PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1534236
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1534236
Global Agricultural Commodity Market is valued at USD 1.55 trillion in 2023 and is anticipated to grow with a healthy growth rate of more than 3.1% over the forecast period 2024-2032. Agricultural commodities encompass a diverse range of raw materials cultivated, harvested, and traded for various purposes including food, feed, fuel, and fiber. These commodities form the backbone of global supply chains, providing essential inputs for food security, economic development, and industrial production worldwide. Examples include grains, oilseeds, livestock, dairy products, fruits, vegetables, and fibers, which are integral to both local and international markets.
Several key drivers are shaping the market for agricultural commodities. Growing awareness of environmental sustainability is significantly impacting consumer behavior, with many people shifting towards more eco-friendly practices and products. According to a Pew Research Center survey, 74% of individuals across 20 countries consider climate change a major threat, reflecting a broad concern for environmental issues that is influencing market trends. This awareness is driving increased demand for sustainable and organic products. Additionally, technological advancements in farming practices, such as precision agriculture, IoT, and AI-driven analytics, enhance productivity and sustainability. Moreover, the rise in sustainable and organic agricultural commodities and government policies promoting sustainable farming have presented various lucrative opportunities over the forecast years. However, environmental degradation, climate change and environmental risks are challenging the market growth throughout the forecast period of 2024-2032.
The key regions considered for the Global Agricultural Commodity Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is a dominating region in the Global Agricultural Commodity Market in terms of revenue. The market growth in the region is being attributed to factors including large-scale production capabilities and advanced agricultural technologies. The United States is a leading player, benefiting from extensive arable land, robust infrastructure, and a highly mechanized farming sector. This dominance is supported by significant investment in research and development, which enhances productivity and efficiency in agriculture. Whereas, the market in Asia Pacific is anticipated to grow at the fastest rate over the forecast period fueled by increasing population, rising incomes, and changing dietary patterns, which drive higher demand for agricultural products. Countries like China and India are major contributors to this growth, as they invest heavily in agricultural development and modernization to meet the needs of their large and growing populations.