Agricultural Machinery Market - Forecast(2021 - 2026)
Agricultural Machinery Market Overview: As per the Food and Agriculture Organization of the United Nations, global population will mark an astonishing 9.1 billion figure by 2050 witnessing a surge of 34% and to feed these 9 billion mouths global agricultural expenses in developing countries would amount to $83 billion per annum. To counterpart such unprecedented food production demand coupled with depleting arable land, efficient and mechanized agriculture are the main objectives and agricultural machineries are the tool to meet the objectives. The global agricultural machinery market size ranges from $170 billion to $175 billion as of 2018, and is forecast to grow at a CAGR of around 6% going through 2025. An acute regional analysis of this arcade indicates APAC region to have a major share ranging from 40% to 45% as of 2018. Such dominance can be mainly attributed to the monumental Indian and Chinese population indulged in agriculture and industrialization as well. FICCI (Federati