Speedy Expansion of Urban Areas to Stimulate Market Growth
The Department of Economic and Social Affairs of the UN estimatesthat 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 fororganic and naturally-derived snacks is increasing in these areas, reflecting amarked change in consumption trends around the world. Agro textiles such ascapillary mats and mulch nets are witnessing steadily climbing demand asfarmers struggle to increase their agriculture yield to meet the high fooddemand in urban sprawls. Moreover, the agro textiles market growth is beingfurther accelerated by supportive government policies, especially in developingcountries, promoting sustainable agriculture practices and use of moderntechnologies to improve productivity in agriculture.
Rising concerns surrounding food security across the globe will bea key growth propeller for this market, states Fortune Business Insights™ inits report, titled “Agro Textiles Market Size, Share and Industry Analysis,By Product (Shade Nets, Mulch Nets, Fishing Nets, Anti-Hail and BirdProtection, and Others), By Application (Agriculture, Aquaculture, Horticultureand Floriculture, and Others), and Regional Forecast, 2020-2027”. Accordingto the Food and Agriculture Organization (FAO) of the UN, around 9.2% of theglobal population suffered from acute food insecurity and 17.2% experiencedmoderate food insecurity in 2018. The intensity of food insecurity is likely toget heightened with rapid growth in global population, which is forecasted toreach 9.7 billion by 2050, as per data from the World Bank. In such asituation, the need for improved agricultural productivity is dire andtechnologies such as agro textiles will play an instrumental role in meetingthe challenge of food security in the coming decades, thereby boosting thegrowth of this market.
The report states that the market value was at USD 9,612.8 millionin 2019 and is expected to surge as a result of the COVID-19 outbreak, owing towhich the CAGR for 2020-2027 is low. The other highlights of the reportinclude:
- Careful examination of all market segments;
- In-depth study of the trends and other factors influencing the growth of the market;
- Comprehensive research into the regional developments and competitive milieu of the market; and
- Exhaustive analysis of the overall industry outlook and market prospects.
Regional Analysis
High Reliance on Agriculture to Augment the Market in Asia-Pacific
Asia-Pacific is set to lead the agro textiles market share duringthe forecast period, with the region boasting a market size of USD 3,302.9million in 2019. The main reason for the region’s preeminent position in themarket is the excessive reliance of the developing economies of India and Chinaon agriculture. Added to this is the high population of these and othercountries in the region, which has exacerbated the need for greater agricultureproductivity. As a result, the demand new-age materials and tools such as agrotextiles in the farming sector are expected to soar in the forthcoming years.
Rapid advancements in aquaculture farming is anticipated to propelthe market in North America, while the market in Europe is slated for steadyexpansion on account of increasing preference for bio-based agriculturaltextiles in the region.
Competitive Analysis
Introduction of Advanced Products and Solutions to be the CentralFocus for Companies
Key players in this market are injecting money into their RandDdivisions to speed up the development of next-gen products and solutions tokeep up with the changing dynamics of the agriculture sector. These productlaunches are also aiding companies to strengthen their portfolio of solutionsand entrench their position in the market.
Browse Summary of This Research Report with Detailed Table ofContent:https://www.fortunebusinessinsights.com/agro-textiles-market-102963
