What Is The Overview Of The Global Agricultural Commodity Market?
An agricultural commodity is a raw product derived from farming and agriculture, used for consumption, trade, or further processing. These commodities are generally produced in large quantities and are fundamental to global trade and economies.
Agricultural Commodity Global Market Report 2024 provides data on the global agricultural commodity market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The agricultural commodity market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Agricultural Commodity ?
The agricultural commodity market has experienced significant growth, expanding from $208.83 billion in 2023 to $220.48 billion in 2024, with a CAGR of 5.6%. Historical growth was driven by factors such as increasing crop yields, enhanced nutritional value, higher agricultural production, improved water efficiency in farming, and rising income levels. Looking forward, the market is expected to grow to $277.73 billion by 2028 at a CAGR of 5.9%, fueled by factors like rising demand for healthier diets, increased adoption of hydroponics, interest in renewable energy sources, growing population, evolving consumer tastes, and higher demand for biofuels. Key trends include technological advancements, sustainable farming practices, biotechnological innovations, shifts in dietary preferences, and the adoption of digital agriculture.
What Factors Are Driving Growth In The Agricultural Commodity Market?
The growing demand for healthier diets is expected to drive the growth of the agricultural commodity market in the future. Healthier diets refer to eating patterns that support physical health and lower the risk of chronic diseases. This rising demand is fueled by increased health awareness, concerns about food safety, a focus on weight management, the prevalence of chronic diseases, and the availability of nutritious food options. Agricultural commodities play a key role in supporting healthy diets by providing essential nutrients, broadening food choices, and improving overall well-being. For example, the 2022 Food and Health Survey by the International Food Information Council found that 52% of Americans followed a specific diet, up from 39% in 2021, with clean eating, mindful eating, and calorie counting being the top choices. As a result, the rising demand for healthier diets is contributing to the growth of the agricultural commodity market.
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What Are The Main Segments Of The Global Agricultural Commodity Market?
The agricultural commodity market covered in this report is segmented –
1) By Product: Soybeans, Corn, Wheat, Rice, Cocoa, Coffee, Cotton, Spices, Other Products
2) By Trading: Online, Offline
3) By End User: Business To Business, Business To Consumer
What Emerging Trends Are Influencing The Growth Of The Agricultural Commodity Market?
Leading firms in the agricultural commodities sector are focusing on innovative developments, such as creating indices for specific agricultural sectors to standardize performance measurement for commodities like guar seed and soybean. These agri-sectoral indices monitor the performance of particular segments, including commodity prices, agricultural technology, and equipment. For instance, in July 2021, the National Commodity and Derivatives Exchange in India launched NCDEX GUAREX and NCDEX SOYDEX, marking the introduction of India’s first sector-specific agricultural indices. These benchmarks enhance risk management, diversification, and market transparency, enabling hedging and investment opportunities in vital agricultural commodities.
What Is The Largest Region In The Agricultural Commodity Market?
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.
