The research report titled, “Agricultural Products Global Industry Guide 2017-2021” offers top-line qualitative and quantitative summary data for the industry including: comprehensive market size- value and volume, and forecasts to 2021. The profile well contains detailed descriptions of the leading players including key financial metrics and proper analysis of competitive pressures within the market. The practice of agriculture globally has the magical power that can result in reduction of poverty, rising incomes and improved food security for nearly 80% of the world’s poor, especially for those who live in rural areas and work in the farming sector.
The global agricultural products industry basically involves the production of Cereals (such as wheat, rice, barley etc.), Nuts (almonds, hazelnuts, pistachios etc.), Oil crops (cottonseed, groundnuts, olives etc.), Spices & Stimulants (coffee, hops, dry chilies etc.), Sugar (sugar cane, sugar beet etc.), Pulses (beans, peas, lentils etc.), Roots & Tubers (Potatoes, sweet potatoes, cassava etc.), Vegetables (cabbages, tomatoes, onions etc.), and Fruits (bananas, citrus fruits, berries etc.)
The agricultural products industry registered total revenue (from all types of production) of near about USD 2,037.9 billion globally in 2016 and the market production volume consequently increased with a decent CAGR of about 2%. Moreover, it has been noticed that since 2014, prices have been stimulating higher market values of the agricultural produce especially in Latin American and Asian emerging markets.
The Asia-Pacific region has maintained its position for long and dominates the global agricultural products market, accounting for a major share of about 64.5% wherein grain mills, cereals, and oils sectors have sustained to dominate the global industry. A combination of factors like multiplying population and relative increase in the consumer expenditure have been witnessed to structure the market dynamics even more in future.
Rises in the disposable income coupled with ameliorating production volume will surely boost the demand for agro-food, as it is one of the basic consumer needs and will always be. Though, the quality preferences of consumers may change with the passage of time as they turn richer. Furthermore, with ongoing improvements in the production capacities in many countries around the world, the agro-food product market will evolve in terms of production and sales and thereby showcase development by producing economies of scale in the years to proceed.
The global agro-food product market is anticipated to reach near about USD 1,148.3 billion by the end of 2018, further remarking a good growth in the coming years. Increasing disposable income, uplifting awareness of health and wellness, higher population level, expanding urbanization, and mushrooming consumer spending altogether have proved to be the major drivers of this industry.
Recently, the small industry players have been observed as being involved in strategies like product differentiation and higher service level delivery to customers, in order to compete well with the large players and relish economies of scale like the major players do. Also, given the expanding trends of agriculture, 9.7 billion people will be fed by 2050. As the years roll by, growth in the agriculture sector is expected to be nearly four times more effective in raising incomes among the poorest population as compared to other sectors.
Livestock farming nowadays has been noticed as combining drones and GPS trackers to oversee the cattle and move stock to optimal grazing grounds. Sensors are also being used to assess the quality of the agricultural products which help in ensuring a quality life to all in a much more efficient way. The need for autonomous farming equipment usage has been well realized and it is expanding and becoming a norm since it provides more accuracy in field work and lessens the harvest loss as human error is eliminated.
Moreover, specialized robots are currently moving from manufacturing industries into agriculture and these farming robots are projected to assist overall farm development in more remote areas across the globe; with super high accuracy rates such that the industry proliferates and registers massive revenues in the future years.
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Ankur Gupta, Head Marketing & Communications