The agriculture industry is one of the major contributors to the world’s GDP as the sector feeds billions of people every day. According to the data from the World Bank, the agriculture industry accounted for 4% of the world’s GDP in 2018, and in some developing countries, it can account for more than 25% of GDP. Aside from the actual farm operations, agricultural business or agribusiness refers to the manufacturing and distribution of agricultural products such as farm equipment and supplies, machines, and other farm-related services.
In a Research and Markets analysis, the global agribusiness market is valued at $3.5 trillion as of 2020. North America plays a vital role in the agribusiness industry. The industry also contributes to the growth of the economy by employing approximately 1.4 billion people around the world. Although the agriculture industry offers more stable revenue and growth than that of the volatile sector of oil and gas, there are still a few key factors that could impact its growth such as volatility in production, climate change, supply and demand chain, demand, and access to labor.
