According to a recent report by Fortune Business Insights, the global agricultural films market is anticipated to achieve a valuation of USD 14,315.4 million by 2026, with a projected compound annual growth rate (CAGR) of 6.5% throughout the forecast period. The proliferation of films across various agricultural applications such as tunnels, greenhouses, plastic reservoirs, irrigation systems, mulching, and silage is set to unlock lucrative growth avenues for the market in the foreseeable future. The escalating demand for food globally has spurred the need for effective additives in plastic materials used in agricultural settings, thereby driving the trajectory of the agricultural films market. Moreover, agricultural films exhibit the capability to enhance crop productivity, further fueling their demand and fostering robust market expansion.
In 2018, the agricultural films industry boasted a size of USD 8,686.0 million. The comprehensive agricultural films market report delineates the intricacies of the industry, encompassing definitions, types, applications, and major players. Through in-depth analysis, the report sheds light on market status, competition dynamics, industry trends, regional characteristics, and macroeconomic policies, providing valuable insights for stakeholders, investors, and venture capitalists. By dissecting the industry from raw materials to end-users, the report offers a meticulously organized presentation of data aimed at offering a holistic perspective on industrial development and market characteristics.
Market Driver:
Environmental Concerns Drive Demand for Biodegradable Films
Mounting environmental concerns and associated health risks have catalyzed the adoption of biodegradable films as a sustainable alternative in the agricultural films sector. The concerted efforts toward developing biodegradable or edible films from biopolymers, aimed at enhancing crop performance and farming practices, are poised to exert a positive influence on the agricultural films market. Biodegradable agricultural films, crafted from natural polymers, offer myriad benefits such as improved crop quality, enhanced yields, reduced water consumption for irrigation, and enhanced pest control. Furthermore, stringent governmental regulations pertaining to environmental conservation are expected to underpin market expansion in the coming years. Additionally, these films, being entirely organic, facilitate microbial decomposition, thereby minimizing water pollution.
Regional Analysis:
Asia Pacific Foresees Growth Surge Driven by Escalating Food Production
The burgeoning population and favorable regulatory landscape are anticipated to propel market growth in Asia Pacific. North America is slated to experience significant growth, fueled by the increasing consumer shift toward plant-based foods. Similarly, Europe is poised for continuous growth, buoyed by the rising adoption of biodegradable agricultural films. The Asia Pacific market, which accounted for USD 5,924.4 million in 2018, is expected to witness rapid expansion, driven by escalating food production in countries like India and China. The widespread adoption of mulching agricultural films is anticipated to contribute to robust market growth in the region.
Source: Fortune Business Insights