November 12, 2021 03:56 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Nov. 12, 2021 (GLOBE NEWSWIRE) -- 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 the 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. Fortune Business Insights™ states that the global agro textiles market size is projected to reach USD 13,458.7 million by 2027, exhibiting a CAGR of 5.2% during the forecast period.
List of Players Covered in this Agro Textiles Market Report are:
Speedy Expansion of Urban Areas to Stimulate Market Growth
The Department of Economic and Social Affairs of the UN estimates that the 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 the use of modern technologies to improve productivity in agriculture.
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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.
The other highlights of the report include:
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.
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