Agro Textiles Market Touching Impressive Growth by 2027, Fortune Business Insights™
The global agro textiles market share is projected to reach USD
13,458.7 million by 2027, exhibiting a CAGR of 5.2% during the forecast period.
Rising concerns surrounding food security across the globe will be a key growth
propeller for this market, states Fortune Business Insights™ in its report,
titled “Agro Textiles Market Size, Share
& Industry Analysis, By Product (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 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
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.
The report states that the agro
textiles market share value was at USD 9,612.8 million in 2019 and is
expected to reach USD 13,458.7 million by 2027 exhibiting a CAGR of 5.2% during
the forecast period
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The report states that the market value was at USD 9,612.8 million
in 2019 and is expected to surge as a result of the COVID-19 outbreak, owing to
which the CAGR for 2020-2027 is low. The other highlights of the report
include:
Browse summary:
https://www.fortunebusinessinsights.com/agro-textiles-market-102963
Market Driver
Speedy Expansion of Urban Areas to Stimulate
Market Growth
The
Department of Economic and Social Affairs of the UN estimates that 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 use of modern technologies to
improve productivity in agriculture.
Regional Analysis
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.
Competitive Analysis
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.
Industry Developments:
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.
Request a sample PDF ( includes COVID-19 Impact Analysis):
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List of Players Covered in this Market Report:
• Zhongshan Hongjun Nonwovens Co.,
Ltd. (China)
• Hy-Tex (UK) Limited (U.K.)
• Belton Industries (U.S.)
• Beaulieu Technical Textiles
(Belgium)
• B&V Agro Irrigation Co. (India)
• Diatex (France)
• Neo Corp International Limited
(India)
• Meyabond Industry & Trading
(Beijing) Co., Ltd. (China)
• Tama (Japan)
• SRF Limited (India)
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