The global agro textilesmarket size is projected to reach USD 13,458.7 millionby 2027, exhibiting a CAGR of 5.2% during the forecastperiod. Rising concerns surrounding food security across the globe will be akey growth propeller for this market, states Fortune Business Insights™ in itsreport, titled “Agro Textiles Market Size, Share & Industry Analysis, ByProduct (Shade Nets, Mulch Nets, Fishing Nets, Anti-Hail & Bird Protection,and Others), By Application (Agriculture, Aquaculture, Horticulture &Floriculture, and Others), and Regional Forecast, 2020-2027”. According tothe 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 and technologiessuch as agro textiles will play an instrumental role in meeting the challengeof food security in the coming decades, thereby boosting the growth of thismarket.
COVID-19 Impact Analysis:
The recent coronavirus outbreak has had anadverse impact on majority of the businesses across the world. Accounting tothe strict measures taken by governments of major countries, it has becomeincreasingly difficult to carry out business operations. The report willinclude the impact of the Covid-19 pandemic on the global. It will also includethe strategies that major companies are adopting to overcome the downfallsduring this pandemic.
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The report states that the market value was at USD 9,612.8 million in 2019 andis expected to surge as a result of the COVID-19 outbreak, owing to which theCAGR for 2020-2027 is low. The other highlights of the report include:
- 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.
Speedy Expansion of UrbanAreas to Stimulate Market Growth
The Department of Economic and Social Affairs ofthe UN estimates that urban population around the world will sharply rise fromthe current 55% to 70% by 2050, amounting to an addition of 2.5 billion peoplein these areas. Urban spaces are characterized by hectic lifestyles, sedentaryhabits, pollution, and overconsumption of unhealthy foods. As a result, thedemand for organic and naturally-derived snacks is increasing in these areas,reflecting a marked change in consumption trends around the world. Agrotextiles such as capillary mats and mulch nets are witnessing steadily climbingdemand as farmers struggle to increase their agriculture yield to meet the highfood demand in urban sprawls. Moreover, the agro textiles market growth isbeing further accelerated by supportive government policies, especially indeveloping countries, promoting sustainable agriculture practices and use ofmodern technologies to improve productivity in agriculture.
High Reliance onAgriculture to Augment the Market in Asia-Pacific
Asia-Pacific is set to lead the agro textilesmarket share during the forecast period, with the region boasting a market sizeof USD 3,302.9 million in 2019. The main reason for the region’s preeminentposition in the market is the excessive reliance of the developing economies ofIndia and China on agriculture. Added to this is the high population of theseand other countries in the region, which has exacerbated the need for greateragriculture productivity. As a result, the demand new-age materials and toolssuch as agro textiles in the farming sector are expected to soar in theforthcoming years.
Rapid advancements in aquaculture farming isanticipated to propel the market in North America, while the market in Europeis slated for steady expansion on account of increasing preference forbio-based agricultural textiles in the region.
Introduction of AdvancedProducts and Solutions to be the Central Focus for Companies
Key players in this market are injecting moneyinto their R&D divisions to speed up the development of next-gen productsand solutions to keep up with the changing dynamics of the agriculture sector.These product launches are also aiding companies to strengthen their portfolioof solutions and entrench their position in the market.
- 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.
Browse Summary of ThisResearch Report with Detailed Table of Content: https://www.fortunebusinessinsights.com/agro-textiles-market-102963