Trends in Agriculture 2024
Agriculture, Forestry, Fishing, and Hunting Sector Business Trends
International trade disputes and the COVID-19 pandemic have added extra volatility to the agriculture, forestry, and hunting sector. Over the last five years, the agriculture sector has seen declines in revenue. Price changes and concerts surrounding inflation may contribute to sector growth, but factors will further complicate the industry and can result in long-term issues.
Nevertheless, the agriculture industry is large and prominent. Given the world’s dependence on this industry for survival, the agriculture, forestry, and hunting sector innovations will likely contribute to future growth.
Recommended: Visit our Business Trends page to explore interactive data for other industries.
Skip ahead to:
Key Sector Indicators
Market Revenue: 465.6 Billion
Profit: $86.6 Billion
Profit Margin: 18.6%
Number of Businesses: 2 Million
Employment: 4 Million
Sector Revenue Trend
Market revenue is an important key indicator for understanding how much money is coming into a sector. The following graph shows the industry’s profit revenue since 2003. Additionally, a projection for the sector’s future revenue through 2027 is given.
Hover over the graph to see the sector’s total revenue for a particular year.
(This graph is interactive!)
Major Players and Industry Competition
Major players in the agriculture industry make up roughly 11% of the sector’s total market. Tyson Foods, the largest player in the industry, accounts for 7.5% of the agriculture, forestry, fishing, and hunting market. The prominence of Tyson Foods in this industry suggests that small businesses and new businesses may have to work harder to establish themselves in the agriculture sector.
(These graphs are interactive!)
Agriculture Sector Business Formations Trends 2018–2020
Business formation applications measure the number of small businesses and companies entering the industry. The graphs below show the number of business formation applications each month within the agriculture sector.
Total business applications in this sector:
(These graphs are interactive!)
Business Concentration in the US
California, Iowa, Nebraska, Kansas, Minnesota, Illinois, and Texas house 45% of the industry. Given the agriculture industry’s need for fertile land, it’s no surprise that many agriculture, forestry, fishing, and hunting businesses are found in more rural Midwestern states.
Click on a state to see:
- Percent of Total Businesses in Agriculture Sector Nationwide: The percentage of US businesses in the agriculture, forestry, fishing, and hunting sector within that particular state.
- Percent of Total Population Nationwide: The percent of adults (18+) within the United State that are residents of that particular state.
- Population: The number of adults (18+) that are residents of that particular state.
- Personal Income Per Capita: The amount of money earned per person (found using the state’s income over the state’s population).
(This map is interactive!)
Key External Drivers for Agriculture
These figures show key external drivers for the agriculture, forestry, fishing, and hunting sector. Key external drivers are factors that offer both small businesses and large companies a glimpse of the sector’s overall health and current industry trends. Use the top menu to view important industry products such as wheat, coarse grains, rice, cotton, and oilseeds. You can then toggle the key indicators of that product.
Key indicators include:
- Output: The quantity of this product produced during the time period.
- Total Supply: Total supply of this product within the economy during the time period (unlike output, this can include supplies produced prior to the time period).
- Trade: This measures international exports of this product. Trade excludes intra-industry trade (i.e., when there is an exchange of similar products within the same industry).
- Total Use: Domestic consumption of this product in US (excluding exports).
- Ending Stock: The remaining inventory of the product.
(This graph is interactive!)
TRUiC's Most Popular Business Ideas in This Sector
Here are our most sought-after business pages related to this industry:
Related Articles
References