Agro Textiles Market In-Depth Analysis with Booming Trends Supporting Growth and Forecast 2021-2027
According to Fortune Business Insights™ The global agro textiles market forecast is projected to reach USD 13,458.7 million by 2027, exhibiting a CAGR of 5.2% during the forecast period. Rising concerns surrounding food security across the globe will be a key growth propeller for this market, states Fortune Business Insights™ in its report. According to the Food and Agriculture Organization (FAO) of the UN, around 9.2% of the global population suffered from acute food insecurity and 17.2% experienced moderate food insecurity in 2018. The intensity of food insecurity is likely to get heightened with rapid growth in global population, which is forecasted to reach 9.7 billion by 2050, as per data from the World Bank. In such a situation, the need for improved agricultural productivity is dire and technologies such as agro textiles will play an instrumental role in meeting the challenge of food security in the coming decades, thereby boosting the growth of this market.
The report states that the agro textiles market forecast value was at USD 9,612.8 million in 2019 and is expected to reach USD 13,458.7 million by 2027 exhibiting a CAGR of 5.2% during the forecast period
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Market Driver
Speedy Expansion of Urban Areas to Stimulate Market Growth
The Department of Economic and Social Affairs of the UN estimates that urban population around the world will sharply rise from the current 55% to 70% by 2050, amounting to an addition of 2.5 billion people in these areas. Urban spaces are characterized by hectic lifestyles, sedentary habits, pollution, and overconsumption of unhealthy foods. As a result, the demand for organic and naturally-derived snacks is increasing in these areas, reflecting a marked change in consumption trends around the world. Agro textiles such as capillary mats and mulch nets are witnessing steadily climbing demand as farmers struggle to increase their agriculture yield to meet the high food demand in urban sprawls. Moreover, the agro textiles market growth is being further accelerated by supportive government policies, especially in developing countries, promoting sustainable agriculture practices and use of modern technologies to improve productivity in agriculture.
Regional Analysis
High Reliance on Agriculture to Augment the Market in Asia-Pacific
Asia-Pacific is set to lead the agro textiles market share during the forecast period, with the region boasting a market size of USD 3,302.9 million in 2019. The main reason for the region’s preeminent position in the market is the excessive reliance of the developing economies of India and China on agriculture. Added to this is the high population of these and other countries in the region, which has exacerbated the need for greater agriculture productivity. As a result, the demand new-age materials and tools such as agro textiles in the farming sector are expected to soar in the forthcoming years.
Rapid advancements in aquaculture farming is anticipated to propel the market in North America, while the market in Europe is slated for steady expansion on account of increasing preference for bio-based agricultural textiles in the region.
Competitive Analysis
Introduction of Advanced Products and Solutions to be the Central Focus for Companies
Key players in this market are injecting money into their R&D divisions to speed up the development of next-gen products and solutions to keep up with the changing dynamics of the agriculture sector. These product launches are also aiding companies to strengthen their portfolio of solutions and entrench their position in the market.
Industry Developments:
May 2020: The German technology company, Freudenberg, announced the acquisition of the UK-based high-performance materials conglomerate, Low & Bonar. With this acquisition, Freudenberg will be able expand its technical textiles portfolio as well as get access to Low & Bonar’s technological expertise in this domain.
January 2020: The French technical fabrics specialist, Diatex SAS, unveiled a wide array of specialized textile products for agriculture at the IPM ESSEN 2020 held in Germany. Diatex launched its tailor-made plant and other crop protection solutions at this event.
Source: https://www.fortunebusinessinsights.com/agro-textiles-market-102963