Agriculture products cover a wide array of natural, processed or manufactured commodities that are directly or indirectly derived from agricultural produce. Agricultural products majorly include agriculture, dairy, floriculture and horticulture products. While traditionally it is a labour-intensive industry, currently the industry is shifting towards automated and mechanized processes in order to increase crop yield.
Global agricultural product market can be classified into cereals, fruits & vegetables, pulses & oil crops, seeds, sugar crops, spices & stimulants and nuts; although, it excludes fisheries, poultry and livestock. Of all these agriculture product categories, fruits & vegetables control the major market share followed by cereals. Global seeds market is also expected to grow optimistically attributing to increasing demand for pest resistant & hybrid seeds and biotech crops. Genetically modified seeds are expected to further drive seeds market.
Cereals are core of human diet, however, with increase in disposable income, urbanisation and changing eating habits demand for high protein and fat rich diet is growing. As a result of shift in preference demand for meat products is expected to increase, resulting in growing demand for coarse grains and oilseeds which are majorly used to feed livestock.
By geography, Asia Pacific controls more than 60% of the agriculture products market with China being the leading market.
Demand for agricultural products is growing due to increasing population, which has resulted to supply and demand gap. Consequently, governments of various countries are providing subsidiaries and other incentives to encourage farming. Spoilage of agriculture products because of inadequate storage is also posing a major challenge for the market.
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