Agricultural Commodity Market to Reach $2.2 Trillion Globally by 2032 at 3.2%

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:

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…