The global agro textiles market size 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.
COVID-19 Impact Analysis:
The recent coronavirus outbreak has had an adverse impact on majority of the businesses across the world. Accounting to the strict measures taken by governments of major countries, it has become increasingly difficult to carry out business operations. The report will include the impact of the Covid-19 pandemic on the global. It will also include the strategies that major companies are adopting to overcome the downfalls during this pandemic.
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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.
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