Agricultural Commodity Global Market Report 2024
“The Business Research Company recently released a comprehensive report on the Global Agricultural Commodity Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, 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%. The growth in the historic period can be attributed to increasing crop yields, increasing nutritional value, increasing agricultural production, an increase in water efficiency in farming, and a rise in income levels.
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 growth in the forecast period can be attributed to increasing demand for healthier diets, growing adoption of hydroponics, growing interest in renewable energy sources, increasing population and changing consumer taste, and growing demand for biofuels. Major trends in the forecast period include technological advancements, sustainable farming practices, biotechnological innovations, shifts in dietary preferences, and digital agriculture adoption.
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Market Drivers and Trends:
The increasing demand for healthier diets is expected to propel the growth of the agricultural commodity market going forward. Healthier diets refer to eating patterns or choices that promote physical well-being and reduce the risk of chronic diseases. The increasing demand for healthier diets is due to rising health awareness, concerns about food safety, a desire for weight management, the prevalence of chronic diseases, and accessibility to nutritious food options. Agricultural commodities are the cornerstone of healthy diets by providing critical nutrients, promoting various food choices, and improving overall health and well-being. For instance, according to the 2022 Food and Health Survey by the International Food Information Council (IFIC), a US-based nonprofit organization that promotes science-based information on nutrition, food safety, and sustainable food systems, around 52% of Americans followed a specified diet or eating pattern, up from 39% in 2021. The top choices were clean eating (16%), mindful eating (14%), and calorie counting (13%). Therefore, the increasing demand for healthier diets is driving the growth of the agricultural commodity market.
Major companies operating in the agricultural commodities market are focused on developing innovative products, such as agri-sectoral indices, designed to provide a standardized measure of the performance of the guar seed and soybean sectors. Agri-sectoral indices typically refer to indices or indexes that track the performance of specific segments within the agricultural industry. These indices can be designed to measure agricultural commodities’ overall performance, stocks, or even specific aspects like agricultural technology or equipment. For instance, in July 2021, the National Commodity and Derivatives Exchange, an India-based agricultural commodity exchange company, introduced NCDEX GUAREX and NCDEX SOYDEX, India’s first agricultural sectoral indices, offering benchmarks for guar seed and soybean prices. They enable risk management, investment diversification, and market transparency, facilitating hedging and investment opportunities in these critical agricultural commodities.
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Major Key Players of the Market:
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
Agricultural Commodity Market 2024 Key Insights:
• 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%.
• Rising Demand For Healthier Diets Driving Agricultural Market Growth
• Innovative Agri-Sectoral Indices Enhance Agricultural Commodity Market Performance And Transparency
• North America was the largest region in the agricultural commodity market in 2023
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This release was published on openPR.