Sustainable Agriculture Market Projected To Reach $21.95 Billion In 2028, Driven By Environmental Awareness And Demand For Organic Products
The global market reports from The Business Research Company have been updated with the most recent market sizing data for 2024 and projections extended to 2033
/EIN News/ -- LONDON, March 26, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Sustainable Agriculture Global Market Report 2024, the global sustainable agriculture market has experienced rapid expansion in recent years, with the sustainable agriculture market size expected to reach $15.07 billion in 2024, up from $13.54 billion in 2023, representing a compound annual growth rate (CAGR) of 11.3%. This growth is fueled by increasing environmental awareness, regulatory support, and a growing consumer preference for organic products.
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Future Outlook
The sustainable agriculture market is poised for continued growth, with a projected value of $21.95 billion by 2028, representing a CAGR of 9.9% during the forecast period. Key drivers of growth include climate change adaptation, global food security concerns, and the adoption of circular economy practices across the agricultural sector.
Factors Driving Growth
The historic growth in the sustainable agriculture market is attributed to:
- Environmental Awareness: Growing concerns about environmental degradation and climate change have led to a surge in demand for sustainable agricultural practices that minimize harm to ecosystems.
- Consumer Demand for Organic Products: Consumers are increasingly seeking organic food products, driving the adoption of sustainable agricultural practices that avoid synthetic inputs and prioritize soil health.
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Regulatory Support: Supportive government policies and incentives for sustainable agriculture have encouraged farmers to adopt eco-friendly farming methods.
Innovations and Major Trends
Innovations in agroecology, technology integration, and precision agriculture are reshaping the industry landscape. Major trends in the forecast period include the adoption of sustainable biostimulants, advancements in crop diversity, and the use of blockchain for supply chain transparency.
Meeting Demand for Organic Products
The increasing demand for organic products is a significant driver of market growth. In the United States alone, the organic food market witnessed a record surge in sales, reaching $61.7 billion in 2022. This trend underscores the importance of sustainable agriculture practices in meeting consumer preferences for organic and environmentally friendly products.
Major Players and Innovations
Leading companies in the sustainable agriculture market, such as Cargill Inc., BASF SE, and Deere and Company, are developing innovative products and solutions to enhance crop growth while minimizing environmental impact. For example, Cascadia Seaweed Corp. and Refeed Canada Farms Ltd. collaborated to launch sustainable seaweed-based biostimulants, aimed at promoting climate-resistant food systems.
Regional Insights and Market Segmentation
While North America led the sustainable agriculture market in 2023, Asia-Pacific is expected to emerge as the fastest-growing region in the forecast period. The sustainable agriculture market is segmented by product type, crop type, farming system, formulation, and application, reflecting the diverse nature of sustainable agricultural practices.
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The global sustainable agriculture market is experiencing robust growth, driven by environmental consciousness, consumer demand for organic products, and technological innovations. As the industry embraces circular economy practices and adopts sustainable farming methods, the sustainable agriculture market is expected to play a crucial role in addressing pressing environmental and food security challenges.
Sustainable Agriculture Global Market Report 2024 by The Business Research Company provides insights on the sustainable agriculture market size, sustainable agriculture market segments, sustainable agriculture market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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