Industry Analysis

Projected Post-Covid Market Size, Growth Rate, Estimated Number of Employees, and the Number of Companies/Businesses: Agriculture

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Market Size and Market Growth Rate

  • According to The Business Research Company, the global agriculture industry market size is expected to decline from $9.997 trillion in 2019 to $9.890 trillion in 2020 at a CAGR of -1.1%. “The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it.”
  • The industry is expected to “recover and grow at a CAGR of 8% from 2021 and reach $12168.3 billion in 2023.”
  • The projected market size for the global agriculture industry in 2022 is $11.54 trillion ($9.890 trillion x (8/100 +1) ^2).
  • According to USDA, “agriculture, food, and related industries contributed $1.109 trillion to the U.S. gross domestic product (GDP) in 2019.”
Agriculture in the United States
  • According to Trading Economies, “GDP From Agriculture in the United States decreased to $235.90 billion in the second quarter of 2020 from $264.10 billion in the first quarter of 2020.” GDP From Agriculture is expected to reach $262 billion in 2022.

Number of employees

  • According to the US Bureau of Labor Statistics, the number of employees in the agriculture industry was 2.303 million in 2019.
  • An exhaustive search through industry publications, market reports, media articles, regulatory websites, and statistical databases could not find employment projections that include impacts of the COVID-19 pandemic.
  • The US Bureau of Labor Statistics projects the number of employees in the US agriculture industry to reach 2.265 million by 2029 at a CAGR of -0.2%.
  • Using the CAGR of –0.2% the number of employees in the US agriculture industry is anticipated to reach 2.289 million by 2022. The projected number was calculated using a reverse CAGR calculator. The starting value is 2.303 million (2019), and the number of periods is 3 (years).

Companies/Businesses

  • According to IBIS World, the number of agribusinesses in the United States in 2020 is 2,750,301. The number of businesses is expected to decline by 0.1% in 2020.
  • Assuming that the number of agribusinesses in the United States will continue growing at a CAGR of 0.5% between 2020 and 2022, the number of agribusinesses is anticipated to reach 2,777,872 by 2022. This projected number was calculated using a reverse CAGR calculator. The starting value is 2,750,301 (2020), and the number of periods is 2 (years).
GLENN TREVOR
Glenn is the Lead Operations Research Analyst at Simple Manifestation with experience in research, statistical data analysis and interview techniques. A holder of degree in Economics. A true specialist in quantitative and qualitative research.

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