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Agriculture tools Market to Reach $4,846.0 million, Globally, by 2032 at 8.7% CAGR: Allied Market Research

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Allied Market Research

31 Oct, 2023, 14:15 GMT

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The global agriculture tools market is expanding rapidly due to factors such as surge in population, growing urbanization, and changing dietary patterns.

WILMINGTON, Del., Oct. 31, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Agriculture Tools Market by Type (Shovel, Rake, Wheelbarrow and Other), Distribution channel (In-store and Offline), and Application (Farming and Gardening): Global Opportunity Analysis and Industry Forecast, 2023–2032 

According to the report, the global Agriculture Tools Market was valued at $2114.0 million in 2022, and is projected to reach $4,846.0 million by 2032, registering a CAGR of 8.7% from 2023 to 2032.

Agricultural tools, which are various machines used in farming to minimize human labor and improve crop yields, are instrumental in modern agricultural methods. These implements find extensive application in both organic and commercial farming and are employed for tasks such as field preparation, sowing, planting, irrigation, threshing, and harvesting. These tools are vital for enhancing the productivity, efficiency, and sustainability of animal management, crop cultivation, and various other farming operations, benefiting both farmers and agricultural professionals.

Request Sample PDF: https://www.alliedmarketresearch.com/request-sample/4481

Prime determinants of growth

The global agriculture tools market is expanding rapidly due to factors such as surge in population, growing urbanization, and changing dietary patterns. However, the market faced constraints related to affordability and limited access to modern tools for small scale farmers. Nevertheless, government support for development of agricultural activities will provide ample growth opportunities to the market in the upcoming years.

Report coverage & details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$ 2114.0 million

Market Size in 2032

$4,846.0 million

CAGR

8.7 %

No. of Pages in Report

220

Segments covered

Type, Distribution channel, Application, and Regions.

Drivers

Surge in population

Urbanization and changing dietary patterns

Opportunities

Government support for development of agricultural activities

Restraints

Lack of information about efficient agriculture equipment among farmers


Covid-19 Scenario

  • Due to the COVID-19 pandemic and the subsequent global lockdowns, the agriculture tools market faced a downturn.
  • However, as the global situation started improving, the demand for agriculture tools was restored back. This, in turn, presented various growth opportunities for companies operating in the agriculture tools market.

The rakes segment maintained its leadership status throughout the forecast period.

Based on type, the rakes segment held the highest market share in 2020, accounting for nearly two-fifths of the global agriculture tools market revenue and is estimated to maintain its leadership status throughout the forecast period, rakes play a crucial role in tasks such as soil preparation, seedbed formation, leveling, and gathering organic material such as leaves and hey. However, the wheelbarrow segment is projected to manifest the highest CAGR of 9.9% from 2023 to 2032, wheelbarrow is used for a variety of applications such as carrying pesticides, grains, and other materials.

Buy This Research Report (220 Pages PDF with Insights, Charts, Tables, Figures): https://www.alliedmarketresearch.com/checkout-final/2e999074b9d8a61723fc33937638c0a4

The in-store segment maintains its leadership status throughout the forecast period.

Based on distribution channel, the in-store segment held the highest market share in 2020, accounting for nearly three-fourths of the global agriculture tools market revenue and is estimated to maintain its leadership status throughout the forecast period, Items purchased from a physical store can be properly inspected before buying. Thus, customers can easily ensure the appropriate quality of the agriculture hand and power tools. However, online segment projected to manifest the highest CAGR of 9.6% from 2023 to 2032, with the increasing penetration of the Internet, many industrial, non-industrial, and consumer products including hand and power tools are available through the online mode.

The farming segment maintained its leadership status throughout the forecast period.

Based on application, the farming segment held the highest market share in 2020, accounting for nearly two-thirds of the global agriculture tools market revenue and is estimated to maintain its leadership status throughout the forecast period, growing global population and increase in demand for food production propel the growth of agriculture tools market. In addition, as the world population expands, there is a rise in need for efficient and productive farming practices to meet food, fiber, and biofuel requirements. However, the gardening segment is projected to manifest the highest CAGR of 9.6% from 2023 to 2032, increasing trends of home gardening and urban agriculture propel the growth of the garden agriculture tools segment.

Asia-Pacific to maintain its dominance by 2032.

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2020, accounting for more than one-third of the global agriculture tools market revenue and is estimated to lead the trail from 2023 to 2032. As farmers are now shifting their preference toward advanced agricultural machinery and solutions to encourage the adoption of sustainable farming. However, LAMEA is expected to witness the fastest CAGR of 10.9% from 2023 to 2032, Latin America is known for exporting soybeans, maize, animal feed, sugar, coffee, and fruits and vegetables. With the rise in demand for these products from across the world, farmers in the region are investing in infrastructures and other measures that can increase their farm's productivity.

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Leading Market Players: -

  • DEERE AND COMPANY
  • FISKARS GROUP
  • STANLEY BLACK AND DECKER, INC.
  • TRUPER, S.A. DE C.V.
  • CHILLINGTON TOOLS
  • APEX TOOL GROUP, LLC.
  • BELLOTA AGRISOLUTIONS
  • THE TORO COMPANY
  • FALCON GARDEN TOOLS
  • ROBERT BOSCH GMBH.

The report provides a detailed analysis of these key players of the global agriculture tools market. These players have adopted different strategies such as new product launches, business expansion, acquisition, collaboration, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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About us: 

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

 We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
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Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

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