Global pre-harvest market: $56 billion industry by 2018

Press Release   •   Jul 16, 2013 15:22 BST

The global pre-harvest market is suggested to have reached a value of around $40.1 billion by the end of 2012, and is forecast to grow to a total of $55.7 billion by 2018. This suggests a CAGR growth rate of around 5.7% between 2013 and 2018.

Leading manufacturers are focusing on expansion of the respective businesses across regions and setting up new manufacturing plants to ramp up production capacities and broaden overall product line. Major industry participants are involved in new product launches and collaborations to penetrate the untapped markets of Asia and Latin America.

The practice of agriculture around the world showed a significant change owing to the developments made in farm equipment industry. Mechanization in agriculture increasingly proved important and played a key role in agricultural production globally. The inclusion of mechanization not only influenced and reduced the workload, but changed the characteristics of labor in agricultural practices.

Agriculture mechanization improved the timeliness of operation and increased the capacity of production. But this also resulted in the need of bigger and heavier machinery, and also for higher speeds. Conservation and proper utilization of natural resources and reduction in the overall cost of production is also possible if the agricultural machinery is used efficiently. Farm operations are performed on time and better quality of agricultural commodities are produced by usage of machinery.

The global pre-harvest market has grown exponentially in the last few years and a similar trend is expected to continue for the next 7 to 8 years. Leading companies are focusing on launching of new products for expansion of the business in local as well as foreign markets. Investment and expansion is the second most preferred growth strategy after new products launch.

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