Agricultural Commodity Market Report 2024

The agricultural commodity market size has grown strongly in recent years. It will grow from $208.83 billion in 2023 to $220.48 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. During the historic period, growth was driven by factors such as increased crop yields, enhanced nutritional value of agricultural products, expanded agricultural production, improvements in water efficiency in farming practices, and rising income levels among agricultural communities.

The agricultural commodity market size is expected to see strong growth in the next few years. It will grow to $277.73 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The forecasted growth can be attributed to increasing demand for healthier diets, rising adoption of hydroponic farming methods, growing interest in renewable energy sources, expanding global population, evolving consumer preferences, and increasing demand for biofuels. Major trends anticipated in the forecast period include advancements in technology, adoption of sustainable farming practices, biotechnological innovations, shifts in dietary preferences towards healthier options, and the widespread adoption of digital agriculture solutions.

The agricultural commodity market is set to grow driven by increasing demand for healthier diets. Healthier diets promote physical well-being and lower the risk of chronic diseases, fueled by rising health awareness, concerns over food safety, weight management goals, chronic disease prevalence, and access to nutritious food options. Agricultural commodities play a crucial role in supporting these diets by providing essential nutrients, offering diverse food choices, and enhancing overall health and wellness. For instance, according to the 2022 Food and Health Survey by the International Food Information Council (IFIC), 52% of Americans followed specific diets or eating patterns, up from 39% in 2021, with popular choices including clean eating, mindful eating, and calorie counting. This trend underscores the increasing demand for healthier diets driving growth in the agricultural commodity market.

Leading companies in the agricultural commodities market are focusing on innovation with products such as agri-sectoral indices. These indices track the performance of specific segments within the agricultural industry, providing standardized measures for commodities such as guar seed and soybeans. For example, India's National Commodity and Derivatives Exchange launched NCDEX GUAREX and NCDEX SOYDEX in July 2021, India's first agricultural sectoral indices. These indices enhance market transparency, facilitate risk management, and offer investment opportunities in critical agricultural commodities.

In December 2023, Rovensa Group, a Portugal-based agricultural technology and crop protection solutions company, acquired Agro-K Corporation to bolster its presence in the biostimulant market and expand its portfolio in the US agricultural sector. Agro-K Corporation specializes in organic and sustainable agricultural inputs, reflecting the industry's shift towards more environmentally friendly practices and solutions.

Major companies operating in the agricultural commodity market are Glencore plc, Cargill Inc., Nestle S.A., Archer Daniels Midland Company, BASF SE, Bunge Limited, Bayer AG, Louis Dreyfus Company B.V., Yara International ASA, General Mills Inc., Smithfield Foods Inc., Wilmar International Limited, Syngenta Group, Barry Callebaut Group, Ingredion Incorporated, Fresh Del Monte Produce Inc., Olam International Limited, Adecoagro S.A., BrasilAgro Companhia Brasileira de Propriedades Agrícolas, Devex S.A., Agrium Inc., Monsanto Company, Agro-K Corporation.

North America was the largest region in the agricultural commodity market in 2023. The regions covered in the agricultural commodity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the agricultural commodity market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

An agricultural commodity refers to a raw product sourced from farming and agriculture, essential for consumption, trade, or further processing. These commodities are typically produced in large quantities and play a crucial role in global trade and economies.

The primary agricultural commodities include soybeans, corn, wheat, rice, cocoa, coffee, cotton, spices, and other products. Soybeans, for example, are legumes cultivated primarily for their protein-rich seeds, widely utilized in various food and industrial applications. They are integral to livestock feed and processed foods such as oils and soy milk. Soybeans are traded through various channels, both online and offline, serving diverse end-users ranging from business-to-business to business-to-consumer markets.

The agricultural commodity market research report is one of a series of new reports that provides agricultural commodity market statistics, including agricultural commodity industry global market size, regional shares, competitors with an agricultural commodity market share, detailed agricultural commodity market segments, market trends, and opportunities, and any further data you may need to thrive in the agricultural commodity industry. This agricultural commodity research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The agricultural commodity market consists of sales of livestock and animal products, fruits, vegetables, oilseeds, nuts, and fibers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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