IMARC Group, a leading market research company, has recently releases report titled “Agribusiness Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The study provides a detailed analysis of the industry, including the global agribusiness market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the agribusiness market?
The global agribusiness market size reached US$ 3.2 Trillion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.9 Trillion by 2028, exhibiting a growth rate (CAGR) of 3.31% during 2023-2028.
What is Agribusiness?
Agribusiness encompasses the entire spectrum of commercial activities related to agriculture. It includes not only farming and cultivation of crops and livestock but extends to various stages such as seed production, agrichemicals, farm machinery, processing, distribution, marketing, and retail. Unlike traditional farming, agribusiness looks at agriculture as an interconnected industry. It focuses on the entire value chain, transforming raw agricultural products into consumable goods found on store shelves. The field integrates farming with various business disciplines, such as management, marketing, finance, and logistics, to optimize the production and distribution processes. Technological advancements play a significant role in modern agribusiness, introducing innovations such as precision farming, automation, and sustainable practices. Agribusiness plays a vital role in global economies, contributing to GDP, employment, trade, and food security. It links farmers to consumers, providing a pathway for food, fiber, and fuel to reach markets around the world.
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What are the growth prospects and trends in the agribusiness industry?
- Significant technological innovations represents one of the key factors driving the growth of the agribusiness market across the globe. The rising use of GPS, drones, and data analytics allows for more precise farming by improving efficiency and productivity which is further boosting the growth of the market. Genetic engineering and advancements in breeding techniques enhance crop yield and resistance to pests which is driving the demand for agribusiness, thus boosting the growth of the market.
- The market is also driven by the growing global population which is driving demand for more food, fiber, and fuel. Urbanization shifts dietary patterns and influences the supply chain, which creates opportunities for agribusiness. In addition to this, governments provide financial incentives to promote domestic agriculture which is influencing the growth of the market. International trade agreements and tariffs impact the global competitiveness of agricultural products which is fueling the market growth.
- The effects of climate change on weather patterns are influencing farming practices and crop yields which is further propelling the growth of the market. The rising shift towards sustainable and responsible farming practices opens new market opportunities. Apart from this, fluctuations in the prices of agricultural commodities directly affect the market. Capital investment in farming technologies and infrastructure is stimulating the growth of the market. Efficient supply chain management ensures the timely delivery of products from farm to market.
- The emergence of online marketplaces and direct-to-consumer models creates new channels for agricultural products which is facilitating the growth of the market. The growing consumer awareness of health and nutrition is leading to demand for organic, non-GMO, and locally-sourced products which are driving the growth of the market. Culinary trends and cultural preferences shape the demand for specific crops and products which is supporting the growth of the market. Moreover, economic development in emerging markets increases disposable income and changes food consumption patterns which is creating a positive outlook for the market across the globe.
What is included in market segmentation?
The report has segmented the market into the following categories:
Market Breakup by Product:
- Grains
- Wheat
- Rice
- Coarse grains-ragi
- Sorghum
- Millets
- Oilseeds
- Wheat
- Rice
- Coarse grains-ragi
- Sorghum
- Dairy
- Liquid milk
- Milk powder
- Ghee
- Butter
- Ice-cream
- Cheese
- Others
- Livestock
- Pork
- Poultry
- Beef
- Sheep meat
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- ABP Food Group
- Archer-Daniels-Midland Company
- Associated British Foods Plc
- BASF SE
- Bayer AG
- Bunge Limited
- Cargill Limited
- Cargill Incorporated
- CHS Inc.
- Nippon Soda Co. Ltd.
- Nutrien Ltd.
- Syngenta AG (China National Chemical Corporation)
- Wilmar International Limited.
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