the need of increased population. Agriculture companies will increase acquisitions in arable land to increase crop productions. Agriculture companies are expected to increase their presence and activities to meet increased demand from farming activities and increasing its growth.

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