According to TechSci Research report, “Agricultural Commodities Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the Global Agricultural Commodities Market stood at USD 224.50 billion in 2023 and is anticipated to grow with a CAGR of 4.75% in the forecast period, 2025-2029. The Population growth and changing dietary patterns has led to favorable market conditions for the global agricultural commodities market. Several factors contribute to the growth of various agricultural commodities products.
Urbanization is a widespread trend globally, characterized by increasing migration from rural regions to cities. This demographic shift brings about shifts in lifestyle and dietary choices. Urban residents often favor processed and convenient foods, which heavily rely on agricultural commodities for manufacturing. Additionally, urban expansion diminishes arable land, presenting challenges to agricultural output. To address the rising demand from urban consumers, the agricultural sector must improve productivity and efficiency, thereby propelling growth in the Global Agricultural Commodities Market.
Climate change and natural resource scarcity present substantial hurdles to agricultural productivity. Unpredictable weather, water shortages, and soil depletion adversely impact crop yields and livestock output. As a result, the Global Agricultural Commodities Market sees expansion as agricultural stakeholders strive to adjust to and alleviate the impacts of climate change. Investments in drought-resistant crops, precision agriculture technologies, and sustainable farming methods become imperative, fueling the need for agricultural commodities, which will further fuel market growth.
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According to a new feature, scenario analysis predicts that a 1% increase in fertilizer prices would lead to a 0.2% increase in agricultural commodity prices. Global food consumption, the primary use of agricultural commodities, is forecasted to grow by 1.3% annually over the next decade. This growth rate is slower than the previous decade, attributed to anticipated declines in population and per capita income growth.
This year's Outlook also offers enhanced estimates for food consumption by integrating calculation methods to assess food loss and waste for the first time. The report is a collaborative effort between the Organisation for Economic Co-operation and Development (OECD) and the Food and Agricultural Organization (FAO) of the United Nations, developed with contributions from Member countries and international commodity organizations.
A rising consumer inclination towards sustainably sourced and organic agricultural commodities is evident. This shift is propelled by increasing concerns regarding environmental sustainability, food safety, and health awareness. Consumers seek products devoid of synthetic pesticides, genetically modified organisms (GMOs), and other chemical inputs. Consequently, farmers and agricultural producers are adopting sustainable and organic farming methods. This transition presents opportunities for growth within the Global Agricultural Commodities Market, particularly in the niche segment catering to sustainable and organic products.
The agricultural sector's access to extensive data has underscored the significance of data analytics and digital platforms. Farmers and agricultural enterprises increasingly rely on data-driven insights to guide decisions on crop selection, planting strategies, pest control, and market dynamics.
Digital platforms and mobile applications offer up-to-date market insights, streamline supply chain management, and facilitate direct connections between farmers and buyers, bypassing intermediaries. The integration of data analytics and digital platforms is poised to propel future growth in the Global Agricultural Commodities Market by enhancing operational efficiency, transparency, and market accessibility.
The Global Agricultural Commodities Market encounters significant hurdles, including climate change and extreme weather occurrences, resource scarcity, environmental deterioration, market instability, trade barriers, regulatory intricacies, and socioeconomic and demographic influences. Addressing these challenges necessitates proactive measures integrating sustainable practices, risk mitigation, innovation, and adaptable strategies. This approach ensures the enduring growth and resilience of the Global Agricultural Commodities Market.
The future expansion of the Global Agricultural Commodities Market hinges on several key factors, including growing demand for sustainable and organic produce, advancements in agricultural technology, the rising significance of data analytics and digital platforms, heightened focus on food security, shifting trade dynamics and geopolitical influences, and challenges related to climate change and sustainability. Businesses within this market should diligently track these trends and tailor their strategies to capitalize on emerging opportunities while effectively navigating the associated challenges.
The Global Agricultural Commodities Market is segmented into type, trading type, product type, regional distribution, and company.
Based on its trading type, the online segment has emerged as the predominant market leader, Online trading, facilitated through digital platforms and electronic marketplaces, is gaining prominence due to its convenience and accessibility. Online platforms provide real-time market information, enable transparent transactions, and offer ease of access for buyers and sellers worldwide.
Additionally, online trading allows for efficient supply chain management and direct connections between producers and consumers, bypassing intermediaries. The scalability and flexibility of online platforms attracts a wide range of participants, from small-scale farmers to large agricultural corporations, driving significant transaction volumes in the Global Agricultural Commodities Market.
The Asia Pacific region is experiencing rapid market growth. Asia Pacific's rapidly growing population, particularly in countries like China and India, presents a significant demand for agricultural commodities. As incomes rise and dietary preferences evolve, there is a growing appetite for diverse and high-quality food products, including grains, meat, dairy, and horticultural products. This surge in demand creates lucrative opportunities for agricultural producers and exporters in the region.
Asia Pacific benefits from its vast agricultural potential and diverse agro-climatic conditions. The region encompasses a wide range of ecosystems, from tropical rainforests to temperate plains, allowing for the cultivation of a diverse array of crops. Additionally, advancements in agricultural technology and practices, such as precision farming, irrigation management, and biotechnology, further enhance productivity and efficiency in the agricultural sector, driving growth in agricultural commodity production.
Asia Pacific's strategic geographical location and growing connectivity facilitate trade and market access for agricultural commodities. The region serves as a hub for global trade routes, with key ports and transportation networks linking Asia Pacific countries to major markets worldwide. This connectivity enables agricultural producers in the region to capitalize on international trade opportunities and meet the demand for agricultural commodities in both domestic and export markets.
Supportive government policies and initiatives aimed at promoting agricultural development and enhancing food security contribute to the growth of the agricultural commodities market in Asia Pacific. Governments across the region implement measures such as subsidies, incentives for agricultural investment, infrastructure development, and research and development funding to support the agricultural sector and ensure a stable food supply for growing populations.
Major companies operating in Global Agricultural Commodities Market are:
- Archer Daniels Midland Company
- AGROPECUARIA MAGGI LTDA
- Bunge Global SA
- Cargill, Incorporated
- Golden Agri-Resources Ltd
- JBS USA Food Company Holdings
- Louis Dreyfus Company B.V.
- Olam Group Limited
- Wilmar International Limited
- Marfrig Global Foods SA
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“The Global Agricultural Commodities Market is driven by several key trends that shape its growth trajectory. Population growth, changing dietary patterns, and urbanization drive the demand for agricultural commodities, while increasing biofuel production and technological advancements in agriculture create new opportunities. However, the market also faces significant challenges. Climate change, resource scarcity, and environmental degradation pose risks to production, while market volatility, trade barriers, and regulatory complexities introduce uncertainties.
Overcoming these challenges requires sustainable practices, risk management strategies, and adaptability to ensure the long-term growth and resilience of the Global Agricultural Commodities Market. Businesses operating in this sector must carefully navigate the evolving landscape, leveraging the driver trends and addressing the challenges to capitalize on opportunities and succeed in this dynamic market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Agricultural Commodities Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Hard, Soft), By Trading Type (Online, Offline), By Product Type (Soybeans, Corn, Wheat, Rice, Cocoa, Coffee, Cotton, Spices, Oil Seed, Sugar, Meat, Dairy Products, Others), By Region and Competition, 2019-2029F”, has evaluated the future growth potential of Global Agricultural Commodities Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Agricultural Commodities Market.
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