The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Agricultural Commodity Global Market Report 2024, the agricultural commodity market is expected to show significant growth in the forecast period.

The agricultural commodity market has shown robust growth recently. It was valued at $208.83 billion in 2023 and is projected to reach $220.48 billion in 2024, growing at a compound annual growth rate (CAGR) of 5.6%. The market is expected to continue its strong growth, reaching $277.73 billion by 2028, with a CAGR of 5.9%. This growth can be attributed to several key factors impacting both historical and forecast periods.

Key Drivers of Market Growth

• Healthier Diets: Increasing demand for healthier diets is a major driver. Rising health awareness, concerns about food safety, and a desire for weight management are influencing dietary choices. For instance, 52% of Americans followed a specified diet or eating pattern in 2022, up from 39% in 2021.
• Hydroponics and Sustainable Practices: Growing adoption of hydroponics and interest in renewable energy sources contribute to market expansion. Technological advancements and sustainable farming practices are also pivotal.
• Population Growth and Changing Tastes: Increasing population and changing consumer preferences drive the demand for a diverse range of agricultural commodities.
• Biofuels Demand: Rising interest in biofuels is another significant factor driving market growth.

View More On The Agricultural Commodity Market Report 2024 –https://www.thebusinessresearchcompany.com/report/agricultural-commodity-global-market-report

Major Trends in the Agricultural Commodity Market

• Technological Advancements: Innovations in agricultural technology enhance productivity and efficiency.
• Sustainable Farming Practices: Emphasis on eco-friendly farming methods is becoming more prevalent.
• Biotechnological Innovations: Advances in biotechnology are transforming crop yields and nutritional value.
• Digital Agriculture: Adoption of digital tools and data analytics in agriculture improves decision-making and market transparency.

Major Companies in the Market

Several leading companies are shaping the agricultural commodity market:

• Glencore plc
• Cargill Inc.
• Nestle S.A.
• Archer Daniels Midland Company
• BASF SE
• Bunge Limited
• Bayer AG
• Smithfield Foods Inc.
• Wilmar International Limited
• Syngenta Group
• Barry Callebaut Group
• Ingredion Incorporated
• Monsanto Company
• Agro-K Corporation

Recent Industry Developments

• Agri-Sectoral Indices: Innovations such as agri-sectoral indices, which track the performance of specific agricultural sectors, are enhancing market transparency. For example, the National Commodity and Derivatives Exchange introduced NCDEX GUAREX and NCDEX SOYDEX to provide benchmarks for guar seed and soybean prices.
• Rovensa Group Acquisition: In December 2023, Rovensa Group acquired Agro-K Corporation to strengthen its presence in the U.S. biostimulant market. Agro-K Corporation specializes in organic and sustainable agricultural inputs.

Market Segmentation

The agricultural commodity market is segmented as follows:

• By Product: Soybeans, Corn, Wheat, Rice, Cocoa, Coffee, Cotton, Spices, Other Products
• By Trading: Online, Offline
• By End User: Business to Business, Business to Consumer

Regional Insights

• North America: Dominated the agricultural commodity market in 2023.
• Asia-Pacific: Expected to be a significant region for growth in the coming years.

Conclusion
The agricultural commodity market is poised for continued strong growth, driven by increasing demand for healthier diets, technological advancements, and sustainable practices. As the market evolves, innovative developments and strategic acquisitions will play crucial roles in shaping its future.

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The Agricultural Commodity Global Market Report 2024  provides an in-depth analysis on the agricultural commodity market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the agricultural commodity market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
Agricultural Films Global Market Report 2024
Agricultural Microbial Global Market Report 2024
Agricultural Adjuvants Global Market Report 2024 

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