Agriculture - United States

United States

Gross production value in Agriculture market is projected to amount to €277.60bn in 2024. An annual growth rate of 3.14% is expected (CAGR 2024-2028), resulting in gross production value of €314.10bn in 2028.
The import value in Agriculture market is projected to amount to €77.5bn in 2024. An annual growth rate of 10.50% is expected (CAGR 2024–2028).
The export value in Agriculture market is projected to amount to €105.7bn in 2024. An annual growth rate of 7.39% is expected (CAGR 2024–2028).

Key regions: United States, Brazil, Germany, Italy, Spain

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Analyst Opinion

The Agriculture market in United States has seen significant development in recent years.

Customer preferences: Consumers in the United States are increasingly interested in organic and locally sourced food products. This has led to a rise in demand for organic farming practices and an increase in the number of small-scale farmers. Additionally, there has been a growing interest in plant-based diets, which has led to an increase in demand for plant-based protein sources such as soybeans.

Trends in the market: The Agriculture market in United States has seen a trend towards consolidation, with larger agribusinesses acquiring smaller farms. This has led to concerns about the impact on small-scale farmers and the environment. Additionally, there has been a focus on sustainability and reducing the environmental impact of agriculture. This has led to the development of new technologies and practices, such as precision agriculture, which uses data and technology to optimize crop yields and reduce waste.

Local special circumstances: The United States is a large country with diverse agricultural regions, each with its own unique challenges and opportunities. For example, California is a major producer of fruits and vegetables, while the Midwest is known for its grain production. Additionally, the United States has a complex system of subsidies and regulations that can impact the agriculture market.

Underlying macroeconomic factors: The Agriculture market in United States is influenced by a variety of macroeconomic factors, including trade policies, weather patterns, and consumer demand. For example, changes in trade policies can impact the export market for U.S. agricultural products, while droughts or other weather events can impact crop yields. Additionally, shifts in consumer preferences can impact demand for certain products and drive innovation in the industry.

Methodology

Data coverage:

The data encompasses B2B. Figures are based on the value of gross production in the agriculture market, which values of production are calculated by multiplying gross production by output prices at the farm gate.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use resources from the Statista platform as well as annual financial reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting agriculture products due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.