Global agricultural products market expected to generate $2,334 bn total revenues in 2016

The global agricultural products market is expected to generate total revenues of $2,334.5bn in 2016, representing a compound annual growth rate (CAGR) of 3.1% between 2012 and 2016, according to new reports from MarketLine. Market production volume is forecast to increase with a CAGR of 1.7% between 2012-2016, to reach a total of 861.6 million tonnes in 2016. 

The agricultural products industry consists of the production of Cereals (such as wheat, rice, barley etc.), Nuts (almonds, hazelnuts, pistachios etc.), Oilcrops (cottonseed, groundnuts, olives etc.), Spices & Stimulants (coffee, hops, dry chilies etc.), Sugar (sugar cane, sugar beet etc.), Pulses (beans, peas, lentils etc.), Roots & Tubers (Potatoes, sweet potatoes, cassava etc.), Vegetables (cabbages, tomatoes, onions etc.), and Fruit (bananas, citrus fruits, berries etc.)

Since 2014, prices are driving market values higher, a trend that mainly sourced from Latin American and Asian emerging markets.

Brazil, Russian Federation, India and China (BRIC) are the emerging and fast growing countries within the agricultural products industry and had a total market value of $1,300.5 billion in 2016. Brazil was the fastest growing country with a CAGR of 13.6% over the 2012-16 period. Within the agricultural products industry, China is the leading country among the BRIC nations with market revenues of $866.4 billion in 2016. This was followed by India, Brazil and Russia with a value of $276.7, $123.3, and $34.0 billion, respectively. China is expected to lead the agricultural products industry in the BRIC nations with a value of $1,151.2 billion in 2021, followed by India, Brazil, Russia with expected values of $414.1, $183.0 and $45.1 billion, respectively.

The agricultural products industry within the NAFTA countries had a total market value of $232.1 billion in 2016. Mexico was the fastest growing country, with a CAGR of 3% over the 2012-16 period. Within the agricultural products industry, US is the leading country among the NAFTA bloc, with market revenues of $184.5 billion in 2016. This was followed by Mexico and Canada, with a value of $26.9 and $20.7 billion, respectively. US is expected to lead the agricultural products industry in the NAFTA bloc, with a value of $193.6 billion in 2021, followed by Mexico and Canada with expected values of $38.3 and $25.0 billion, respectively.