Agriculture, Forestry, Fishing and Hunting in the US - Market Research Report (2014-2029)

Cornucopia of Possibility: Sector Revenue is Expected to Recover from Major Declines due to the Pandemic

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.

As one of the oldest sectors in the United States, the Agriculture, Forestry, Fishing and Hunting sector has a longstanding place in the economy. However, it is also one of the most historically volatile sectors. Agricultural production can be affected by many unpredictable and unstoppable factors. Sector revenue has risen at an annualized rate of 4.3% to $638.7 billion over the five years to 2023. Revenue growth has been mainly driven by the industry's strong performance in 2021, where after years of declines, industry revenue rose 14.8% during 2021 alone. As the world recovered from the COVID-19 (coronavirus) pandemic after 2020, farms have benefited from increased demand for industry exports, which has primarily driven revenue growth. As supply chains recover and prices normalize, revenue will fall 2.4% in 2023. Meanwhile, profit margins during the current year will exceed pre-pandemic levels due to sustained consumer demand, which spiked following the pandemic.

This sector includes farms that primarily grow crops or raise livestock, as well as companies specializing in forestry and agricultural support services. This sector also includes companies that provide land for hunting and fishing.