Enjoy complimentary customisation on priority with our Enterprise License!
The agribusiness market size is forecast to increase by USD 734.79 billion, at a CAGR of 4.19% between 2023 and 2028. The growth rate of the market depends on several factors, including increasing demand for food due to population growth, high adoption of bio-agrochemicals, and improving agriculture trade policy.
The report includes a comprehensive outlook on the market offering forecasts for the industry segmented by Product, which comprises grains and cereals, dairy, oilseeds, livestock, and others. Additionally, it categorizes Applications into agrichemicals, seed business, breeding, and machinery and equipment and covers Regions, including North America, APAC, Europe, Middle East and Africa, and South America. The market research report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value for each of the mentioned segments.
Increasing demand for food due to population growth is notably driving the market growth. The global market is driven in large part by the fast population expansion occurring worldwide. Population growth fuels the need for food, which in turn fuels the demand for food goods. According to the United Nations Department of Economics and Social Affairs, the population in 2022 was 8 billion, which has quadrupled from the population statistics observed in 1950, which was just 2.53 billion. The population is expected to increase to 8.5 billion by 2030.
However, APAC accounts for the highest population, contributing to more than 50% of the global population. The rapid population growth drives the demand for food products. In addition, the adoption of excellent cultivation techniques and agricultural practices contributes to the growth of the market during the forecast period
Automation in agriculture is an emerging trend shaping market growth. Automation eliminates the need for human intervention in all aspects of agricultural production. It helps with data capturing and field scouting to enhance farmer engagement. In combination with remote monitoring of crop health, the automation of sowing, watering, harvesting, early detection of pests and utilization of agriculture input resources are helping to increase agricultural productivity, enhance financial sustainability as well as mitigate food losses.
Moreover, to improve crop management and the optimization of yields, artificial intelligence (AI) can help in analyzing data obtained from a variety of sources. Valuable information about how decisions are made that reduce production issues and supply chain inefficiencies can be obtained from the data captured by automated systems. Thus, the adoption of automation in agriculture is expected to positively influence the market's growth during the forecast period.
Reduction in the amount of land used for agriculture is a significant challenge hindering market growth. A few of the variables that are impacted by economic development are industry and agriculture. The state of the economy can be greatly impacted by these two industries. An increase in work prospects is encouraged by population expansion. Industry develops into a sector that may fill a lot of jobs, but expanding it is difficult as it frequently requires agricultural land for operations.
However, different techniques are being adopted in agriculture, such as rooftop farming and others to reduce the effect of low availability of land to yield crops. But the demand for food cannot be fulfilled to that extent with such alternatives. Thus, a decrease in agricultural land is expected to negatively impact the growth of the market during the forecast period.
The market share growth by the grains and cereals segment will be significant during the forecast period. Cereal is made up of complex carbohydrates, including fiber and protein. They are usually low in fat, high in nutrients, and often fortified with a wide range of essential vitamins and minerals. They are not just a convenient thing to do, but they also provide much-needed food. Moreover, grains such as wheat, rice, and others are important sources of many nutrients, including complex carbohydrates, dietary fiber, several B vitamins, and minerals.
Get a glance at the market contribution of the End User segment Request Free Sample
The grains and cereals were the largest segment and were valued at USD 1,079.36 billion in 2018. As grains and cereals form an essential part of the traditional diet, the demand for such products is high. According to the World Bank Group, global cereal production reached 2.5 billion metric tons in 2022. The consumption of cereals and grains is high in APAC due to the favourable subsidies on agricultural and farm products. Also, the availability of organic fertilizers has resulted in increased demand for the product. Thus, owing to the high consumption and demand for grains and cereals across the world, the global market is expected to grow significantly through the grain and cereals segment during the market forecast years.
Based on the application, the market has been segmented into agrichemicals, seed business, breeding, and machinery and equipment. The agrichemicals?segment will account for the largest share of this segment.?Agrichemicals are specially designed chemical or biological mixtures that are intended to increase crop output and quality. Further, the growing population and ensuing rise in the need for food, soil deterioration, a lack of arable land, and rising consumer knowledge of agrichemical benefits are the main factors propelling the agrichemicals industry. Thus, owing to the growing world population, it is critical to boost crop productivity on the available arable land to feed everyone on the planet, which, in turn, will fuel the market growth and trends of the agrichemicals segment in the global market during the projection period.
Agribusiness encompasses the complete value chain in agriculture, starting from the raw materials and resources needed for the production of biological products to the distributors and retailers responsible for selling them to end consumers.
To Know more about the Market Report Request Free Sample
APAC is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the market growth and forecasting period.
For more insights on the market share of various regions Request Free Sample
The market in APAC is expected to grow significantly in the market during the forecast period. Limited arable land, improved farming practices and technological developments, rising population, and favourable government policies are some of the major factors driving the market in this region. The population in APAC is likely to increase from 4.5 billion in 2017 to 5.1 billion by the end of 2050. China, India, and Indonesia are the major agriculture-based countries in APAC, owing to the increased domestic consumption and exports. Wheat, maize, barley, soybeans, coffee, pulses, coconut oil, and palm oil are the major cultivated crops in APAC.
In addition, with the availability of limited land, the demand for fertilizers is likely to increase even further during the forecast period. China is the largest producer and exporter of cereals, pulses, and other agro-products. Malaysia and Indonesia together accounted for 85%-90% of the world's palm oil production. Such increased cultivation of agricultural products can fuel the market research and growth of the regional market during the forecast period.
Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Associated British Foods Plc: The company is into agribusiness and provides farm performance services, animal feed, specialty ingredients and supplements to farms, feed manufacturers, food producers and retailers.
The market research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including Associated British Foods Plc, Bayer AG, Brasilagro Brazilian Agricultural Properties Co., Bunge Ltd., Cairo Poultry Co., Cargill Inc., Charoen Pokphand Foods PCL, CHS Inc., Dairy Farmers of America Inc., DuPont de Nemours Inc., Godrej Agrovet Ltd., Indian Farmers Fertiliser Cooperative Ltd., Land O Lakes Inc., LT Foods Ltd., Nestle SA, Olam Group Ltd., Syngenta Crop Protection AG, Wens Foodstuff Group Co. Ltd., WH Group Ltd., and Wilmar International Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest market trends and analysis and market growth analysis opportunities from 2018 to 2028.
Agribusiness Market Scope |
|
Report Coverage |
Details |
Page number |
103 |
Base year |
2023 |
Historic period |
2018-2022 |
Market forecasting period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.19% |
Market Growth 2024-2028 |
USD 734.79 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.39 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 41% |
Key countries |
US, China, India, Australia, and Russia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Associated British Foods Plc, Bayer AG, Brasilagro Brazilian Agricultural Properties Co., Bunge Ltd., Cairo Poultry Co., Cargill Inc., Charoen Pokphand Foods PCL, CHS Inc., Dairy Farmers of America Inc., DuPont de Nemours Inc., Godrej Agrovet Ltd., Indian Farmers Fertiliser Cooperative Ltd., Land O Lakes Inc., LT Foods Ltd., Nestle SA, Olam Group Ltd., Syngenta Crop Protection AG, Wens Foodstuff Group Co. Ltd., WH Group Ltd., and Wilmar International Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.