The global Agro Textiles Market size is expected to reach USD 13.04 billion by 2028 registering a CAGR of 4.7%, according to a new report by Grand View Research, Inc. Commercialization of bio-based agricultural films coupled with rising global farming standards and technological advancements are expected to drive the market over the forecast period. Increasing demand for organic products due to changing consumer lifestyles and the increased significance of agro textile in various applications is projected to drive the market.
Moreover, the high demand for food supply due to the growing population exerts pressure on crop production resulting in the rising need for high-quality products. Thus, technological advancements and significant R&D investments for the development of novel products and applications offer ample growth opportunities to the market.
However, fluctuations in the raw material prices, higher production costs, and a high degree of complexity in the manufacturing processes are expected to hinder the market growth. The industry is highly fragmented and competitive with several multinational companies controlling a significant market share. The overall market had witnessed a large backdrop due to the Covid-19 pandemic and its associated effects are projected to restrain the market growth to some extent.
Related Press Release@ Agro Textiles Market Report
Agro Textiles Market Report Highlights
- The fishing nets product segment is expected to witness the fastest CAGR from 2021 to 2028 on account of rising demand for these nets as a result of significant use of fish and associated products in the food, skincare, and other industries
- Aquaculture was the dominant application segment in 2020 and is expected to reach USD 7.89 billion by 2028 owing to the rise in aquafarming activities
- Asia Pacific is estimated to witness the fastest CAGR, in terms of revenue, from 2021 to 2028
- This growth can be credited to the surge in demand for high-quality agriculture products and increasing awareness & adoption of advanced materials and tools in the agriculture sector
- The market in China is estimated to witness significant growth over the forecast period on account of advancements in the sector, which boost product demand
- The prominent manufacturers emphasize the advancement and innovation through extensive R&D. Key players have achieved integration among the value chain to strengthen their market positions