Agriculture Market Opportunities and Strategies to 2033

This report describes and explains the agriculture market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global agriculture market reached a value of nearly $13.1 trillion in 2023, having grown at a compound annual growth rate (CAGR) of 6.55% since 2018. The market is expected to grow from $13.1 trillion in 2023 to $19.1 trillion in 2028 at a rate of 7.88%. The market is then expected to grow at a CAGR of 7.68% from 2028 and reach $27.7 trillion in 2033.

Growth in the historic period resulted from the rising demand for organic food products, increasing adoption of precision farming, growing food demand and increased crop production. Factors that negatively affected growth in the historic period include negative public perception of genetically modified crops and climate change and global warming.

Going forward, the rising shift towards sustainable agricultural practices, rise in government initiatives towards agricultural practices, increase in the growth of e-commerce and rising urbanization will drive the market. Factors that could hinder the growth of the agriculture market in the future include dependence on technical expertise and greenhouse gas emissions from agricultural production.

The agriculture market is segmented by type into animal produce, crop production and rural activities. The crop production market was the largest segment of the agriculture market segmented by type, accounting for 43.22% or $5.7 trillion of the total in 2023. Going forward, the crop production segment is expected to be the fastest growing segment in the agriculture market segmented by type, at a CAGR of 8.52% during 2023-2028.

The agriculture market is segmented by nature into organic and conventional. The conventional market was the largest segment of the agriculture market segmented by nature, accounting for 89.60% or $11.7 trillion of the total in 2023. Going forward, the organic segment is expected to be the fastest growing segment in the agriculture market segmented by nature, at a CAGR of 11.34% during 2023-2028.

The agriculture market is segmented by distribution channel into supermarkets or hypermarkets, convenience stores, e-commerce and other distribution channels. The supermarkets or hypermarkets market was the largest segment of the agriculture market segmented by distribution channel, accounting for 35.82% or $4.7 trillion of the total in 2023. Going forward, the e-commerce segment is expected to be the fastest growing segment in the agriculture market segmented by distribution channel, at a CAGR of 9.35% during 2023-2028.

Asia-Pacific was the largest region in the agriculture market, accounting for 51.31% or $6.7 trillion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the agriculture market will be the Middle East and Africa, where growth will be at CAGRs of 19.45% and 10.60% respectively. These will be followed by South America and Eastern Europe, where the markets are expected to grow at CAGRs of 10.02% and 8.78% respectively.

The global agriculture market is highly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 3.52% of the total market in 2023. Cargill Incorporated was the largest competitor with a 0.61% share of the market, followed by Archer Daniels Midland Co. (ADM) with 0.56%, JBS SA with 0.50%, COFCO International Ltd. (China Foods Limited) with 0.38%, Bunge Global SA with 0.33%, Tyson Foods Inc with 0.32%, CHS Inc with 0.27%, Olam International with 0.22%, WH Group with 0.19% and Louis Dreyfus Company B.V with 0.14%.

The top opportunities in the agriculture market segmented by type will arise in the crop production segment, which will gain $2.86 trillion of global annual sales by 2028. The top opportunities in the agriculture market by nature will arise in the conventional segment, which will gain $5.07 trillion of global annual sales by 2028. The top opportunities in the agriculture market by distribution channel will arise in the supermarkets or hypermarkets segment, which will gain $2.17 trillion of global annual sales by 2028. The agriculture market size will gain the most in India at $702.88 billion.

Market-trend-based strategies for the agriculture market include focus on advancements in precision agriculture for sustainable farming, innovation in biological crop protection for sustainable agriculture, the rise of agricultural drones for precision farming and development of new plant breeding techniques to increase crop yield.

Player-adopted strategies in the agriculture market include focus on expanding business expertise through new products and strategic partnerships.

To take advantage of the opportunities, the analyst recommends the agriculture companies to focus on precision agriculture to enhance sustainability, focus on innovative bio fungicides for sustainable agriculture, focus on agriculture drones for enhanced crop management, focus on advanced plant breeding techniques for increased crop yield, focus on crop production segment for strategic growth, focus on organic segment for rapid growth, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, focus on e-commerce for accelerated growth and focus on urban population.