Global Farm Inputs Market Set For 4.0% Growth, Reaching $387.49 Billion By 2028
Farm Inputs Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The farm inputs market size has witnessed consistent expansion in recent years and is projected to grow from $318.49 billion in 2023 to $330.60 billion in 2024, escalating at a compound annual growth rate CAGR of 3.8%. The expansion during the historic period can be ascribed to a surged demand for eco-friendly products, amplified consumption and health-promoting factors, growing nitrogen prices, mounting sustainability concerns, and an increased emphasis on research and development.
What is the current growth rate and size of the global farm inputs market?
The farm inputs market size is expected to see steady growth in the next few years. It will grow to $387.49 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%. The growth in the forecast period can be attributed to government policies and subsidies, international trade agreements, farm sizes and practices, infrastructure development and growth in smart agriculture.
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What factors are driving the growth of the farm inputs market?
The burgeoning need for food production due to an ever-growing global population and the demand for diverse and sustainable food sources are pivotal factors propelling the farm inputs market's growth. Farm inputs, including seeds, fertilizers, pesticides, water, and machinery, amplify food production by enhancing crop yields, fortifying against pests and diseases, and optimizing farming operations' efficiency. For instance, in July 2024, the productivity of the food chain increased by 2.0%, outshining the broader economy's 2.6% rise, according to the Department for Environment, Food, and Rural Affairs, a UK-based governmental department.
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What are the expectations for the farm inputs market in the next few years?
The farm inputs market size is predicted to see a steady growth, ballooning to <b>$387.49 billion in 2028 at a compound annual growth rate CAGR of 4.0%. </b> The rise during the forecast period can be attributed to encouraging government policies and subsidies, favorable international trade agreements, evolving farm sizes and practices, infrastructure development and the surge in smart agriculture. Key trends predicted for the forecast period comprise enhanced fertilizer technology, advances in drip irrigation technology, smart seed technologies, genetically modified organisms GMOs, and incorporation of renewable energy.
Who are the industry players leading the farm inputs market?
Notable companies operating in the farm inputs market encompass Koch Industries Inc., BASF SE, Saudi Basic Industries Corporation, Nutrien Ltd., Yara International ASA, Sumitomo Chemical Company Limited, The Mosaic Company, Cortev Inc., DowDuPont Inc., Syngenta Group AG, CF Industries Holding Inc., ICL Group Ltd., OCI Nitrogen B.V, Borealis AG, Sinochem International Corporation, Lanxess AG, K+S AG, UPL Limited, FMC Corporation, EuroChem Group AG, Coromandel International Limited, Nufarm Limited, PI Industries Limited, Sulphur Mills Limited.
What are the newest trends in the farm inputs market?
Renowned companies operating in the farm inputs market are focusing on creating advanced plant protection solutions, like high-end insecticides, to boost agricultural productivity and sustainability. High-end insecticide refers to premium-grade pest control products that provide advance efficacy and features compared to regular options. For instance, in July 2023, Syngenta India Private Limited, an Indian agrichemical firm, launched Incipio and Simodi, devised for paddy, cotton, and vegetables across the country, based on innovative PLINAZOLIN technology. It offers unique features such as broad-spectrum and long-lasting control against various pests, which enhances crop yields and quality, reducing the number of required applications and overall cost for farmers.
How is the global farm inputs market segmented?
The farm inputs market encompasses the following segments:
1 By Type: Fertilizers, Seeds, Pesticides, Plant Growth Regulators, Soil Conditioners, Farm Equipment.
2 By Function: Plowing And Cultivating, Sowing And Planting, Plant Protection And Fertilizing, Harvesting And Threshing, Other Functions.
3 By Application: Big Enterprise, Farmers, Retailers, Research Institutions.
What are the regional insights into the farm inputs market?
North America dominated the farm inputs market in 2023. The regions included in the farm inputs market report comprise Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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