Agribusiness Market Outlook 2031
The Global Agribusiness Market Size was valued at USD 3.2 Trillion in 2022 and is likely reach to USD 4.29 Trillion by 2031, expanding at a CAGR of 3.31% during the forecast period, 2023-2031. The growth of the market is attributed to the increasing demand for food products due to growing population.
Agribusiness is a combination of agriculture and business. It refers to any business that encompasses farming and farming-related commercial activities. It involves production, processing, and distribution of agricultural products. Agribusiness is a broad industry, which includes wide range of different companies and operations.
Agribusiness is a combination of agriculture and business. It refers to any business that encompasses farming and farming-related commercial activities. It involves production, processing, and distribution of agricultural products. Agribusiness is a broad industry, which includes wide range of different companies and operations.
For example, it includes small family farms and multinational conglomerates producing food on a national scale. Agribusiness supports the growth of the agricultural industry, which is critical for economic growth.
It contributes to sustainable food production and provides opportunities for income in developing countries. With rising significance of bio-crops, favorable policies, and technological advancements, the global agribusiness market is expected to expand at a rapid pace.
Agribusiness Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for food globally attributes to the growth of the market.
- Rising demand for bio-fuel made from bio-fuel crops, such as wheat, soybean, sugarcane, corn, and others, is expected to boost the market.
- Initiatives taken by governments to improve trade policies by introducing favorable Free Trade Agreements (FTA) across the globe are anticipated to drive the market.
- The COVID-19 pandemic affected the global agribusiness market negatively by disturbing production and demand equation and disrupting supply chain and market, which hindered the growth of the market.
- Changing climate, farmland reduction, and increasing competition are anticipated to hamper the growth of the market during the forecast period.
- New and innovative technological developments are estimated to bring efficiency in agribusiness and create lucrative opportunities for key market players.
Scope of Agribusiness Market Report
The report on the global agribusiness market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Agribusiness Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Products (Grains & Cereals, Dairy, Oilseeds, Livestock, and Others), Applications (Agrichemicals, Seed Businesses, Breeding, Machinery and Equipment, and Others), and Types (Manufacturers, Suppliers, Research & Development, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Bayer CropScience, LLC; Cargill, Inc.; The Monsanto Company; Syngenta Crop Protection; Nestlé S.A.; Wilmer International Limited; Associated British Foods PLC; Brasil Agro; Bunge Limited; Cairo Poultry Company; CHS, Inc.; LT Foods, Ltd.; Nutrien; Deere & Company; BASF SE; CNH Industrial N. V.; The Archer-Daniels-Midland Company; and Others
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Agribusiness Market Segment Insights
Products Segment Analysis
Based on products, the market is divided into grains and cereals, dairy, oilseeds, livestock, and others. The grain & cereals segment is projected to drive the market during the forecast period, due to rising demand for wheat and rice, as it is staple food for majority of global population.
High demand for rice in developing countries, where rice is preferred due to its economical rates, is expected to expand the market in the coming years as well.
Applications Segment Analysis
On the basis of applications, the market is segmented into agrichemicals, seed businesses, breeding, machinery and equipment, and others. The agrichemical segment is expected to drive the market during the forecast period, due to growing food demand globally, rising concerns regarding synthetic fertilizers and pesticides, and increasing demand for protecting crops and environment.
Agrichemical manufacturing companies are constantly developing novel technologies and products, which surges the growth of the market.
Types Segment Analysis
Based on types, the market is divided into manufacturers, suppliers, research & development, and others. The manufacturers segment is projected to expand at a rapid pace, owing to rising demand for farming machines and equipment by farmers to harvest their crops and complete various tasks around farms.
Key players cater to such rising demand by developing and launching innovative technologies such as sensors, drones, and others, which expands the manufacturers segment and boosts the market.
Agribusiness Market Regional Analysis
Based on regions, the market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is projected to expand at a high CAGR during the forecast period, owing to increasing usage of data and technology among companies in the region to enhance quality and quantity of agribusiness products.
Segments
Products
- Grains & Cereals
- Dairy
- Oilseeds
- Livestock
- Others
Applications
- Agrichemicals
- Seed Businesses
- Breeding
- Machinery and Equipment
- Others
Types
- Manufacturers
- Suppliers
- Research & Development
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Bayer CropScience, LLC
- Cargill, Inc.
- The Monsanto Company
- Syngenta Crop Protection
- Nestlé S.A.
- Wilmer International Limited
- Associated British Foods PLC
- Brasil Agro
- Bunge Limited
- Cairo Poultry Company
- CHS, Inc.
- LT Foods, Ltd.
- Nutrien
- Deere & Company
- BASF SE
- CNH Industrial N. V.
- The Archer-Daniels-Midland Company
- Others
Competitive Landscape
Key players such as Bayer CropScience, LLC; Cargill, Inc.; The Monsanto Company; Syngenta Crop Protection; Nestlé S.A.; Wilmer International Limited; Associated British Foods PLC; Brasil Agro; Bunge Limited; Cairo Poultry Company; CHS, Inc.; LT Foods, Ltd.; Nutrien; Deere & Company; BASF SE; CNH Industrial N. V.;
The Archer-Daniels-Midland Company; and others use business strategies such as mergers, acquisitions, collaborations, partnerships, and product launches to strengthen their hold on the market.
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In May 2022, Syngenta Crop Protection, a provider of agricultural science and technology, and M2i, a technology provider of a pheromone-based crop protection solutions, collaborated to launch EXPLOYO Vit, a pheromone-based solution to help wine growers in France to control and manage detrimental pests that damage grape vines.
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In January 2022, Nestlé S.A. announced a USD 1.25 billion program to enhance its chocolate business by improving livelihoods of cocoa-farming families in Côte d’Ivoire and Ghana, as well as advancing sustainable practices and gender equality.