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:
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Market Driver
Speedy Expansion of Urban Areas toStimulate Market Growth
The Department of Economic and SocialAffairs of the UN estimates that urban population around the world will sharplyrise from the current 55% to 70% by 2050, amounting to an addition of 2.5billion people in these areas. Urban spaces are characterized by hecticlifestyles, sedentary habits, pollution, and overconsumption of unhealthyfoods. As a result, the demand for organic and naturally-derived snacks isincreasing in these areas, reflecting a marked change in consumption trendsaround the world. Agro textiles such as capillary mats and mulch nets arewitnessing steadily climbing demand as farmers struggle to increase theiragriculture yield to meet the high food demand in urban sprawls. Moreover, theagro textiles market growth is being further accelerated by supportivegovernment policies, especially in developing countries, promoting sustainableagriculture practices and use of modern technologies to improve productivity inagriculture.
Regional Analysis
High Reliance on Agriculture to Augmentthe Market in Asia-Pacific
Asia-Pacific is set to lead the agrotextiles market share during the forecast period, with the region boasting amarket size of USD 3,302.9 million in 2019. The main reason for the region’spreeminent position in the market is the excessive reliance of the developingeconomies of India and China on agriculture. Added to this is the high populationof these and other countries in the region, which has exacerbated the need forgreater agriculture productivity. As a result, the demand new-age materials andtools such as agro textiles in the farming sector are expected to soar in theforthcoming years.
Rapid advancements in aquaculturefarming is anticipated to propel the market in North America, while the marketin Europe is slated for steady expansion on account of increasing preferencefor bio-based agricultural textiles in the region.
Competitive Analysis
Introduction of Advanced Products andSolutions to be the Central Focus for Companies
Key players in this market areinjecting money into their R&D divisions to speed up the development ofnext-gen products and solutions to keep up with the changing dynamics of theagriculture sector. These product launches are also aiding companies tostrengthen their portfolio of solutions and entrench their position in themarket.
Browse Summary of This Research Report with Detailed Table of Content:
https://www.fortunebusinessinsights.com/agro-textiles-market-102963
