The agriculture market size has grown strongly in recent years. The global agriculture value-add is worth over $3.5 trillion annually, accounting for 4% of the world’s GDP and involving 27% of the total workforce and growing at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to population growth, globalization of trade, government policies, crop protection products, climate and weather patterns, rural development programs. Given its size, Asia was the main contributor to global agriculture, forestry and fishing value added with 66 percent of the world total.

The world’s population is growing and is expected to reach 10 billion by 2050. An increase in the population creates more demand for food. The agriculture market size is expected to see strong growth in the next few years. The growth in the forecast period can be attributed to growing sustainable agriculture practices, genetic engineering in crops, organic farming, vertical farming, water management solutions global food security concerns. Major trends in the forecast period include precision agriculture technologies, integration of artificial intelligence in farming, digital marketplaces for agricultural products, utilization of autonomous farming equipment, adoption of farm management software.