Agricultural Commodity Market to Reach $2.2 Trillion Globally by 2032 at 3.2% CAGR: Allied Market Research

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May 20, 2024, 10:01 ET

The rising demand for sustainable & organic products and advancements in agricultural technology are projected to drive the global agricultural commodity market's growth during the forecast period. The Asia-Pacific region is predicted to witness prominent growth by 2032.

WILMINGTON, Del., May 20, 2024 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Agricultural Commodity Market Size, Share, Competitive Landscape and Trend Analysis Report by Product, by Nature, by Distributional Channel: Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global agricultural commodity market generated $1.6 trillion in 2022, and is anticipated to generate $2.2 trillion by 2032, rising at a CAGR of 3.2% from 2023 to 2032.

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Prime Determinants of Growth

The growing awareness of environmental degradation & sustainability, a shift towards sustainable farming & organic production methods, and the supportive government policies promoting sustainable agricultural practices are the factors expected to drive the growth of the global agricultural commodity market in the forecast period from 2023 to 2032. However, environmental degradation and climate change may restrict market growth in the coming future. Contrarily, the adoption of sustainable farming methods like organic farming & regenerative agriculture and the rising demand for sustainable and organic products are expected to offer remunerative opportunities for expanding the agricultural commodity market during the forecast period.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$1.6 trillion
Market Size in 2032	$2.2 trillion
CAGR	3.2 %
No. of Pages in Report	315
Segments covered	Product, Nature, Distribution Channel, and Region
Drivers	Increasing awareness of environmental degradation & sustainability A shift towards sustainable farming practices & organic production methods. Supportive government policies
Opportunities	Rising demand for sustainable and organic products Technological advancements like precision farming
Restraints	Climate change and environmental risks

Product: Cereals Sub-segment to be the Most Dominant During the Forecast Period

The cereals sub-segment accounted for the largest global agricultural commodity market share of 38.4% in 2022 and is expected to rise at the highest CAGR of 3.5% during the forecast period. Rapid population growth, dietary shifts, and global trade dynamics are the primary drivers behind the dominance of this sub-segment. Besides, global trade agreements and climate variability impact production and distribution, influencing market prices and presenting challenges and opportunities for producers.

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Nature: Conventional Sub-segment to Hold Major Share by 2032

The conventional sub-segment accounted for the largest global agricultural commodity market share of 54.6% in 2022 and is expected to hold major share during the forecast period. This is mainly because conventional farming practices utilize synthetic fertilizers, pesticides, and herbicides to enhance soil fertility, control pests and weeds, and ensure consistent water supply through irrigation systems. Mechanization further boosts efficiency, enabling farmers to prioritize high-yield crop varieties to meet consumer demands and remain competitive in the industry.

Distribution Channel: Hypermarkets/Supermarkets Sub-segment to Flourish Immensely by 2032

The hypermarkets/supermarkets sub-segment held the largest market share of 36.0% in 2022 and is predicted to continue to hold major share by 2032. The rising consumer demand for convenience and variety fuels the need for a diverse range of fresh produce, stimulating demand for agricultural commodities. Efficient supply chain management ensures timely delivery of perishable goods, while competitive pricing and promotions influence purchasing decisions. Moreover, stringent quality standards drive suppliers to maintain high-quality products, fostering consumer trust and loyalty.

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Region: Asia-Pacific Market to be the Most Prominent During the Forecast Period

The Asia-Pacific agricultural commodity market accounted for the largest share of 51.2% in 2022 and is predicted to continue its dominance and grow at the highest CAGR of 3.5% during the forecast period. Population growth, urbanization, and evolving dietary preferences towards higher-value products stimulate market growth. Government policies, trade agreements, and technological advancements play pivotal roles in production, distribution, and pricing. Moreover, increasing demand for sustainable and organic products reflects evolving consumer preferences, offering premium pricing opportunities.

Leading Players in the Agricultural Commodity Market:

Archer Daniels Midland
Louis Dreyfus
Ag Processing Inc.
Marubeni Corporation
Cofco
Olam International
Cargill Incorporated
Bunge Limited
Glencore Agriculture
Wilmar International Limited

The report provides a detailed analysis of the key players of the global agricultural commodity market. These players are employing various strategies including launching new products, entering collaborations, expanding operations, forming joint ventures, and signing agreements, all aimed at boosting their market share and securing their competitive position across different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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