Global Agricultural Commodities Market Study at 6.9% CAGR in the Forecast Period
Published | 20 August 2021
Agri-products are crops and livestock that are produced and harvested for use as food and fuel. Many factors are driving the growth of the global agricultural commodities market, including higher disposable income, changing consumer tastes, and adoption of advanced technologies..
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global agricultural commodities market is estimated to grow at a CAGR of 6.9% during the forecast period. Market growth can be attributed to factors such as the growing global population and the expanding manufacturing and production operations, especially in emerging economies, which fuel demand for agricultural commodities. Furthermore, the high dependence on agricultural activities for economic growth is another factor contributing to the growth of the global agricultural commodities market. However, the use of outdated agricultural techniques and methods, along with extreme climatic events, could serve as a barrier to market growth.
High Dependence on Agriculture Is Boosting the Global Agricultural Commodities Market
Several countries are highly dependent on agriculture since it contributes to the growth of their economies. This is because agriculture is the fundamental source of income for a large percentage of the population in these emerging economies. A lot of agricultural commodities produced are often exported to other nations to boost the income of the country. Foreign exchange earned from agricultural commodities accounts for about 75% of the total country's exports. Thus, governments take a number of initiatives to increase the yield of agricultural commodities, thereby boosting the growth of the market.
Growing Demand for Processed Foods Is Propelling the Growth of The Global Agricultural Commodities Market
One of the major driving factors driving the growth of the global agricultural commodities market is the increasing demand for processed foods. The demand for processed foods like breakfast cereals, cheese, tinned vegetables, bread, meat products has witnessed a significant surge over the past few years. As a result, the demand for agricultural commodities used for the production of such processed foods has shot up dramatically.Furthermore, urbanization and the growing number of working individuals have both played a major role in spurring the growth of the global agricultural commodities market.
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Global Agricultural Commodities Market - By End-User
Based on end-users, the global agricultural commodities market is segmented into B2B and B2C. The B2C segment currently holds the largest market share and is likely to maintain its dominance even during the forecast period. This is because a large percentage of agricultural commodities produced are used to feed the population of the country. The rest is supplied to the B2B traders for the production of processed foods. Moreover, a large percentage of the economy depends on its export earnings. This is why the B2B segment is also growing at a substantial rate.
Global Agricultural Commodities Market - Regional Insights
Geographically, the global agricultural commodities market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these, the Asia-Pacific region dominates the market. Various developing countries like India, China, Japan, Indonesia, rely heavily on agriculture and trade for economic growth. Furthermore, the high concentration of leading food processing brands like Yummy Corp, Blue Tokai Coffee Roasters, Good Dot, etc., also plays a major role in boosting the growth of the agricultural commodities market in the Asia-Pacific region.
Impact of COVID-19 on Global Agricultural Commodities Market
The global agricultural commodities market has been negatively affected by the COVID-19 pandemicbecause of the lockdown imposed by the countries to curb the spread of the virus. Lockdown protocols acted as a hindrance to the market growth due to the restrictions on distribution channels. Moreover, meat consumption witnessed a significant decline during this period. Furthermore, social distancing protocols, as well as an inadequate pool of labor, caused complete disruptions of manufacturing and production. It is still expected that this short-term setback will be temporary, as, as economic activities resume, this market will be able to bounce back.
The leading players in the global agricultural commodities market are Tyson Foods, JBS S.A., Cargill, Bunge Limited, ADM, Louis Dreyfus Company, Nestle, Monsanto, Olam International, Barry Callebaut, Ingredion Incorporated, Marfrig, Bayer, Conagra Brands, Syngenta, General Mills, Glencore, Unilever, Smithfield Foods, and other prominent players.
There is a great deal of focus on offering a wide range of products that address the needs and preferences of different geographical areas and populations within the industry. Furthermore, mergers, acquisitions, partnerships, and collaborations are common strategies adopted by market players in the global agricultural commodities market to expand their products into potential markets and establish their brands as global leaders.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global agricultural commodities market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global agricultural commodities market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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