The global farm-gate market for crops is worth $6559 billion but is growing at 7.3% year on year, so will add $2135 billion by 2021 to reach $8694 billion, a report from The Business Research Company shows. The growth rate has accelerated from an average of 6.3% a year up to 2016, which allowed the market to grow from $4774 billion in 2012 to $6090 billion by 2016. Crop market growth would be even higher except that yields of crops like rice and wheat have hit a plateau, which because the supply-side influence on the size of this market is strong, acts as a restraint on growth. Crops account for over 55% of the global agricultural market, which is growing at the slightly slower rate of 6.2% a year.
The supply-side effect on the size of the crop market, like on other agricultural segments, occurs because of its impact on prices. The global appetite for these products, particularly foods, is highly price-elastic. As a result, developments that encourage higher farm output have a significant expansionary effect on the market. New practices such as using sensors for crop management, vertical farming, microbe-enhanced seeds, smart farming and biologics are boosting the size of the market for crops.
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The largest segments of the global crop market are vegetables, worth nearly a third of the total, grains, worth nearly a quarter and greenhouse, nursery and flower products, worth 16%. The other markets are for fruits and nuts, oilseeds and general crops.
Asia Pacific accounts for 60% of the global crop market. The next largest region is Africa, worth not much more than a sixth as much. However, Africa’s market is growing slightly faster, at 8.8% against 8.1% a year. China, worth 19% of the total and India, at 6%, are the world’s largest single-country markets for crops.
Crop production is very fragmented with a large number of small players. Some consolidation is taking place: Del Monte Pacific, Cutrale Group, Sumitomo Corporation, Alico, Del Monte Foods and Safra Group are among the groups involved in merger and acquisition activity in recent years.
Where to Learn More
Read Crop Production Market Global Briefing 2018 from The Business Research Company for information on the following:
Markets Covered: Vegetable Farming, Grain Farming, Greenhouse, Nursery, And Flowers, Fruit and Nut Farming, General Crop Farming, and Oilseed Farming.
Companies Mentioned: Dole Food Company, Inc., Fresh Del Monte Produce Inc., and Del Monte Pacific Limited
Geographic scope: Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Time series: Five years historic and forecast.
Data: Market value in $ billions.
Data segmentations: Regional breakdowns, market share of competitors, key sub segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
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